Here's a metric that I'm keeping an eye on: 𝐩𝐞𝐧𝐝𝐢𝐧𝐠 𝐡𝐨𝐦𝐞 𝐬𝐚𝐥𝐞𝐬.
Based on what we'd expect from previous years, there's been an uptick in pending listings, climbing faster - and sooner - than we would expect. There's a nice bump in activity in the Bellevue and Seattle housing market after the slow down in November-December. Much of this had to do with the rate drop we had, along with pent up demand and our lack of inventory.
𝐖𝐡𝐚𝐭 𝐝𝐨𝐞𝐬 𝐭𝐡𝐚𝐭 𝐦𝐞𝐚𝐧? Not all homes are taking longer to sell! The best homes are getting snapped up - and there's even been some eye-raising multiple offer situations. Coupled with a slow down in the amount of homes coming onto the market, I've been advising my buyers to ignore headlines, and move quickly when they find a home they want. While many buyers are still hesitating, I think it's looking more and more likely that the Spring market is starting early.
𝐖𝐡𝐚𝐭 𝐈'𝐦 𝐥𝐨𝐨𝐤𝐢𝐧𝐠 𝐚𝐭 𝐧𝐞𝐱𝐭: The next Federal Open Market Committee (FOMC) is March 22, so interest rates and other policy outlooks will be coming out at the press conference then.
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