Homeowner Report For Lynnwood, WA: How Much Is YOUR Home Worth?
Sales, Prices, and Predictions… Everything you need to know for the month of January 2022.
Happy New Year – We’re getting a fresh start on a new year and I’m coming to you with my 2022 Lynnwood Real Estate Market Forecast & Current Report.
#1 – We are still in a strong seller’s market. But median home prices are up to $15,500 since last month – now reaching a new average price of $670,000. This is an increase over the last month. Click the link if you’d like to learn how much your home is worth right now.
In the city of Lynnwood alone, we sold 1655 properties last month – only 25 fewer than in November, but only has 3.5% of that number on the market for sale at any one time. On average only 59 homes were for sale at any given time. That’s half as many as at this time last year. That means it’s very competitive for buyers, with many homes attracting multiple offers if they are marketing correctly.
#2 – Interest rates are still near 3%, but as they go up, it will mean decreased affordability. Experts predict rates to be at 3.7% by the end of the year, so if you’ve been thinking about trading up and buying something new, don’t let the grass grow under your feet.
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 market keeps going up, it’s extremely challenging to know how much your home is worth. 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…
Experts are predicting a couple of trends over the next 12 months:
- Affordability will decline as prices continue to rise and interest rates increase
- Buyers may start shopping for more permanent residences in historically “vacation home” destinations, as remote work becomes a permanent option.
- More homes will come on the market for sale.
Many sellers have felt “stuck” like they couldn’t move because they couldn’t buy their next house. This has had a “locking up” effect on the market, and as more sellers choose to go ahead and sell anyway, we expect more homes to come on the market, when this hits critical mass, the market should UNLOCK significantly, and that should release a lot of the pressure in the market right now due to an imbalance of demand and inventory.
If you want to sell at a premium, now would be a good time to do so. This is Emily Cressey with HomeSmart Real Estate – thanks so much for joining me and look for our monthly home price predictions right here, next month.