Real Estate - Keeping it Simple

Yes, the market is still very active with lots of buyer interest in "good" homes (homes in good condition and preiced according to current market valuations) even with higher interest rates. We also have new state laws taking place effective January 2024, have a discussion with your real estate Agent/Broker about the changes as this will affect BOTH Buyers and Sellers.  

Consisten theme, no inventory, higher interest rates and yet buyers are active and buying. A good time to sell! 

Ranting somewhat but what I discuss today is very valid on how real estate transactions can go sideways and fall apart. The best offense is to have a good defense, meaning get your home ready to sell and have full transparency to all parties and you will likely have a very satisfactory and successful transaction. 

Also some thoughts on building inspections and home improvement suggestions

As we continue to work with the challenges of VERY low inventory we are still seeing homes sell as well as home prices remaining clsoe to their values for a year ago. 

Great time to be a buyer!

Low, Low, Low inventory yet what is on the market is selling for 30 days or less, depending on certain market areas. 

Low, Low inventory and YES homes are selling with some selling for much higher than their asking prices. 

I am perplexed as to why they would bring in such a program that penalizes people for having good paying jobs, good credit and a history of saving money so that they can have a larger downpayment - I think this is absolutely ridiculous!

So far, with dinishing inventory we are seeing a lack luster Spring market yet even with higher interest rates we have buyers not only looking to buy they ARE buying homes.

Decided to share my thoughts as well as additional information from 
Inman Real Estate (real estate industry newsletter) on the trends we 
have seen in the past and what we are seeing unfold in our Spring 2023 
real estate market. 

Always good to look at the past trends and how those trends are shaping
our current market

We are seeing lots of buyer activity, yet we are also seeing very little inventory so when you go to look at homes you may be up against competing offers from other buyers. If you are a seller and price your home/property according to the current market you may very well see multiple offers. 

Read some articles on Predictions for the 2023 real estate market, thought I would share, in this Podcast, the Predictions that are floating around.  Some of these make sense and may very well come true and some may not come true as the interest rates and inventory challenges will have a major effect on these and other predictions.

I think ALL property owners will be or are shocked at the recent Property Tax assessments for 2022, since they increased from 25% to 52% in 1 year and the taxes increased from 10% to 30% - the largest increase I have seen in King County for taxes due in 2023

Yes, we are seeing a little more homes going on the market BUT we are also seeing more sales and more activity at our open houses. All this could lead up to a busy Spring market, especially if long term interest rates go down

Inspite of the holidays, the rain, the snow and the ice strom homes were still coming on the market and selling, although at a slower pace, yet we are seeing more buyer activity in the month of January 2023

Have a VERY, VERY Merry Christmas!

Merry Christmas! Have a wonderful holiday season