Street Talk Radio
Navigating the road of real estate, Street Talk Radio with Chris Davies and his guests unpacks the complex issues facing homeowners, home-seekers, and professionals working within this dynamic financial sector.
If you’re buying, selling, or investing in Seattle, buckle up because our own Carmen "CC" Crispeno is here to guide you through the twists and turns of today’s unpredictable real estate landscape.
On the latest episode of Street Talk Radio with Chris Davies, which aired on October 13, CC breaks down current market trends, mortgage rates, and what you need to know to stay ahead.
Here's a sneak peek at the key points:
Let’s Talk Rates
While the Fed recently cut rates by ½ point, mortgage rates have paradoxically climbed higher. How can this happen? A misreported jobs report, with numbers exaggerated by nearly 70,000 additions per month, created chaos in the bond market, ultimately impacting mortgage rates. Despite this misstep, the numbers have still shaken confidence in the market.
Meanwhile, the CPI report showed an increase in core inflation, one of the Fed’s key indicators. This means additional rate cuts before the year's end look less likely. A slight ¼ point reduction may be possible, but securing a 5% mortgage rate is unlikely.
The Market Impact
Seattle's real estate market is experiencing mixed signals. Some homes are still flying off the shelves with multiple offers over the list price, but approximately 60-70% of properties are sitting for a few weeks. The average days on the market (DOM) in Seattle is about 26 days, which is still better than the national average in the 40s. The slowing pace could influence consumer confidence in ways that trickle down to other sectors of the economy.
Refinancing Opportunity
Homeowners with interest rates in the 7% range are finding relief with current rates, some securing new loans around 5.9%. If rates fall further, we may see another wave of competitive bidding, as every 1% drop in rates brings an estimated one million new buyers into the market. For the Pacific Northwest, this could mean a big shakeup.
Head to our podcast page to listen to the full episode to get more insights and dive deep into Seattle’s real estate trends. Whether you’re looking to buy, sell, or invest, I’ve covered you with the latest updates and strategies to succeed in this dynamic market.
Stay tuned for more real estate updates!
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