Welcome to December
Happy holidays to you and yours! We hope that you had a fabulous Thanksgiving holiday, took the time to embrace those closest to you, slowed down, and took a pause for a moment of gratitude. For us, that is what Thanksgiving, and the holiday season, are all about: showing thanks for the bounty provided to us, giving back, and sharing time with friends and family. In this issue, we wanted to showcase and illustrate our thanks to our clients from 2022—those who purchased or sold homes with us—as we appreciate all of you, our colleagues, local businesses, and those who support our team each and every day.
In terms of the real estate market, it mirrors our weather here in the PNW right now: moody, temperamental, and unpredictable to some degree. Buyers are benefiting from more choices and less competition and have been successful in negotiating contingencies, rate buydowns, and are strategically financing with adjustable-rate mortgages, knowing that they can refinance in the future at a lower rate.
Area-wide, the median prices still rose year-over-year (8% in King County) but have declined approx. 9% (on average) from May when prices peaked. There is no doubt that the market has changed with higher interest rates and the negative stock market performance being the main culprits.
That said, from our vantage point, this is the perfect time to buy. There is minimal competition + interest rates can and will change. For buyers with foresight and market savvy, this is your time! For Sellers, this means that you need to be laser-focused on pricing, condition, and marketing. Buyers have choices, they are patient, and they are informed.
It is important to note that every market (regardless of whether it favors Buyers or Sellers) has inherent opportunities and risks. It is a complex picture out there for sure, which is why interpretation of the trends is more important than ever. This changing real estate market is complex and requires a holistic approach that our team has practiced through good times and bad. Only by evaluating your individual real estate goals and pragmatically looking at the data can you be assured of the best potential outcome.
We’d love to connect with you in the very near future to give you a complete picture of the data and what it means for your position in the marketplace.
