September 2022 Market Update for Seattle's Eastside
SLOW DOWN TO SPEED UP!?
Have you heard that simple saying before?
Well, it describes perfectly the state of the market.
Interest rates are continuing to rise to slow the economy.
Soon they will drop to speed up the economy.
This is a rinse-and-repeat cycle.
So interest rates are up and the stock market is down.
That certainly doesn't mean the sky is falling, smart sellers and buyers are still winning in real estate, especially with the Team Skally Advantage!
What does that mean for buyers?
Buyers have more choices now than in years and prices have stabilized. We know rates are going to be coming down as they historically do after a recession...so we recommend you buy your dream home (as long as you plan to live in it for 5+ years) with a good short-term rate. Perhaps a seller paid rate reduction or simply live with a not-so-great rate in the short term knowing you'll have an option to refinance later. Hasn't everyone refinanced their home at some point anyway?
Why buy now, maybe we should wait?
Timing the market perfectly is kind of like winning the lottery! It's almost impossible to buy at the lowest low and sell at the highest high. Don't wait to have your dream home and lifestyle! Once rates begin dropping again, prices will go up and home choices will reduce considerably.
What does that mean for Sellers?
If you listen to the news you'd never believe this, but it's still technically a good time to sell. The Eastside median sold price is still up 3% over last year. If you're trading up or downsizing, now is actually a great time to win as a seller and then as a buyer!
The Team Skally Advantage can help 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 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.