There’s some comfort to be had in the latest press release from the NWMLS. At least the song has remained the same in the last 18 or 19 of them. Perhaps that’s an exaggeration, but it’s probably pretty close. This one quote especially piqued my interest:
“As interest rates rise, the rate of price increases will slow down,” predicts Northwest MLS director Dick Beeson, principal managing broker at RE/MAX Professionals in Gig Harbor.
Certainly, conventional wisdom agrees with the statement. However, I’m not completely convinced. King and Snohomish Counties reported less pending sales than a year ago (7.5% less in King County, for example). I do think interest rates will begin rising. If supply was a bit more than its current levels I could see prices softening, but with inventory levels continuing to be so low, I don’t see price increases slowing down in Q1 or Q2.
Oh yeah, the Spring market is here. Sell something.