Interest Rates Improved!
If you put your home search on hold last year because of high rates, I have great news! Rates have dropped a bit this week, and your dream home might now be within reach at a lower monthly payment. We are seeing more inventory popping up every week as we get closer to spring, so it's a great time to tackle that preapproval and get out shopping. Please reach out if you are considering a move or want to learn what you can afford with these lower rates!
Happy New Year Stats
Happy New Year! I hope 2025 is off to a great start for you all. 🌟
As 2024 came to a close, we saw less new inventory as is seasonally expected. YOY trends from 2023 to 2024 were quite similar and demonstrate the seasonality of our market. 🎄
Generally speaking, buyers who are home shopping during the holiday season are usually quite motivated. There can be some deals to be had during that time too as the market slows. So, what sort of offers were buyers making and do we think this will change as we get further into spring? 💡
Between King and Snohomish counties combined, multiple offers occurred only 30% of the time. Half of all offers included an inspection contingency, while 73% included a finance contingency for a home loan. (This does not mean that 50% of the people opted not to have an inspection. Though they waived the contingency, it is possible they received an inspection report from the seller to aid them in their decision. This is becoming more common practice.) Escalation clauses were fewer and farther between at only 9% of offers. 📊
As we get into spring, I would anticipate this trend reversing a bit, especially if inventory remains low. I would anticipate seeing more multiple offers and fewer contingencies. If you are considering a purchase this year, it may be a great time for you to jump in as competition isn't quite as frenzied. (At least not yet.) 🏡
If you are interested in learning more about this, please don't hesitate to reach out. I'd be glad to chat! 📲
40-Year Market Stats
If you've been following me for awhile, you know I'm a bit of a stat nerd! 🤩 Often when we look at market stats, we focus solely on the present to see how the market is performing, but what would happen if we looked back to the past to see how things have changed over time instead? 🗓️
As our MLS celebrates 40 years, we're having a fun look back at the past. ⏰ To the surprise of no one, median sales prices have jumped significantly over time. Interestingly though, our inventory numbers really haven't changed all that much. ⚖️ (Except for a handful of years when the market dipped in 2008.) These inventory numbers over time show us that the PNW has long been suffering from low inventory. While it may not have been as impactful 40 years ago, it certainly is today as more and more people make their way into the area and demand increases. 🏘️
This low inventory coupled with high demand, further increases sales prices. 📈 While I know rates aren't as exciting as they were two years ago, I'd still encourage a would be buyer to get into the market now, and these stats further prove the reasons why. Equity is strong and it could be yours to capitalize on one day too! 💰
Just Sold: Two Happy Clients
Congratulations to my ecstatic buyers and very happy seller on achieving real estate success last week!
This Renton acreage had been on the market for a bit with a previous failed sale under its belt. We swooped in and scored the buyers a $13K credit toward their VA loan and closed in 3 1/2 weeks. Can't wait to see the upgrades these buyers make here. Exciting!
My Canyon Park townhome listing netted the perfect buyer and although it took us a bit of time to seek one out, closing was smooth and worth the wait!
Happiness all around and new doors opening for both sets of clients. It has been a pleasure to be a part of their journeys!
Just Sold in Mountlake Terrace
Remember this cute little diamond in the rough? It received 5 offers, all from investors, and closed for a final price of $430,000. I can't wait to see the buyer's creative vision come to life!
Ocean Shores Beach House
What a fun one this was! Never in my 19 years of real estate have I explored the Ocean Shores market, but there's a first time for everything! 🤩 And with the help of a stellar local agent, my buyer got her dream ocean front property and closed in just 3 weeks. Congrats! Wishing you many happy family memories in your new vacation digs! ⛱️🪁🌊
5 Stars From a Happy Buyer!
It's always a good day when I know my clients are happy! Thank you to Pandian and Rani for such an awesomely thorough review. I assure you, the pleasure was all mine! ⭐️⭐️⭐️⭐️⭐️
Just Sold!
Congratulations to my buyers on the purchase of their new home in Maple Valley! This home checked all the boxes, right down to their preferred high school of choice.
Even though it had been on the market for 3 weeks, we found ourselves up against another offer. Even still, we were able to negotiate a $20,000 credit from the seller toward an interest rate buy down! I'd call that a win.
Wishing you and your family many happy memories here!
