Spring News & February Stats for the Greater Seattle Area
There’s a sense of optimism in the air as Covid restrictions are set to lift and we prepare to “spring forward” for Daylight Savings this Saturday. I’ve dug out my garden gloves and buckets from the shed and unearthed my hiking shoes from the depths of my closet. My clients – buyers and sellers alike – appear similarly energized that we’re on the cusp of spring.
"Buyers will be pleased to hear that more listings are on the way! Historically, the number of new listings bumps up in March and April, and then goes up even higher in May and June." said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, in the March 7 NWMLS press release.
Along with the Greater Seattle housing market data I research at the beginning of each month (pictured below), here are some top-of-mind considerations as we head into spring:
Uncertainty around the conflict in Ukraine.
Interest rates are up and rising, with more predicted rate hikes by the Federal Reserve this year, which is driving some buyer panic to capitalize on lower interest rates while they can.
Inflation at 7.5%
Speculation about life post-Covid as experts debate how work-from-home (WFH) and employer hybrid models will affect employees and homebuyers who are drawn toward locales outside the city as they seek larger homes, more spacious lots, and better “WFH indefinitely” spaces.
According to the NWMLS March press release, statewide condo sales are up 23% from last year, which is a big change as the condo market softened quite a bit during Covid.
In the Greater Seattle area, we continue to see highly competitive multiple offers on homes (8% – 30% over asking, depending on the home, updates, how well maintained, inspection reports, area, etc.) that are often contingency-free (or nearly) contracts. BUT there are also signs of some buyer fatigue and buyers growing weary of homes selling $100k - $200k over the asking price. This is resulting in a little pullback on somehomes, buyers waiting out the offer-review dates and then submitting offers later, or buyers simply choosing not to escalate as high.
Nationwide, here are some news stories I am tracking:
According to a recent survey, some consumers speculate that we’re in a housing bubble, though most Realtors (particularly those locally) would disagree.
Mortgage lenders and industry experts are heartened to see fewer homeowners participating in the CARES Act mortgage forbearance program, which was created to help homeowners facing uncertainty during the pandemic. “A combination of job growth, a strong seller’s market and the latest jump in home equity as preventing a spike in foreclosures.”
Cash-out refis reach $1.2T in 2021, highest level since 2005 as sellers make home improvements and seek to remain in their homes longer.
Using the aforementioned NWMLS data and information, combined with insights and intel from 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.
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!
The Greater Seattle housing market changes greatly from month to month, so it’s critical you work with an agent who understands and monitors trends.
I see the trends, get ahead of them, and am able to deliver consistent success for my buyers and sellers..
