Homeowner Report For Shoreline, WA: Are You Wondering How Much Is YOUR Home Worth?
Sales, Prices, and Predictions… Everything you need to know for the month of August 2022.
Home Sales: You may have heard the market was softening, but here in Shoreline, WA, median home prices have bumped up again by $10,000 to $730,000. This is the same rate of growth as the previous month. But we’re starting to see softening and flattening in more outlying areas like Lynnwood and Everett. Are the tides turning? Click the link if you’d like to learn how much your home is worth right now.
Transactions: There were fewer closed and pending sales in the past month, indicating fewer transactions taking place. There are more homes on the market now, although we are still below 2020 levels and it’s still a seller’s market. Days on market are still averaging just 6 days, but over-priced homes are taking longer to sell.
With our A-PLUS home sales system, we help you maximize your profits when you sell, regardless of market conditions. If you’d like to learn more about how we do that, click the link below and we’ll get more information out to you.
#2 – Now let’s talk about INTEREST RATES – Now around 5.3%, this is a little reprieve from prior weeks, but pundits predict rates to go up again before settling down. All in all, a $400K condo would cost $600/a month more than it would have in January. An $800K house would cost $1200/month more. That’s a big bite out of the budget for potential buyers.
NEXT STEPS – YOUR FREE HOME EVALUATION:
I know making a move is a big decision and I can help you get it done. My name is Emily with HomeSmart Real Estate Associates and as a real estate professional, I study home prices every day.
As the sharply rising interest rates are throwing a wrench into the gears there’s a lot of uncertainty in the market, and some homes are not selling in the first week, as they had been. It’s extremely challenging to know how much your home is worth and make a plan to buy your next home.
Because of this, I want to make a special offer – only for those who watch this video. I want to give you the opportunity for a custom one-on-one home evaluation. We’ll get together over the phone, on a video conference call, or in person and go through exactly what your home would be worth if you were to sell it now.
Click the link below and you’ll be taken to a page where you’ll tell me about your home and then have the opportunity to schedule a time to connect with me for a custom 1-on-1 home evaluation. Simply click the link below to discover your home’s true potential.
Now it’s time for… everybody’s favorite subject – Predicting the Future!
Yes, #3 – It’s time for Emily’s predictions for the Shoreline housing market this summer.
Right now there are mixed signals about whether the housing market is slowing or not.
Check out these facts:
Existing and pending home sales have dropped – National Association of Realtors
Monthly payments have increased by more than 50 percent in just four months because of higher mortgage rates – George Ratiu, a senior economist with Realtor.com.
80% of survey respondents said now is not a good time to buy – Fannie Mae
A record high of 81% who think the economy is going in the wrong direction – Fannie Mae
Housing is now the least affordable it has been since the mid-1980s – Black Knight
The Federal Open Market Committee’s median committee member expects another 175 basis points of hikes before year-end – NAFCU
While more homes are having to drop their listing price, or selling below listing price (around 15%), most homes are still selling for above asking. The median here in Shoreline is that homes are selling for 102% of the original list price.
If you’re thinking about whether to sell, here’s what you should know: Leading indicators point to a shift in the real estate market. Here are some of them and how they would impact you are getting the maximum equity from the sale of your home.
Interest rates WILL rise more in 2022 – Rates have gone from 3.3% this time last year to 5.3% (as of this writing). Four big increases have been made in 2022 so far, and more will be coming. Both sellers and buyers are impacted by rising rates. Affordability erodes as rates and mortgage payments rise.
Inventory is low, yet buyers seem to be fatigued – In a survey by Fannie Mae, 80% of buyers do not think it’s a great time to buy. Part of that is because the inventory is so low, and they’re not interested in run-down homes. But, on the other hand, homes in good condition are still selling quickly. For now, anyway.
A negative economy exacerbates the situation – Housing costs have surpassed wage growth and inflation by more than double over the past decade. Today’s high inflation rate makes affordability a bigger concern. However, residential real estate is a hedge against inflation as long as people can afford to get into a property and stay there.
We’re in a unique situation right now where home prices in Shoreline have gone up 16% a year the past two years, so most people have a lot of equity. Inventory of homes for sale is rising but still at very low levels, so houses for sale in good condition are in high demand. It’s still a “perfect storm” for home sellers. How long will it stay that way? Probably not much longer.
If you’re thinking about selling, all signs point to now as the right time to get off the fence if you’re even thinking about moving and cashing out your equity.
If you’ve got questions, we’re here to help. You can find us at HomeProAssociates.com
Otherwise, I’ll see you at the next one. Thanks for watching. I’m Emily Cressey, and here at HomeSmart Real Estate – We do more.