Here are the changes I’ve noticed in the North Central WA Real Estate Marketplace.
Thank you to everyone that reads my e-mail, blog, and social media posts on the real estate market and life. 10 years ago, I started the Nick McLean Real Estate Group with a simple vision to improve people’s quality of life through real estate services. We have helped over 4000 people improve their quality of life since that time.
I’m writing you today because the market has made some changes. Interest rates went from 3% to 5%. That caused a massive decrease in affordability. Anytime something becomes less affordable fewer people can afford it. That equals a drop in demand.
At 3% we were seeing multiple offers on every listed house. We are not seeing multiple offers on most listings now that rates are higher.
We have since more listings hit the market in the last two weeks than in any other two-week period since 2019.
It is likely inventory will be rising.
We are still pleased to see the quality and motivated buyers in the marketplace. This is good news for first-time homebuyers, relocation buyers, and retirement buyers. The cash investor that is speculating on the marketplace is out of the picture. This gives buyers the breathing room to not overpay and not be rushed.
Final thought. If you own a home the window of opportunity to sell could be closing. I see a 3-month window to prepare your home for market and list.
You can sell high and then find a home that is a good deal. Ultimately you would sell and buy a new home based on our vision to improve the quality of your lives.
Find a better location, school district, floor plan, quality, condition, less upkeep, etc.
Would you like to explore selling your home this year? Send me an e-mail with your address and I will do a market value report.
Nick McLean
Nick McLean Real Estate.