Date Archives: August 2022

Despite media "gloom and doom" over the hike in interest rates cooling our over-heated PNW real estate market, the truth is it's simply returning to a healthy balance. Today's rising interest rates are still historically low, and that has leveled the field for buyers, especially first-time home buyers. CBB Tacoma Broker Keith Hayden says, "I told my first-time home buyer that 'right now' is a fantastic time to buy a new house."

Indeed, inventory in the region has picked up substantially and prices have dropped slightly. That opens more great properties for buyers to choose from, while a less frenzied pace allows them to tour more than one home. Keith adds, "Listing agents actually call me after every showing and ask what their sellers can do to help my buyer make an offer."

More sellers are willing to offer deals such as covering closing costs. Home inspections are back, and sellers are willing to make repairs to accommodate buyers. The days of buyers having to shovel money out-of-pocket to win the bidding war on a property are in the rearview mirror, for now. Buyers are breathing a collective sigh of relief as it becomes possible, once again, to offer list price and below in today's 'cooler' market.

Sellers willing to flex a bit can still get their list prices. All It takes is to employ 'best practices' again. This means working closely with brokers to price properties appropriately for the changing market. Broker experience becomes even more valuable when it's time to navigate the negotiation process with potential buyers, so that each deal ends with a win-win for buyer and seller.

Keith Hayden isn't the only broker with good anecdote about today's market. CBB Redmond agent, Karen Eschbach, just closed for a couple from California on their first-time home purchase. It's an encouraging story, "I started working with them in January. They were initially looking for a condo since at that time they couldn't afford a single-family home with their $650K budget.  They were ready to buy a condo in April, but it turned into a multiple offer situation, and they realized they couldn't afford it in our crazy market."

Karen continues, "They took a couple months off and when they started looking again, they quickly found that even though the interest rates went up, they had barely any competition for homes. They ended up buying an adorable home in Renton for $550K. That home would have easily sold for $700K during our peak in the spring."

These are just two stories from today's cooling market. Historically low interest rates and expanding inventory are combining to make ours a more attractive market for first-time buyers and those in the mid-price range. That can be good news for brokers, buyers, and sellers alike.

While Portland features fantastic forests and stunning mountain views, the city is also surrounded by incredible lakes. When our brokers seek a day of activity or relaxation, they head for these lakes around Portland that fill either need. 

Click Here to Read More...

With so many small businesses and nonprofits operating in the area, Seattle homes for sale are never far from great thrift store finds. 

Click Here to Read More...