Welcome back to New Day Northwest.
Now we all know housing prices
are ridiculously high around here,
but lately we've noticed there been some
slight changes in the real estate market.
So here with some insight as realtor,
Brooke Davis.
Welcome back to the show and so
great to finally see you in person.
We talked forever on on the zoom,
so it's good to see you in human form.
Well, thank you for having me on.
It's really great to be here in person again.
Well, I'm really excited to talk
about this. What is the shift we're
seeing in the market right now?
So it's been quite a while since
we've seen any real changes.
And the shift now is a
couple of different things.
So number one we have more homes for sale,
so if you look at statistics ending
in the month of June last month,
we had over 100% more homes on the market.
100% Yes, yes number over June 2021, right?
So buyers have more homes to choose from now.
One of the bigger changes that most
people know about is interest rates.
So interest rates have come up a lot
since the first of the year.
Yeah, and the last changes that
pending sales are down.
So last year at this time.
The homes were coming on the market and
they were going pending pretty immediately.
Last month we saw fewer homes
go pending about 30% or more
from the the year earlier.
Ohh interesting. OK so if you're
trying to sell your home right now,
what can you do to be successful?
Yes, so to sell your home right
now you need to do the same
things that you've always done,
but just pay attention to detail.
OK, prepping your house is so important.
Just like always,
buyers want to see a house that's cleaned
that you know you've taken care of
deferred maintenance that you've painted.
At the wall, need to be painted?
If the floors are scratched up,
look into refinishing the floors.
Just take care of all those details
before putting your home on the market.
You know it's interesting.
You say that because so often we
were seeing like homes falling down
around people and they were like
that'll be $3 million for this shack,
right? So think about it, supply and
demand as buyers have more choices,
they're going to be maybe a little
more discerning about which house
they choose. That's a good point.
So is it a good time to buy a house if
you like to have choices,
it's a great time to buy a house.
Who doesn't want to have options
when you're looking at making the
biggest purchase of your life right?
Yes, so yes, it it is a good time.
There's a lot of homes to choose from, so
do when you're talking about inventory
levels. Does that affect equity?
Well, there's not a direct correlation there,
but you know, if you look at like
what is the health of the market right
now and you want to look at the fact
that people have a lot of equity so
home prices are still up over 2021.
If you look at last month,
so that means people have.
Equity in their house.
They also had larger down payments,
so even though inventory levels are higher,
it doesn't mean we're in any
kind of like crash right now.
OK, you don't foresee that ever
happening in Seattle, do you?
There's always demand, there's always.
Yes,
it's always great place to live.
What about Zillow and Redfin?
When we look online?
Are they pretty accurate?
Well, that's a great question.
So as the market has shifted a little bit,
we have to look at very recent sales in
order to put together the price or the value.
The current market value of the House.
And so a lot of those online estimations
are working off of sold houses over
a period of time and that period of
time might have been when interest
rates were much lower when there
was less inventory and so really.
Right now they're probably not
going to be all that accurate.
You need to look at what's happening in
the market now to find out market value,
do your research.
Essentially, do your research.
Have an agent who can do their research,
who is familiar with this type of
market and really knows how to keep
an eye on what's happening right now.
I mean, it's really important to have
an agent to help guide you through this,
cause it's doing it on your.
I mean you're literally flying blind,
so when do you think we'll see a change?
I mean, will we see a change
dramatically in one way or the other?
Gosh, the crystal ball right
now is a little bit cloudy.
I have to tell you, you know,
I'm talking to a lot of people within
the real estate market and the
real estate industry I should say.
And we don't know exactly
when things will change.
We do know there's always
demand in Seattle and you know,
it could be that we see
things pick up in September.
They could pick up next month.
They could pick up once interest rates
come down a bit so you know and we have.
I will say we have seen interest
rates come down a little tiny
bit off of like the peak of where
they were about a month ago.
So you know we could be in the
midst of a little bit of a
change right now with the market
picking up. What advice would
you give to someone who is
looking to buy a house right now?
Oh gosh, you know, meet with a
realtor like you just pointed out,
amity and really find out what
the process is and decide you know
what kind of timeline you're on.
You know, really, this is a.
This is a fun time. Right now.
You've got the time to do the research
to look at the houses and really
kind of be part of that process.
Yeah, maybe not as many bidding wars right
now that you've seen that's correct.
Yes, yeah, that's you know it takes
a lot of the the intimidation
out of the whole issue.
Absolutely thank you so much and
it's always a pleasure to talk.
To you and find out more about this,
we'll be talking soon.
Sounds good couple of months.
We'll see how that crystal ball looks.