Deborah Horne, KIRO 7 NewsSEATTLE — Seattle’s once-sizzling housing market has cooled off a lot which is potentially good news for those looking to buy.
It is, but — and there are two big “buts” — there aren’t that many houses for sale, and interest rates are much higher than they were just a year ago.“First 10 minutes, we were getting offers,” marveled Nelya Calev. “Like ‘you list the property; Ooh, you have an offer. Congratulations.’” The week before, mortgage-purchase applications had declined by 18%. That’s the lowest level since 1995. Purchase applications were down a whopping 41% in just one year.
Be patient. This summer the real crash happens. The time to buy will be late July or early August when people who need to move are forced to sell.