Still on the Fence About Buying?

fenceThere are currently 95 condominiums for sale in the downtown Bellevue marketplace (zip code 98004).

  • 43 new construction units at Washington Square (prices start at $590,000)
  • 52 resale units (prices start at $249,950)
  • Of those 52 available resale condos, just over 40% of those are priced under $500,000.

In the last 30 days 33 condos in downtown Bellevue sold and another 23 have sales pending. If you’re in the market for a condo downtown, or anywhere on the Eastside, selection is slim and it doesn’t appear that trend will improve in the coming months.

If you’re a seller, now is certainly a great time to sell. While this condo bull market doesn’t mean you don’t need to prepare your home for sale, o thatr you can price it inappropriately for the market (it will still need to appraise), it does mean it will likely sell quickly.

If you’re still on the fence about buying, with mortgage interest rates on the rise, now is the time to climb off that fence. Freddie Mac reported last week that 30 year fixed rate mortgages set a new high for 2015 averaging above 4% for the first time this year. Rising rates reduce affordability. Don’t get too comfortable sitting on that fence or the market could pass you by.

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