As with all real estate markets, the Seattle metro area has weathered its own highs and lows over the past several years.
It experienced a boom when interest rates were at record lows and a stale period of low activity levels when high mortgage rates and a shifting economy forced buyers and sellers to reevaluate their property goals. However, the area’s unique market manages to recover from these expected periods due to the benefits of owning in the Puget Sound region, which draws in buyers both locally and from around the world. There remains a consistent influx of people who choose to move to the area from out of state to reap the rewards of an Emerald City address — from job and education opportunities to the vibrant art scene to the natural wonders surrounding the city.
For newcomers hoping to purchase property here, the best plan of action is often to rent first, get to know the area and what neighborhoods they could see themselves in long-term, and then make an informed decision when it’s time to buy. Low inventory levels have been an obstacle for buyers in the recent past, but the market has turned a corner, and sellers are listing their homes once again. In fact, during the second quarter of this year, we saw a 32.69% year-over-year increase in single-family listings in Seattle. In King County, there was a 35.91% year-over-year increase. Buyers looking for an in-city condominium were also in luck, with the Seattle condominium market seeing a 70.53% increase in listings.
Cindy Paur
According to NWMLS’s monthly market update, the median price for a single-family property in the region continues to climb. With higher prices and high mortgage rates, many buyers are attempting to time the market, hoping to jump in when rates go down.
As we head closer to the presidential election, many market watchers are wondering how the election will affect rates. In looking at the data from past election cycles and post-election rates, there’s not a clear enough correlation one way or another to make a prediction. Buyers who are counting on a drastic dip in rates may end up disappointed and should plan their purchases based on current market data rather than forecasted market changes.
For sellers wondering how to strategically approach the market, do not underestimate the importance of strategic pricing. In some cases, we’re seeing sellers price their home well above its value, hoping that they’ll get lucky with a buyer who is willing to pay the listing price. However, today’s buyer is intentional and careful, and you won’t find the same eagerness witnessed a few years ago during the market frenzy. The more accurately you price your home — considering what other similar homes in the same location sold for recently, value-adding repairs you’ve made, and special features the home boasts — the more likely it is to sell quickly.
The best move you can make right now, as a buyer or a seller, is to enlist the help of an experienced real estate agent. I don’t expect the clients I serve to have comprehensive market knowledge—that’s my job. With my experience, expertise, and commitment to providing top-tier service, we can navigate you through all market conditions.
I’d love to see you at Park House. Please stop by Realogics Sotheby’s International Realty office for a visit at 4031 E Madison Street and say hello. I’m always up for a cup of coffee and good conversation. You can also give me a call at 206-949-4497.
Cindy Paur is managing broker & founding member, RSIR Madison Park Office. Reach her at Cindy.Paur@SothebysRealty.com or 206-949-4497 or at CindyPaur.com.