Now May Be The Right Time To Buy In This City, The Fastest Cooling US Housing Market

Is Seattle the tip of the iceberg, or a healthy correction in a seemingly ever-growing market?

It may be too early to tell. Yet, home demand in the hometown of Amazon.com Inc. AMZN is falling at a rapid pace.

According to Redfin research, Seattle's home market is slowing down more quickly than any other housing market in the nation due to rising mortgage rates, inflation, a stock market testing June lows, and overall economic uncertainty.

Per the price changes, price decreases, supply, pending sales, sale-to-list ratios, and the pace of home sales, the analysis ranks the 100 most populous U.S. metropolitan regions according to how quickly they are cooling over the past six months.

A significant change from the 7% gain in February was the 34% decrease in house sales in August on a 15-day basis compared to the same month last year. Relative to February, when prices rose by 23% year over year, the average property sold for 5% more per square foot in August.

Though, the typical property sold for 2% less in August than it did a month earlier, reflecting the fact that home prices are declining from their peak.

Buyers Market? Sure, A Variation Of One, Anyway.

Prospective homebuyers must balance current macroeconomic factors like rising rates, inflation, and the volatile stock market.

Those factors make it more challenging for potential home buyers, but they also make the housing market more accommodating for those who can afford it.

Potential buyers who still have the financial means to purchase a home have negotiating power. This gives them more time to find the ideal property, the ability to include provisions like audits and appraisals in their offers, and a lower chance of getting into a bidding war, and the potential to get their offer accepted for less than the asking price.

For the prospective buyer who can’t wait for a downturn to purchase their dream home, mortgage lender NASB Financial Inc. NASB is offering a variety of banking products including checking, savings, and certificate of deposit accounts. It is also offering mortgage and refinancing options, including self-employed mortgage options for the handyman or self-incorporated day trader.

According to Redfin, increasing mortgage rates are a significant contributor to the rapid cooling down of the housing market in hotspots for migrating remote workers including Las Vegas, Sacramento, Phoenix, and North Port, making such regions appealing for purchasers who can afford to stay in the market.

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