Here’s what the latest stats say about our market.
As you know, we recently endured a bit of a ‘snowpocalypse’ here in the Pacific Northwest, but don’t worry—the real estate market is on fire and not cooling down anytime soon.
Our studies show that the number of active listings has increased 50% compared to last month, which is no surprise considering we typically see an inventory increase this time of year. The spring market brings new opportunities. What’s interesting, though, is that pending home sales have increased 30% compared to last month. There are more homes available, but there’s also a lot more demand, so we’re seeing a majorly competitive seller’s market.
The great news is that my team and I are capturing very high prices for our sellers, and buyers are happy to pay these prices. Why? Interest rates are almost at 2%, which makes housing more affordable. Additionally, the median cost of housing is rising at a year-over-year rate of 13.3%. Buyers know this, and they’re watching homes become more expensive by the month. With the low cost of money and rising home values, it’s a prime time to buy.
What does this mean for you? If you want to sell and are trying to buy as well, of course it’s challenging. A lot of would-be sellers aren’t committed to the sale process because they’re afraid of having nowhere to go if they did sell the home they love. If you’re in the same situation or know anyone who is, give me a call.
My team is working with dozens of very eager, very serious buyers who have to buy a home, and we could use your help. These buyers are prepared to give you a long rent-back period, and we can include contingencies in the contract clarifying that you won’t have to sell if we can’t find a replacement property for you in a timely manner. If you do go under contract and then go home shopping, it’ll make you a strong buyer and help you work out the best deal possible.
We have the latest statistics from each market and, more specifically, each neighborhood, so if you’re curious what your home is worth or what it might cost you to buy in a certain area, call, email, or text anyone on my team. It’d be our pleasure to show you the appreciation rates of that area and what the supply and demand situation looks like. If one of our buyers wants to buy your home, we’d be happy to introduce you to them as well.
If you have any other real estate needs, feel free to reach out to me as well. It’s my pleasure to help you build and/or protect your wealth through real estate.