Homeowner Report For Lynnwood, WA: How Much Is YOUR Home Worth?
Sales, Prices, and Predictions… Everything you need to know for the month of July 2022.
Home Sales: You may have heard the market was softening, but here in Lynnwood, WA, median home prices have bumped up again by $10,000 to $725,000. That’s a straight upward climb for the last 3 years, since June 2019. 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, although the inventory levels have been climbing since March, indicating potential softening of the market in the months ahead, when buyer’s dollars don’t go as far thanks to inflation and higher interest rates.
Anecdotally, we are seeing more homes sit on the market longer and more homes need to do price reductions, or sellers taking less than their asking price for the home.
If you’re thinking about selling, who you work with matters now more than ever.
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 5.78%, Interest rates are huge in the news right now because the FED has been raising rates very quickly, which is making things hard for buyers who thought they could pay more for a house, and have seen their budgets eroded away.
However, the supply of homes in the area remains extremely limited and builders are having a hard time bringing new houses into the market due to the high cost of labor, supply chain slowdowns, and lack of land, plus a surplus of red tape. One home builder that I know of has been trying to bring a new development online for the last 7 months but has been really slowed down by King County’s slow process for getting all the paperwork done.
The good news for sellers is that due to the millennial demographic trends, there are still a huge number of buyers in the field – 2020-2024 are predicted to be “peak” buying years for that demographic group – so we still have lots of momentum bringing new first time home buyers to the market who are ready to buy for personal reasons, and not on the basis of anything that may or may not be happening with the economy.
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, like 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 Lynnwood housing market this summer.
There are a lot of people who are freaked out that the market is going to crash or that we are in some sort of housing bubble.
What I’m seeing in the field is more homes taking more than a week to sell (although DOM is still 6 Days) and more sellers have to drop their price or offer concessions.
However, most national economists do not think we are in for a major crash a la the 2006-2008 market.
In fact, real estate is a great inflation hedge as we go into a highly inflationary economy. Major investment funds have been buying up real estate like crazy over the past few years and now that weaker buyers have washed out of the market due to rising interest rates, investors are having a better time finding good deals.
If you want to sell now, it’s a great time to do so because all those price increases over the last few years are at your back and you can cash in on the “paper equity”.
I don’t see the market “crashing”, but it looks like it will be quite a bit softer as long as the Fed keeps trying to knock back inflation with aggressive interest rate hikes.
To get the best price for your home in today’s market it helps to really prepare your home for sale by getting everything nicely cleaned and updated; staging the home to look its best, pricing strategically to attract a crowd of hungry buyers and BLASTING the property to the MASSES so Everybody who may be interested knows it’s for sale.
If you’d like to learn more about how we implement our A-PLUS selling system to help your home sell quickly and for the top price, be sure to click the link below and request a home valuation.
For now, my forecast for the Lynnwood area is to observe that home sales have softened up quite a bit lately, but values are still high and should continue to increase – just more slowly, helped along by inflation and our imbalance, buyer-heavy marketplace. If you have questions or want to discuss the economic models behind this update, feel free to reach out or write a comment below.
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.