Interest rates remain historically low but they are on the rise.
Historically, when interest rates rise, we see an immediate bump in home sales as buyers who have been shopping rush to get rates locked in while they can. Over a longer period, higher interest rates will price some buyers out of the market. Please be mindful that in the Greater Seattle area we still have a huge problem with the lack of inventory and even with higher interest rates, prices may still continue to rise. In fact, we are still selling out, even in the typically quiet month of November. As of this writing, 574 homes (from the beginning of the month to today) have received an offer and are now pending sale. This outpaces the total number of homes available for sale by 31 homes as we only had 543 homes listed for sale in the same geographic area.