Real Estate Roundup

PULSE on the market

As we move closer to spring, experts predict we can anticipate a market that may not boom, but will bloom more gradually this year.

● Buyers and sellers that were in a holding pattern waiting for winter to end are finding a way to get into a good position for the coming season.

● Buyers are using this time to ensure any prepurchase tasks are done, shore up finances and gather moving and relocation resources to ensure they are ready to act at a moment’s notice.

● Sellers, facing fierce competition for the attention of buyers braving the market, are contending with inventory increasing in most areas. To get noticed, sellers are exploring their options for making their property stand apart from the rest. Brokers report sellers are accomplishing this by completing necessary improvements and making sure their property is properly priced for the market.

● Most recent NWMLS stats for median closed sale prices for single-family homes show a mildly mixed picture in our region. In King County up by 1.85%, in Snohomish County unchanged, in Pierce County down almost 3%, and up in Thurston County by 3.22%. In Spokane County prices are up 2.5% (Spokane Association of Realtors).

● Rising interest rates may have caused some buyers to hit the pause button on their search at the end of 2022 as communities on their wish list became out of reach. Brokers report buyers who take time to rethink their needs, timing, budget and other factors affecting their anticipated home purchase, are finding more selection and properties that meet or exceed their expectations.

● It will be interesting to see how the many factors influencing our market will play out this spring.