Market Update
November 2009
Interest rates remain low at this point but stricter financing regulations frequently cause longer closing periods these days. Favorable interest rates can lower your mortgage payment significantly. For example, you would pay almost exactly the same amount (principal and interest only) on a $500,000 home at a 5% interest rate (20% down) than you would on a $450,000 home at a 6% interest rate (also 20% down).
The first time home buyers tax credit is about to expire but there are several rumors of an extension and expansion of the tax credit. More on that soon.
Absorption rates are up and inventory is down. Most markets in the Seattle area appear to have stabilized at this point.
Local Market Statistics (1st quarter of 2009)
Seattle Single-Family Home Statistics |
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Seattle Condo Statistics |
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