Community Post

Local Housing already affected by Budget Impass

I have been publishing a real estate newsletter in the CD for the past couple of years.  The median days on market for a house in 98122 (less than $800k) has been around 7-9 days for the past year and half.  This means that half of all houses sell in less than 7-9 days.  In the last 30 days, the number has jumped to 17 days!  Rising interest rates in July caused a 2-3 day increase in market time in August, but it seems that the budget impass has added another week.  On a side note, interest rates have stabilized at 4.25% -4.30% for a 30yr fixed rate mortgage.  I expect that rates will fall through the floor after the Budget Impass is resolved, although they might rise first.  The drop in rates would be as a result of the slowdown in the economy caused by the government shutdown.  Dan Sanchez

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