TEAM SKALLY | Market Update
Team Skally Reports It's All About Supply & Demand.
In other words…
There is a shortage of "turn key" homes with just 1 month of inventory on the Market. Despite the Fed's rate hike and news of a recession looming, there are simply not enough homes for sale to meet demand. This is helping to drive an 11% increase in the median home sold price since December. And if you look back to April 2020, the median sold price is up a whopping 55%! If you're upsizing or downsizing, now could be a great time to cash in.
We're often asked about rate hikes and the impact on mortgage rates...in short, mortgage rates are down and we're predicting they lower even further. Roughly 30% of the homes on the market right now are receiving multiple offers so while we aren't going to see the bidding wars we did during last year’s peak, we are predicting a continued strong seller's market in the months ahead.
Nevertheless, buyers can win, especially with the right strategy and tactics. For example, prices are still down over last year's peak, but these price levels will likely not last long. Over the last 81 years, home values have gone up in 73 of them, gone down in 7, and held flat in 1 year. Buying your dream home is the surest way to love where you live and experience the American Dream!
Whether you're just curious about your Home's value or seriously considering buying or selling, our purpose is to help you and your friends win in Real Estate!
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 winners for best client service 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.