Team Skally | Market Update

The Market continues to be a tale of two cities. There are few homes for sale relative to the many buyers in the market. As a result, we're experiencing a red-hot seller's market where over 80% of homes are selling in two weeks or less. The seller's market may cool slightly given the stock and bond market's reaction to last week's inflation report. While inflation was reported in line with expectations, the market reacted adversely and interest rates rose to ~6.9% for the average 30-year mortgage. 

Despite the tailwinds, those looking to sell need to be careful not to over-price their home as it may scare away prospective buyers wary of the recent bidding wars. Also, given higher pricing, buyers are expecting homes in turnkey condition, so properly preparing homes to sell fast and to receive top dollar remains important. 

Although buyers should be patient, when interest rates decline home prices are likely to rise further. So it's important to run various cost-of-ownership scenarios to determine when the best time to buy might be for you. Buyers should remember that homes appreciate over time and when interest rates go down, as they always do, there will be opportunities to refinance and lower their payment. So playing the long game can put buyers at ease even in this seller's market. After all, those who bought a year ago are generally very happy whereas those who didn't often regret not doing so. 

No matter the market, when the time is right for you the time is right for you. We'd be happy to talk about your lifestyle goals and various strategies to make your lifestyle dreams come true. 

All our best,

Matt & Christina

Matt & Christina are Team Skally, top real estate agents in the Seattle Metro with expertise in luxury homes on the Eastside including Bellevue, Newcastle, Mercer Island, Renton and Issaquah. Their client testimonials say it all - they deliver exceptional service and record-breaking results. Recognized as top agents on social media by Property Sparks, Diamond Award winners for best client service, winners of 2023 Nextdoor Neighborhood Faves and regularly featured in online and print publications including Greet - Newcastle & Newport Hills Magazine. In addition to serving clients, Matt and Christina love family time with their two boys and two Goldendoodles as well as volunteering in the community..