Team Skally | Market Update
The Seller's market continues AND continues to defy gravity!
Throughout April we saw an increase in "bidding wars" on the Eastside with 59% of homes selling above list price. While this can be exciting news for home sellers, there is some cause for pause as 17% of homes under contract in April did not close.
With volatile interest rates and buyer's remorse for feeling like they're paying too much, homes are falling out of contract at an alarming rate. This is one of those reasons why we say that not all brokers are created equal. The deal-making aspect of the process is exciting for sure, but there is a multitude of elements behind the scenes in deal-making, contract negotiations, vetting buyers and lenders, and finally getting to closing that can go wrong. So it's super important to hire a professional who has the experience and results to ensure your home sale goes smoothly.
Unfortunately, for those falling out of contract. that usually means the home is going back on the market and that is not a good thing. We liken it to produce on a shelf at the grocery store, it doesn't get better with age. When the home goes back on the market buyers naturally think something is wrong with it and are looking for price concessions. As a result of going back on the market, sellers usually end up receiving 5-20% less than their original contract.
Well, let's get back to the headline...
You may be wondering how can it be a seller's market with interest rates rising and the median price on the Eastside being up 16% over last year!? It's simply supply and demand. We just don't have enough homes to support the demand we have based on our robust economy and population growth. Should you sell now? Should you wait to buy? The time is right when the time is right for you. For our clients, we seek to understand their lifestyle goals first and then offer a mix of data, wisdom, experience, and options for their decision-making. No matter the market, no matter the time your Team Skally Advantage ensures you win in real estate.
All our best,
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, Nextdoor’s Neighborhood Faves 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.