Real Estate Roundup YOUR PULSE on the market | 9.2022 Our real estate market continues to simmer with fewer listings, but enough demand to have buyers battling over the best listings.
● As summer ends, the market has shifted with inventory levels at numbers not seen since 2019. Everyone is taking a fresh look at their strategies for the fall market. ● Buyers have more to choose from, and a bit more time to decide. With the start of the school year some will choose to pause their home search, which may result in less competition. Buyers may also find sellers who listed at the height of the market are now making adjustments and there may be additional homes within their budget. ● On the seller side, brokers report many who were waiting for the best time to list are now climbing down off the fence, adding their property to the growing selection for consideration. Increased inventory may also mean some believe they will more easily find their next home once theirs has sold. A few sellers looking to buy are even making offers contingent on the sale of their home, which has been relatively rare in the recent past.
● Additional factors influencing the fall market include rising interest rates, with periodic fluctuations. Buyers who are prepared to make a move when there’s a dip will be in the best position to get the most for their money. ● Home prices overall continue to rise, but the pace of price appreciation has slowed. 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 2.18%, in Snohomish County up by 10%, in Pierce County up by 12.75%, up in Thurston County by 8.6%, and in Spokane County up by 7.1%. ● With football season starting up, it will be interesting to see what affect if any, weekend games have on the market.
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