Team Skally Market Minute

Housing Market Hits “Peak Doom”???

The other morning, Matt was enjoying his coffee and doing something almost nostalgic: reading an actual print newspaper! He couldn't help but notice the prominent headline on the cover of the Business section: “Housing Market Hits Peak Doom as Mortgage Rates and Prices Rise.”

Wow. Happy Friday, right?

There’s no question that today’s market presents real challenges for sellers. This September, 77% of Eastside homes sold below their list price. With inventory rising significantly, sellers are facing pricing pressure we haven’t seen since the Great Recession. The good news? Homes that are in great condition, staged and marketed well, and priced strategically are still selling reasonably well.

And here’s a little perspective for homeowners: If you’ve owned your home for six years or more, you’ve likely enjoyed both a great lifestyle and significant appreciation along the way. Since September 2020, the Eastside median sold price has increased 37%. That’s a pretty nice win! You’ve enjoyed the home, the memories, and the appreciation. In many ways, you’ve already won the lottery!

For buyers, this market shift has opened a different door. More inventory means more choices, greater negotiating power, and a better opportunity to find your dream home at a compelling value.

What concerns us about headlines like this is how easily negative sentiment can become contagious. Before long, the narrative becomes, “The market is terrible, so we’d better wait it out.” And sometimes, that mindset causes people to miss opportunities hiding in plain sight.

As Warren Buffett famously reminds us, it’s wise to be fearful when others are greedy and greedy when others are fearful. Our take? Be thoughtful, be strategic, and don’t let fear make your decisions for you.

Here’s another perspective the doom-and-gloom headlines can miss: Eastside median sold prices are down from a year ago. While mortgage rates remain higher than many buyers would like, a lower purchase price can help offset that difference. Depending on the home, your financing, and your down payment, buying today may offer a better overall opportunity than buying a year ago. The key is to look at the whole picture, not just the headlines.

So, what does the future hold? Nobody knows for sure. But we do know this: Strategic buyers and sellers can win in any market.

You don’t have to win by 10 runs. Sometimes, winning by one run is all it takes. A well-timed purchase, a thoughtfully positioned sale, or simply making a decision that better supports your lifestyle can be a big win.

So don’t let the headlines convince you the sky is falling. Instead, stay informed, think critically, and keep your eyes open for opportunity. Sometimes, the best opportunities show up when everyone else is looking the other way.

And as always, we encourage you to love yourself and your neighbor as yourself.

If you’re curious about what’s really happening in the market, wondering what your home might be worth, or exploring whether there’s an opportunity to improve your lifestyle, give us a call or look us up. We’re always happy to share our perspective, help you explore your options, or simply enjoy a cup of coffee together.

No doom and gloom required. Just a little perspective, a thoughtful strategy, and a plan to help you win!

All our best to you,
Matt & Christina
Team Skally at Windermere Real Estate

Matt & Christina are Team Skally, top real estate agents in the Seattle Metro with expertise in luxury homes on the Eastside including Bellevue, Newcastle, Issaquah and Kirkland. 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 Luxury Home Magazine, Puget Sound Business Journal, and Greet - Newcastle & Newport Hills Magazine. In addition to serving clients, Matt and Christina love family time with their two sons and Goldendoodle as well as volunteering in the community.