Team Skally | 2022 Eastside Real Estate Market Review
The Eastside Real Estate Market in 2022 was like a tale of two cities. We experienced the hottest seller's market in recorded history in April when the median Home Sold Price peaked at $1.7M and there was less than a week's inventory on the Market.
To curb inflation and bring more balance to the markets, interest rates shot up at a record pace, going from 3% to just over 7% late in the year. This put a damper on the Hot seller's market, resulting in the median sold price going down to $1.3M by year's end.
One might think this is cause for seller apprehension, however, those wanting to sell can still achieve a great sales price for their home. In fact, the median sold price on the Eastside is still up 24% over the last two years! To achieve top dollar in a shifting market, Sellers need to make sure they are putting their best foot forward. This means that home preparation, staging, and marketing is tremendously important in attracting the limited buyer pool and getting a great offer.
Because of the slowdown, buyers actually have more choices than they've seen in 3 years. They can win their dream home without competition so they can get a good price now and benefit from appreciation over time. And while those interest rates can be challenging, there are many types of loans that allow buyers to get a reasonable rate today while they wait to refinance at a great rate in the future.
Your team matters now more than ever and The Team Skally Advantage means we'll prepare, stage and market your home exceptionally well, making it easy for you to achieve top dollar for your home. And if you're buying, you need a team that can discover and win your dream home with the most favorable price and terms possible. We've done it for countless others and can do it for you. Just give us a call and let's discuss how we can help make your home/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..