With recent interest rate hikes and the resulting shift in the real estate market, many are on the fence. Clients are asking, “is this a good time to buy? Should I hold off on selling?”
The numbers for homes that went under contract in October and closed November just came out. These stats show that we're following seasonal trends with a slowing of sales leading into the holiday and that rising interest rates have cooled the market.
STATS SHOW:
Uptick in median home prices in most areas between Sept and Oct
In November, we saw a drop in median prices which we do see almost every year leading into the holidays (historic trend)
In King (+.9%), Pierce (+1.9%) & Snohomish (+2.8%) Counties, prices are higher than they were this time last year.
All data from Northwest Multiple Listing Service®. InfoSparks © 2022 ShowingTime.
All data from Northwest Multiple Listing Service®. InfoSparks © 2022 ShowingTime.
The November stats present a nuanced market - with new opportunities for weary buyers and support for sellers in those key neighborhoods who've properly prepped their home for market. I can pull numbers for your specific situation….for example, selling a house in Tacoma and buying a condo Downtown. Please reach out with questions on specific neighborhoods, cities or counties and I can translate the stats to a timing, pricing, or marketing strategy that’s reflective of that current market!
HERE'S WHAT WE'RE NOT SEEING:
Buyer's willing to purchase a home out of desperation
Extreme escalation clauses and crazy multiple offers
Waiving of all contingencies
HERE'S WHAT WE'RE SEEING:
Interest rates just did a 1% drop in the past month, creating renewed buyer interest and activity.
I'm seeing offers with contingencies and homes in contract under list price.
Keep in mind, I am still seeing some multiple offers and escalators on special, one-of-a-kind homes in key areas.
As a seller, now, more than ever, it’s critical to prepare your home well and have a pricing and marketing strategy that is reflective of the current market.
EXPECTATION MOVING INTO LATE WINTER/SPRING:
With interest rates stabilizing, I expect a healthy market with opportunities for both buyers and sellers. Speaking with local lenders, industry leaders and my network of peers, the expectation is the market will pick up late winter/spring.
If you're considering a purchase get in touch, there are some great opportunities right now. Buying a home at a discounted price and/or a seller buying down your interest rate could be more beneficial than waiting for interest rates to go down on their own. Also, the less buyer competition there is, the more likely you will have sellers covering expensive repairs found in inspections!
If you're considering selling, reach out to discuss best strategies to prepare your home to maximize your investment. Don’t worry that you didn’t sell last year! At this time, you are still ahead of the game.
I’m here if you have any questions - just a filled-out form away!