Our prediction for the 2022 Real Estate Market in Seattle
Market Matters
If you’re unsure of whether or not you should buy or sell in a home in 2022, you’ll be happy to know that the prediction for the Seattle Real Estate Market remains shiney and bright, especially for sellers.
Here’s our Prediction:
Not only will the inventory remain low, we should continue to see historically low rates, give or take a point or less. Homes have been quickly snatched in less than a day for years now, and that trend will not change. The reality is, in Seattle and the surrounding areas the only reason a home is on the market for more than a week or 2, is if the property was grossly overpriced.
Homes sell quickly in Seattle. Currently, a home is “Active” or For Sale longer than 1-2 days, occurs when the seller elects to review offers on a certain day after listing their home. In that case, Buyer’s Agents will typically not submit the offer (at the direction of the Buyer) until minutes prior to the offer deadline.
If you’ve not heard of the new ‘Offer Review Date’ selling tactic, it’s been in use for about a year in the Seattle area and has been a popular way to get the most money for their client. It can be a double edged sword, because the Seller may accept offers sooner. BUT! The Homeowner could miss out on what could have been an even better offer on the Offer Review Date if the Agent didn’t play the strategy correctly.
That’s why it’s extremely important to use a Listing Agent well-versed in strategy, and knows how to get you Top Dollar for your property.
Now that we’re in 2022, here’s what you may expect:
Prices will continue to rise. While there will be more homes on the market in summer, it will continue as a Seller’s Market. It may just not be quite as crazy of an increase compared to 2021. We’ve had a the huge rise in prices and rising interest rates that has priced VA and FHA Buyers out of most of the market. We’ve had mostly conventional loan and cash purchase power, as Homeowners have been taking advantage of equity increases, especially over the last 6 years.
The very recent rise in interest rates, could create a plateau or slight slump in purchasing, however there are programs such as the WA State Down Payment Assistance Program that helps buyers cover their down payment. The stock market has also had a play in an increase in buyers, with investors also moving their money from stocks into Real Estate.
In addition, ‘Work From Home’ careers are on the steady increase, which is changing what home buyers are looking for. Crime has also been an increasing problem, which has played a part in demographics. Being that crime in bigger citites has become a bit problematic, more people are moving outward into suburbs and country for more safe, spacious and peaceful setting.
If you’re not sure whether or not you want to buy a home, consider the cost of renting, compared to the Benefits of Homeownership.
Final Thoughts
The 2022 market for real estate is shaping up to be a year of opportunity for home sellers. Even though it should stay a ‘Seller’s Market’ don’t forget that still means that buyers may reap the rewards of equity increases.
While these predictions can never be guaranteed, signs still point to the great American Dream of becoming a Homeowner. No matter which side of the fence you’re on, you should always consider your finances, career, and future goals. There are always more pro’s to homeownership than con’s!
If you’re in the Seattle area and are in the market to buy or sell, we have great programs for both! Visit: www.DebraTeal.com
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