Market Update & February News
Great brokers and savvy consumers continually analyze the data around our fast-paced Greater Seattle housing market and its month-to-month changes.
In the initial days of the month, I research the previous month’s NWMLS statistics for the Greater Seattle area (see image below) and await the NMWLS’s monthly press release. I combine this data and information with my “boots on the ground” perspective gleaned from touring homes, submitting offers, prepping listings, and analyzing interest-rate trends and the financial market. Current top-of-mind considerations for February 2022 include:
· Coronavirus
· Lack of housing inventory
· Interest-rate hikes
· Inflation
· Overall health of the U.S. economy
· Lifestyle trends (work-from-home needs and right-size housing)
Just released housing data shows we're in a tight-inventory market (not many homes are listed for sale) and it's quite competitive for Greater Seattle-area buyers. However, we are also seeing more homes listed each week as we approach the early spring market. For sellers, it's an incredible time to capitalize on attractive sales prices — keeping in mind that it’s critical to strategize your move carefully.
"We've been experiencing huge increases in median sales prices and a continued lowering of the number of days homes are on the market. The massive reduction in inventory has led to fewer pending sales and super-charged prices. Many properties have literally gained 40%-to-50% appreciation in just the last two years or so — a rate of increase no one can comfortably live with," said Dick Beeson, Managing Broker at RE/MAX Northwest Realtors. (February NWMLS Press Release)
Buyers are anxious to capitalize on attractive rates as industry experts and financial analysts forecast three possible interest-rate increases as 2022 continues.
"The market in Seattle continues to be extremely competitive with multiple offers and prices escalating. The imminent rise in interest rates has buyers scrambling to find properties to buy," said Meredith Hansen, founder and operating principal at Keller Williams Greater Seattle. (February NWMLS Press Release)
Using the NWMLS data and information, combined with my collaborative team of top-performing Lake & Company colleagues and my strong industry relationships, I know what’s happening around us in the Greater Seattle area. Additionally, my peers and I share invaluable behind-the-scenes intel on the soft data — such as number of offers received per home, details on said offers, and winning-offer strategies and information. I see the trends, get ahead of them, and am able to deliver consistent success for my buyers and sellers.
Who you work with matters. If you would like to discuss purchasing a home or selling your current home, let's chat via phone or email.
And remember to...
*TRUST THE PROCESS* <— You’ll learn more about this when we connect!
