Happy New Year!
I hope you’ve enjoyed a delightful holiday season and are looking forward to an extraordinary 2024. We’ve just come through an interesting 12 months, particularly in real estate.
2023 is a story of interest rates. Mortgage rates in 2023 soared to 8% on a 30-year fixed loan, but have retreated a bit to the upper 6% range. A few loan types, such as 15-year fixed, are even lower. Each 1% change in rates translates to a 10% change in buying power. On the flip side are sellers that are reluctant to exchange their 3% mortgages to buy at much higher rates. Simply put, we don’t have enough homes on the market to meet housing needs. The King County market remains a seller’s market; homes sell for more today than they did a year ago. Real estate is extremely local, so the numbers may fluctuate based on your specific area. Seattle prices are up about 3% over last year, while that number is 6.7% on the Eastside.
We have less than 2 months inventory on the market, indicating a strong seller’s market. The average time on the market is less than a month. Homes are still selling at a brisk pace, often selling in a few days to a week. However, buyers are being cautious with their real estate decisions. It’s important to price your home carefully. Too high a price and your home may linger on the market; price it too low and you may be leaving some money on the table.
The outlook for selling a home in 2024 is improving, as the falling interest rates will bring more buyers to the market while prices should continue to rally.
As always, the best time to sell a home is the time when a move works for you. Is your home and yard too much to take care of? Are you feeling isolated? Do you want to be nearer to family and services? Our real estate market in the Seattle metro area is particularly vibrant, which allows you to make decisions on your timeline. You don’t need to time the market to receive top dollar for your home.
Keep in mind that when the time does come, you’ll want to work with a broker who has experience working with seniors and who has your best interest in mind. Your equity should stay in your pockets to support your new lifestyle! Whatever change you want to make, ElderMove Alliance can help find you a new home that suits your needs now.
We also want to caution against unsolicited, direct offers. We always advocate for putting your home on the market where all sorts of buyers (e.g. builders, families, landlords) can compete. Given our market, your status as the seller means you are in control. Sell to the buyer who is willing to pay the most for your home. Your home’s value has been appreciating for years, and as a seller you’re in the right place at the right time.
Ready to talk about your own real estate? Give us a call! Mindy and Maggie are here to help!