It’s “multiple-offer everything” in Southeast King County, with unsold inventory down 41 percent in Feb. 2020, compared to Feb. 2019. Inventory is at an extreme shortage up to $750,000 (93 percent of sales activity takes place in this range), and sales activity intensity is at extreme frenzy. Historically low interest rates should help the housing market sustain strong momentum during the coronavirus outbreak. Many buyers will look to take advantage of low rates; current homeowners who are not selling may consider refinancing to a lower rate.
Extreme Frenzy Housing Market
Does Refinancing Make Sense for You?
Key Market Indicators – February Recap
Southeast King County Housing Update - Resale Only
Average % of New Listings (Pending) in the First 30 Days
SCALE: MONTHS SUPPLY
Source: Mortgage News Daily
Unbelievable Interest Rates
Home mortgage interest rates have lowered substantially and it might be worthwhile to take a look at refinancing. Typically, the interest rate differential, how long you plan to live in your home and the cost to refinance are all driving factors behind choosing to refinance. Like many situations in real estate, what’s best in one situation may not make sense in another. I would be happy to discuss refinance opportunities with you.