Home sales slowing as we head into fall

I hope you're reading this note from a mountain cabin or at the end of a day of hiking with your loved ones! Our unusually short summer is coming to a close and folks are more focused on their vacation schedule than their real estate endeavors.

That's been the story all year. The hot Seattle market was making national headlines until it went into a nose-dive last May, but, amid uncertainty, Seattle's real estate market has begun to settle into a new normal.

The sky isn't falling

The market has changed in Seattle. Price growth has stagnated, pending sales are slowing, and market times are increasing. But for folks who are ready to move, the housing market is actually a pretty friendly place these days.

Interest rates have reached 2-year lows (I'm hearing about 30-year rates in the 3.5-3.75% range!) and you no longer have to surrender your first-born child in order to get your offer accepted on a home. You might even get to perform an inspection. ;)

Sellers, your home values may not be as high as they were 18 months ago, but they're almost certainly higher than the price you paid. This correction in the market is a good reminder that--no matter when you buy--you should see your home as a long-term investment, and it's the cheapest money you can borrow during this rare moment in history.

Thanks for reading!

Best,
Chad