Interest rates hit an all-time 50 year low this month! These historic low mortgage interest rates represent a unique moment in the market. Buyers benefit from increased buying power and sellers can take advantage of a larger buyer pool for their property. Take a look at the graph showing annual interest rates over the last 47 years!
How do interest rates affect your real estate strategy?
We’ve all heard that the lack of inventory, strong job growth and higher demand have driven housing prices up throughout our region. These price increases vary by area but the overall upward trend is the same.
I compiled the map and chart below to give you a sense of how Normandy Park home prices compare to our surrounding area neighbors. You will notice that the median sales price in Normandy Park is up +19.1% over just the last two years! Incredible – but why is that?
Many home buyers have been priced out of Seattle and are exploring the surrounding neighborhoods. Normandy Park has proved to be a great alternative for buyers looking for a family friendly community in a very convenient location.
What a difference a year makes!
