Team Skally | Market Update
The Real Estate market often experiences seasonal shifts. For example, as we head into Fall the housing market tends to cool with the weather. Despite this traditionally seasonal cooling and also the highest interest rates in over 20 years, the Market still remains relatively strong for sellers.
Many folks we talk with believe house prices have gone down. The reality is that since last September house prices have gone up 6%. How could this be? Well, look no further than the basic supply vs demand principle. Homes priced right and in turnkey condition are selling fast and at a premium. There just simply aren’t enough of these houses to meet buyer demand.
Where are the buyers coming from? Well, Amazon keeps shifting employees from Seattle to the Eastside, and specifically Bellevue, driving up demand for housing. The last report stated that 2,000 employees being moved to the Eastside. There were less than 800 active listings on the Eastside at the end of September, equating to about 1.6 months of inventory. Not all of those homes are priced right and turnkey, so you can see there is, and will continue to be, pent-up demand.
Also, in CBRE’s nationwide study of tech talent migration, Seattle ranked #1 in the Country with +15.2%. The next closest City was Austin, TX with less than 10%. So we are a mecca for talent and innovation, likely fueling continued growth for years to come.
Can you imagine what’ll happen when interest rates start coming down? Prices will surely go up even more than they already have. While buyers aren’t in the driver’s seat, there are ways to win as a buyer with seller interest rate buydowns, looking for motivated sellers with your willingness to put in some sweat equity, as well as looking at new and upcoming areas that are now more realistic due to hybrid working practices.
Whether you want to explore options, talk about the market in general, or just get a cup of coffee/tea and shoot the breeze, we are looking forward to hearing from you.
From our family to yours, we hope you have a spooktacular Halloween!
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, winners of 2023 Nextdoor 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.