The State of the Real Estate Market

It was a perfect storm: Interest rates jumped way up, the stock market took a tumble, and inflation on the rise is the icing on the cake. This all happened as we headed into the summer Real Estate Market.

I often talk to people who think the busiest time of year for real estate sales is summer, before kids go back to school. I have not found this to be the case. Summer traditionally sees an uptick in inventory and overall less activity. Especially here in the Pacific Northwest as the sun starts to come out and temperatures rise, people become distracted with graduations, weddings and vacations.

Certainly the real estate market had made a much needed shift. However, if you listen to the experts, the economists, we are NOT in a bubble and prices are not expected to continue to fall. In fact, year-over-year they are still expecting prices to appreciate 6.6%.

What does this mean for you? If you have been on the sidelines waiting to buy, now is the perfect time for you. An interest rate of 5%-6% is still excellent and there is no guarantee that they won’t continue to rise. There is still fear in the market place giving buyers a little boost in negotiating power. This is because some people don’t recognize that some of the slow down is seasonal and not a total representation of where the market is headed.

I believe the remainder of the 3rd quarter of 2022 presents many great opportunities for home buyers. If you are a seller this does not mean it’s a bad time to sell. It just means you need to understand the market and have a strategy to get your home sold for the highest and best price!

Whether buying or selling a home, I am here to help guide you through the process. As an established Skagit County realtor with nearly 20 years of real estate experience, I know exactly how to facilitate a smooth, profitable, and happy real estate transaction. Send me an email or give me a call today to get started!