February Real Estate News to Use

Greetings!

I’m currently sitting in SEATAC terminal waiting to board my flight to Fairbanks for the National Association of REALTORS® Region 12 kickoff. Sitting and, well, sweating. I may be overdressed. Actually, I’m totally overdressed but I am PREPARED for what will be freezing temperatures. I think about the opportunity to see the northern lights and am simultaneously grateful that I won’t be seeing any bears or wild animals bigger, more dangerous and hungrier than me. I think about how like the bears, many buyers hibernated this past winter, hoping they could emerge in the Spring to a welcome additional supply of housing inventory and lower interest rates and feast on the opportunity to become a homeowner.

But this didn’t exactly happen. While rates went down a smidge, latest economic results and forecast have the Fed holding the line on interest rates, not likely to do any reductions in the near future despite predictions to the contrary. Would be sellers reluctant to give up their low interest rates are hanging onto vs. listing their homes, contributing to our tough inventory problem. This lack of supply is lowering the number of sales. In January, 340 new listings were taken which is the lowest number in ten years, 8% lower than January 2023 (369) and 38% lower than the ten-year average of 547.

Meanwhile, buyers, accepting that 3% interest rates are squarely in the rear-view mirror, have emerged from their housing hibernation and are back in the hunt. The result? Last month brought stories of multiple offers. We can expect multiple offers to increase in frequency and prices to rise as a result of the low inventory and normal real estate seasonality.  Both buyers and sellers commonly initiate their processes in January. Buyers can enter the market as soon as they find a property, while sellers often take two to six months to prepare their homes for sale. As a result, the early part of the calendar year typically sees an increase in multiple offers.

These are but a few of the fundamental truths of real estate. There are others that I elaborate on in my Market Minute. It’s important to accept these truths and plan your home buying or selling journey accordingly. Understanding the market dynamics and aligning yourself with an experienced REALTOR ® who can craft a winning strategy is key. I packed boots, scarf, mittens, and a hat for my journey to the last frontier. And even though I didn’t get to see the northern lights, it was an amazing opportunity to network with my colleagues, strategize about our year ahead, and enjoy local attractions all while staying cozy and warm. 

REAL ESTATE MARKET MINUTE

Tune in to this month's Market Minute to learn about the current truths of our real estate market and how as your REALTOR® I still help buyers and sellers successfully navigate these challenges and craft a winning strategy. Watch

REAL ESTATE INSIGHTS for BUYERS

A common question we are asked is, “What makes a winning offer?” The answer is that it depends on the competitive nature of the situation. Sometimes a buyer is upset when a home closes for less than they were willing to pay. But... why might this might happen? Tune in to... Watch

BUYERS

Home prices are expected to keep appreciating over the next 5 years – meaning your future home will likely go up in price the longer you wait. Keep in mind that you don't always need a 20% down payment to buy a home. Here’s why... Read More

SELLERS

With the market gearing up for its busiest time of year, it's important to make your house shine bright among the competition. Here are some tips to get your house market-ready...Read More

LOCAL NEWS

If you’re looking for silver linings amid the recent Puget Sound tech sector layoffs, just look across the lake. Back in...Read More

MARKET NEWS

Over the past few months, experts have revised their 2024 home price forecasts. Let’s see exactly how experts’ thinking has shifted – and what’s caused the change...Read More

REGIONAL UPDATE

Last month, median residential sold prices increased in each of the four geographic areas covered below. That’s welcome news for intending home sellers, who are also benefitting from continued low inventory region-wide. At the same time, local buyers are...Read More