Real Estate Roundup YOUR PULSE on the market | 8.2022 Our real estate market continues to simmer with fewer listings, but enough demand to have buyers battling over the best listings.
● The market’s balancing act has entered a new phase. The frantic market activity experienced during the pandemic has settled into what many consider to be normal and healthy. Inventory is up, offering buyers the largest selection to choose from since late 2019. While buyers are not quite in the driver’s seat in most cases, the current market pace allows more time to make important home buying decisions and find a house that meets their needs. ● Strategies such as waiving inspections and presenting contingency-free offers are no longer automatic. Although multiple offer situations still occur, brokers report there are significantly fewer of them. Buyers still need to provide their best offer, but the market is allowing some breathing room.
● Properly priced homes are still selling quickly giving sellers the advantage if their property is in good condition. More inventory also means sellers who are also looking to buy and remain in our area may feel they can get off the fence.
● Rising mortgage rates have reduced the buying power for those searching for homes which has resulted in fewer closed sales and has also slowed price appreciation across our region. Year-over-year data from the NWMLS shows the trend of price increases has slowed but continues steadily in an upward direction. ● Recent MLS data shows us the closed sale prices for single family homes compared with the same month a year ago. In King County prices are up by 9.10 percent, in Snohomish County up by 11.72 percent, in Pierce County up by almost 10.19 percent, up in Thurston County by almost 11.71 percent, and in Spokane County, up by almost 14.3 percent. ● Despite uncertainties surrounding air travel, many are choosing to squeeze in a trip for the first time in years before school’s begins. With some buyers out of town, it may be an opportunity for other home buyers to more easily close on a home with less competition.
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