Get an overview of the current real estate market condition.
It makes sense for buyers or sellers to know what’s happening in the market before entering it. If you’re a seller, you’re probably watching the Feds and wondering if this is the right time to enter the market, trying to time it perfectly, or maybe you are wondering whether the increase in interest rates will impact buyers, affecting the final sale price.
The housing market is stable due to historically low inventory. There are motivated buyers looking for opportunities to buy a house. Despite hopes for a market crash, it never occurred, which is good news for sellers. If you’re still on the fence about selling, now is a great time to list your home because the market is steady.
To support my claim, let’s look at the data from our area. Seattle, Redmond, and Bellevue have shown a 33% decrease in inventory, followed by Kirkland at 295, Bothell at 28%, and Issaquah at about 26%. These high-level data points will help you understand where the market is going regarding supply versus demand compared to 2023 data, same time to date 2024.
Buyers have embraced the new norm of 6.5% to 7.5% interest rates. It’s amazing to see the market remain stable and resilient despite these high rates. If you’re getting into the market now, you might still find a limited supply of houses to choose from and will likely face competition. This simply means that if you see a property that fits your needs and tastes, you should be ready to act fast.
“I’ve seen buyers who are willing to pay a premium if the house is in perfect condition, meets their requirements, and is priced well. ”
What’s interesting is that I’ve seen buyers who are willing to pay a premium if the house is in perfect condition, meets their requirements, and is priced well. The same cannot be said for poor-quality or overpriced homes.
The bottom line is that sellers should take time to make necessary changes to put your property in the best condition and price it right to attract buyers. Buyers are now more likely to purchase, despite higher interest rates, the moment they find the right property. However, buyers should be prepared to face competition due to limited inventory. For investors, if you’re trying to find a deal, pay close attention to properties that have been sitting on the market for 30 days for maximum ROI.
If you have any questions about the market or if you want to sell or buy a property, do not hesitate to give me a call or send me an email. Reach out to me at (425) 270-7692 or neelam@propertyatseattle.com. Together, let’s work on achieving your real estate goals.
