Team Skally | Market Update
Team Skally Says, “Marry The Home, Date The Rate!”
We've been sharing with our insiders that now can actually be a good time to buy. And we know that's super hard to believe! With interest rates up recently and also price increases due to low inventory, one might think prices are too high and will be coming down soon. Although prices are up double digits year to date, they are still down from the peak a little over a year ago. So buying now, even with a higher rate, is resulting in an almost identical monthly payment to what you would have experienced if you bought the same home a year ago. So as Christina says, “marry the home and date the rate”! You can and will refinance later and lock-in a much lower payment for the longer term. And meanwhile, you’ll be loving where you live and gaining home appreciation.
How can we be so sure price appreciation is on the way? Throughout history, when rates go down prices go up. And in our area there just aren’t enough homes to meet demand. Our research and history shows that rates will be coming down as they have in every recessionary period. And when the rates go down, real estate appreciation accelerates. So those who buy before the expected rate reductions will be thankful they bought when they did.
In addition to opportunities for buyers, sellers continue to win primarily due to low inventory levels. With continued low inventory, the percentage of homes going over list price has risen each month since December, climbing to 46% in May. As Warren Buffet often says, don’t expect to buy at the lowest low nor sell at the highest high. If you are lucky enough to do one or the other, congrats... it’s kind of like winning the lottery!! Said another way, don’t wait to buy your dream home and start enjoying a new lifestyle or to sell your home for today’s top dollar and enable the start of your next adventure.
If you have any questions about how the Team Skally Advantage ensures you win in real estate, give us a call, after all we are your home team and our professional purpose is to make your lifestyle dreams come true!
Cheers!
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 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.