The Neighborhood Connection: October
GREETINGS, FALL!
Greetings as we step into the warm embrace of fall! Can you believe it’s already here?
I recently had the privilege of embarking on a long-awaited, truly remarkable journey through Africa, wrapping up the tail end of summer. Our adventure took us from captivating Cape Town, South Africa, to the majestic Cape of Good Hope. We spent time with penguins at Boulder Beach (if you haven’t seen “Penguin Town” on Netflix, don’t miss it!), indulged in a memorable
9-course meal at La Columbe in Constantia (consistently ranked among the top 50 restaurants globally), explored the awe-inspiring Victoria Falls in Zimbabwe, ventured into Botswana’s Chobe National Park, and concluded our trip at Londolozi, where we spent four unforgettable days immersed in exceptional service and wildlife encounters. It was a dream come true, a life-changing experience, and I can’t recommend it highly enough.
Our travel timing was deliberate, aligning with the last two weeks of August, historically the quietest period in the PNW real estate scene. Well, historically speaking. During those two weeks, our dedicated team was hard at work, preparing to launch three new listings and assisting our valued clients in finding their new homes. I must extend my heartfelt gratitude to Marta, our exceptional Client Services Director, whose tireless efforts ensured seamless communication and processes in my absence.
At the heart of it all lies teamwork. I want to emphasize that
I’m not alone in this endeavor. I’m fortunate to have a team of dedicated individuals supporting our business, from Marta to our talented behind-the-scenes team responsible for marketing, digital content, and executing customized strategies for each client. Every step in our process matters, from our trusted vendors (cleaners, landscapers, window washers, and handymen) to our staging experts, photographers, videographers, and content creators. Without this collective effort, we wouldn’t consistently deliver the exceptional service our clients deserve. So, thank you all!
On the real estate front, the housing market remains somewhat sluggish overall due to high mortgage rates, soaring home prices, and limited housing inventory—an ongoing challenge for housing affordability. Additionally, the specter of high inflation and further interest rate hikes looms. Locally, we’re experiencing historically low levels of inventory, especially in the entry-level segment, which is driving up demand and sustaining higher home prices. Well-priced and positioned properties are often receiving multiple offers and selling within days.
What’s next? That’s a complex question. We anticipate that mortgage rates won’t undergo significant changes until 2024, and as a result, we’ll likely continue to face limited inventory. It may be some time before we return to a more “normalized” market, with concerns that demand will continue to outpace supply locally.
It’s a multifaceted equation, which underscores the importance of having seasoned experts tirelessly working on your behalf. As always, we’re here and eager to connect with you, whether you’re considering a local move or exploring opportunities farther afield. Our network of brokers within the Sotheby’s International Realty family is just a phone call away, ready to assist you in your real estate journey.
With gratitude, Michele.
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