The housing market has undergone massive shifts over the past few years, but Seattle’s prices have remained consistently strong. The changing, technology-driven workplace has helped catalyze the housing market with historically low-interest rates, high competition, and low inventory throughout King County. These factors have created a market landscape that’s advantageous for sellers.
Buyers in the Seattle area are searching for homes that offer a dedicated office, which creates a greater structure between their work and home life. Many buyers are now opting for spacious single-family residences in city neighborhoods like Capitol Hill, Queen Anne, Magnolia, and Ballard, versus apartments or condominiums near downtown.
Below, we’ll look at why it’s a great time to buy a home in the Pacific Northwest, especially in King County.
Why now is an ideal time for buyers
Part of the rush to buy now comes from a desire to lock in a low-interest rate before gradually increasing. By acting now, buyers can secure low rates on their home loans that can save them thousands of dollars in the long run. It’s impossible to predict the future, but naturally, these low rates won’t last forever and will likely start to increase in 2022. As such, now is the best time to lock in a low rate on a King County home for sale.
Fall and winter are a great time to buy
The back-to-school season is a good time for sellers because buyers tend to have more time on their hands to search for homes with the kids out of the house. When December comes around, most people are busy preparing for Christmas and the holidays, creating another valuable window with low competition and great possibilities for deals.
The housing market is predicted to remain strong in 2022
According to the most recent 2022 predictive findings from Zillow, the housing market will continue to be hot in 2022, although odds are it will not reach the same heights it attained in 2021. Flexible work options are the most significant motivating factor in how buyers and sellers approach the marketplace. Since 2021 was historic, economists don’t expect 2022 to reach the same record-breaking heights, but it should still be a solid year.
Zillow’s current forecast calls for 11% home value growth, down from 19.5% in 2021. Furthermore, existing home sales are estimated to total 6.35 million compared to 6.12 million this year. That number would be the highest amount of home sales since 2006. Seattle is already in the traditional seasonal cooldown phase, and homes are staying on the market slightly longer than they did in the summer. As such, sellers are lowering their listing prices. The metrics that skewed so heavily toward sellers in 2021 will also cool in the coming year, but not enough to turn into a buyer’s market.
The best way to navigate a seller's market
King County’s real estate market
The median listing price of homes in Seattle proper is also trending up year-over-year at 3.5%. Overall, the ongoing combination of low mortgage rates, low inventory, and escalating prices is good for both buyers and sellers of King County real estate. Sellers are more likely to field multiple offers on their property, while buyers are finding houses in good condition, with the possibility of building more value.
Shopping for King County homes for sale?
If you’re looking for real estate in King County—or anywhere in Washington—contact The Agents Real Estate Group today.