Hello Clients and Friends
Happy 2022!
I, for one, am thrilled to bid adieu to 2021. It was a year of dramatic events both personally and professionally. In addition to Covid, I started the year helping my husband through a successful fight with neck and throat cancer. In real estate, it was a whirlwind. In my three decades of helping buyers and sellers, I have never seen a market quite as crazy.
2021 was a year of major transition for many of my clients. Clients selling homes to relocate outside of Seattle (many in more affordable areas such as Boise and Maple Valley, WA), families moving into larger homes to accommodate spaces for remote work, school or more generous outdoor areas. More tech jobs despite the Pandemic brought buyers to Seattle. As always, family growth and new empty nesters created movement. But, unfortunately, we have very little inventory of homes available for them to buy.
It was a Sellers’ Market and still is. A huge percentage of single family homes sold over listing price with multiple offers. Buyers are waiving contingencies such as financing and inspections. The supply and demand dynamic is dictating dramatic appreciation on desirable single family residences. Condos sales are slower giving buyers more leverage at some price points. If you are contemplating downsizing from a home to a condo, you have a sweet spot of opportunity but it may not be for long.
I am thrilled to report that most of my offers won in 2021 against major competition. Having experience, great agent connections, stellar lenders and the Compass platform all helped.
What might (operative word) we expect in 2022?
• Continued lack of inventory
• More buyers than sellers
• Appreciation at slightly slower pace
