Pace of the Seattle and Eastside Residential Real Estate Markets
We did not have to wait long after January to see early signs of pent up buyer demand showing up in the Seattle and Eastside residential real estate markets.
And that’s a bit of a surprise! Why?
Remember…November and December the real estate market activity almost went flat line… high interest rates and fear of recession equalled low home buyer turn out in both markets?
Now…. Buyer confidence is returning…. signaled by:
- The number of Pending home sales in the past 7 days, (PEND), and
- The falling Average Days on the Market (Avg. DOM)
Our local economy seems to be doing okay… despite tech layoffs. Perhaps, concerns of recession are easing. Mortgage interest rates are are volatile as expected… Friday the 30 year fixed rate loan (national average) was at 6.42%… a slight improvement from yesterday, and down from highs in November.
We anticipate that the spring market for both condos and single family homes will continue to heat up.
Inventory will start to increase in the face of increasing Buyer Demand, and as more inventory comes onto the market, homes will sell faster, Avg. DOM will decrease, and the pace of the market will heat up more and more.
As Avg. DOM decreases… we can expect more buyers competing with each other leading to more multiple offer scenarios. Prices will start to rise once again.
Additionally… we still anticipate mortgage interest rates to fall into the high to mid 5% range by June, which will most likely fuel even more buyer demand.
A suggestion to both Buyers and Sellers… the best prepared and the most appealing homes and condos will be the first to sell.
Preparation is key!
BUYERS…. Now is the time to get fully prepared….
- Get pre-approved with a reputable and seasoned mortgage professional (may take longer than expected)
- Assure your funds (down payment and deposits) are liquid and readily accessible.
- Become thoroughly educated and comfortable with the home-buying process.
Again…the best prepared homes are selling the fastest…. so Buyers need to be ready to jump on these opportunities and Sellers need to be preparing their homes (quality and appearance) to achieve the highest sale price.
- Inspect your home in advance.
- Make all repairs ahead of defining the price for your home, and list out and account for all repairs and upgrades.
- Strategically price your home ahead of the market trend line.
As Guides to Urban Living, we look forward to the opportunity to help prepare you, support you, and guide you throughout your home-buying and/or home-sale experience.
We provide free consultations, and we welcome your call, text or email anytime. Text always gets the fastest response.
Help us understand your home buying or selling goals, visions and needs. We’ll educate you on the current market as well as the near term future markets, and guide your path to a successful home-purchase and or home-sale in the Seattle and Eastside residential real estate markets.
SFH = Single Family Home
Condo = Condominium units
PEND = Pendings (initiated when Buyer/s and Seller/s have agreed to all terms in Agreement)
– Real-time indicator of Buyer Demand
Avg. DOM: Average Days on Market
– Best measure of the pace of the market
Seattle Core Metro: West Seattle + Downtown Seattle north to 145th, Puget Sound shoreline to Lake WA shoreline
Eastside Core: Redmond, Kirkland, Bellevue, Issaquah