July 2022 Market Update for Seattle's Eastside
The Real Estate “Shimmy” - win as both a Seller and a Buyer in this Market!
Client Q: There seems to be a noticeable slowdown in home sales, is it still a good time to be a seller?
Team Skally Perspective: YES! The July median sold price on the Eastside is up a whopping 69% over the last 2 years!
Client Q: But there have been a lot of price decreases, how can that be?
Team Skally Perspective: You’re right, on a month-to-month basis there has been a softening of the market. For example, the July median sold price was down a little over 5% from June BUT still up nearly 7% from July 2021 and up 69% since June 2020. Homes in “turn-key” condition and priced right are still selling for top dollar and 87% of homes are selling in less than a month.
Client Q: So if it’s still a good time to sell, how can it also be a good time to buy?
Team Skally Perspective: Well, it’s what Christina calls the Real Estate “Shimmy”! We’re in a shifting market where you can win both ways if you know how to do “the dance”.
Client Q: What do you mean by that?
Team Skally Perspective: Well, there are currently over 2 months of inventory on the Eastside, creating more choices for buyers and a lot less competition. This means you can win your dream home at a reasonable price.
Client Q: But aren’t interest rates really high right now?
Team Skally Perspective: Relatively speaking “No” and they have been coming down as of late. And who hasn’t refinanced for a better rate down the road anyway? As Christina says, “marry the home and date the rate”.
Client Q: Do you think homes will continue to appreciate?
Team Skally Perspective: “You Betcha”! If you plan to be in your home for a handful of years or more you will most likely be happy you bought now. Those who didn’t buy a year ago regret it now, and those who don’t buy now will likely regret it next year too. All of the leading forecasters are showing continued home appreciation for years to come.
Your home team matters a lot, now more than ever! DM us to learn more about the Team Skally difference and how we’ll make it easy for you to sell your home for top dollar and/or discover and win your dream home at a good price.
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 finalists for best client service and regularly featured in online and print publications including Newcastle Life Magazine. In addition to serving clients, Matt and Christina love family time with their two boys and Leo, the Goldendoodle, as well as volunteering in the community.