It remains a seller’s market and home prices continue to rise, but the intensity of the housing market has cooled. New listings that would have yielded 30-40 showings in the spring are only seeing 10-15 showings in the current market. Instead of a dozen offers, new listings are now more likely to generate one or two.
This market slowdown was the subject of a recent report from iBuying giant Opendoor, which indicated that almost 40% of potential homebuyers have put their housing search on hold. The most common reasons cited were persistent concerns about COVID-19 and feeling overwhelmed by the frenzied pace of the housing market. We expect many of these buyers will return to the market by early 2022, if not before, but the pace of the housing market will be more measured than it has been.
256 single family homes were sold in zip codes 98403, 98406 and 98407 in the third quarter of 2021 – a 9% increase in sales activity compared to the third quarter of 2020. Most of that increase was seen in zip code 98406.
In the current real estate marketplace, it remains critical for buyers and sellers to seek expert advice. If you’re thinking about buying or selling a home in the area, please contact us to discuss how we can put our knowledge and experience to work for you.