An update on the changing factors driving our real estate market.
Our market is currently undergoing a correction. A nationwide listing site reported that 15% of sellers dropped their asking prices in the last two weeks. This is likely due to rising interest rates. However, people will always need to buy and sell. This is just the market starting to normalize itself.
The Kirkland market is also quite volatile. Just a few months ago, calls would come in the second we put a home on the market, and we would get 19 offers. One listing even sold for $130,000 over its asking price. That kind of craziness has calmed down. In April, there were only 68 active homes on the market. We now have 86 active homes. That’s a 27% increase in inventory.
From December to March, there were only two price decreases. However, 26 homes have already decreased their price since then. Buyers used to remove all their contingencies, but over the past few weeks, we’ve stopped seeing that. As the market normalizes, the average days on market have increased slightly.
It’s important to know about these factors when you’re listing your home and thinking about pricing. Unrealistic pricing will end up costing you money, so hire an experienced agent who knows the market and the area. If you have any questions, don’t hesitate to reach out to me by phone or email. I look forward to hearing from you.