Team Skally | Market Update

With the uncertainty around tariffs and impacts to the economy, many clients and friends have reached out to us, curious about the impacts on the housing market. Despite the headwinds, some of these impacts are resulting in favorable buyer conditions. A leading indicator is housing inventory.

The Eastside's housing inventory is up 171% over last year. This is creating more options for buyers and also putting pressure on prices.  This is evidenced by the median sold price being up just 1% over last year.

Buyers should consider buying now with more choices and better negotiating opportunities, and then refinance down the road when rates are likely to improve. We believe rates will eventually improve based on the recent deceleration of inflation. The recent reading of 2.3% is the lowest growth rate in over 4 years. If this continues, it should result in Fed rate cuts and ultimately lower interest rates. Almost always, when rates go down, prices go up, which is why we encourage buyers to consider buying now rather than later.

For sellers, the increased inventory along with the perennial seasonal slowdown may contribute to those not needing to sell waiting a bit to do so. We suggest spending this summer enjoying the weather and preparing your home for a very early spring listing, when selling conditions should be more favorable.

While these market highlights are important, your hyper-local market may defy these trends. It is possible to win as a seller now and also to lose as a buyer now. Therefore, it's important to have a thorough analysis done of your neighborhood or areas of interest to ensure you win in real estate. Of course, we're here for that when you need us or even when you are just curious and want a local update.

Until then, we hope you're enjoying the marvelous PNW weather we're experiencing!

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, Nextdoor’s 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.