It’s New Year Time again, which means the gyms are crowded, the smoothies are flowing, the rain continues, and the real estate industry is making haphazard predictions about what to expect in 2016. We are no different at Sweet Living. Here are some of our predictions for the Seattle Real Estate Market in 2016, based sorta on fact and largely on intuition.
* Inventory levels will increase significantly in the Spring, only to get snapped up fast by the pent-up buyers waiting for a home to buy. We should have another gangbusters season from March – July with multiple offers and bidding wars in the core neighborhoods of Seattle.
* We may see a mellowing of appreciation as the global economy continues to scare people and uncertainty remains in the markets. On the flip side, the number of people moving to Seattle from much more expensive housing markets will continue to drive demand. If you are moving from San Jose, San Francisco, Los Angeles, or New York, a two-bedroom bungalow for $700,000 may not phase you one bit. We’ll continue to grapple with our growth, traffic, tech bros, and old school Seattle.
* According to our local loan pal, Don Zender at Evergreen Home Loans, interest rates for a 30-year fixed mortgage remain in the low 4’s. Says Don, “With the turbulent global stock market we do not expect rates to increase rapidly, but that could change if the U.S. Economy starts to show signs of inflation.”
* I predict that we will get a puppy.
Everyone’s personal situation is unique. We invite you to contact us if you have any real estate related quandaries.
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