Although consumer confidence seemed low in January with only 15 closed sales in Snoqualmie, and 20 in North Bend in what I feel is mainly due to the government shutdown; the market looking strong for sellers and buyers!
The Federal Open Market Committee (FOMC) voted to leave policy rates unchanged earlier this week during what was one of only eight regularly scheduled meeting the FOMC holds per year. Signaling that we may not see any further rate hikes this year.
Rates are still low by historical standards! Purchasing a home 10 or more years ago, chances are we were paying a much higher rate. Keep in mind we are still continuing trade talks with China and March 1st is the deadline for an agreement. However, with rates holding where they are, buyers are out looking!
Case-Shiller predicted home prices to continue to rise, however, at a slower rate. True to their prediction we saw a 5.2% increase in November, and this down from 5.3 in October. You can find more info on market conditions on my previous blog located here.
Although pending home sales were expectedly down in December, we are expecting more buyers out again; mainly the millennial group as we continue to see low rates for the year. This group is projected to buy more homes in 2019 than any other demographic!