The Neighborhood Connection: April 2024

The arrival of spring heralds a time of transformation, as nature sheds its winter coat and bursts forth with vibrant colors and new life. Let us take inspiration from this season of change and embrace the opportunity for growth and renewal in our own lives. - Unknown

Hello & Happy Spring!

I hope this newsletter finds you well as we embrace this season of growth and renewal. There are some changes happening within our team that I wanted to share with you all.

First, the bittersweet news… Marta Rodriguez, our incredible Client Services Director, has decided to resign from her position. Marta has been an integral part of the team, and while we're sad to see her go, we're also thrilled for her as she embarks on the beautiful journey of being a stay-at-home mom to her adorable daughter Olivia, who just turned one on March 17th!

Now, onto some exciting news! We've recently welcomed Jeff Anderson to our team. Some of you may already know Jeff as my fiancé! Jeff has been deeply involved in real estate for the past year, serving as a tactical and strategic advisor to our team. His emotional intelligence is truly remarkable and will be a valuable asset to us. In his new role, Jeff will focus on working with buyers, cultivating strategic partnerships, and expanding our network within Sotheby’s International Realty, both nationally and internationally. You can learn more about him in the following pages!

As we lean into this time of transformation, we're committed to better serving our clients and providing the highest level of service. We're rethinking, restructuring, and redoubling our efforts to focus on both current clients and future opportunities for strategic growth.

But enough about us... I know you're probably curious about the market!

The housing market continues to be impacted by higher mortgage rates, leading to multi-decade lows in home sales and declining starts throughout the Pacific NW. Despite this, robust demand and limited supply have driven house prices up across the region.

Here's a brief overview of the market dynamics:

Interest Rates Impact: Higher interest rates are influencing both buyers and sellers, creating caution among buyers but also unique opportunities.

Inventory Fluctuations: Inventory is decreasing, yet sales are rising in certain areas, indicating strong demand despite fewer homes available.

Pricing Trends: Median sales prices have increased, showing stability amid changing inventory and interest rates.

Condo Market: Condo sales are on the rise, adapting to broader market trends.

Looking ahead, we're eagerly awaiting potential rate cuts by the Federal Reserve, which could stimulate demand. However, the market remains volatile, emphasizing the importance of readiness for both buyers and sellers.

 In conclusion, while uncertainties persist, our housing market demands agility and strategic planning. Despite challenges, we remain optimistic about the opportunities ahead.

As is always the case, should you like insight into the value of your home and/or if you are curious about purchasing properties – locally or outside of our local market area, we are here to help!

Wishing you all the best,

Michele

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