Seattle has had a HOT market for a couple of years. Some have predicted that this trend might start to slip soon, but the experts think otherwise. Trends are definitely changing with buyers continuing to seek home with more space, inside and out. But what does this mean for the market as a whole? Here are a few predictions for the 2022 Seattle real estate market from the top experts.
Overall thoughts
J. Lennox Scott, chairman and CEO, John L. Scott Real Estate says “2022 will be another very good year in residential real estate. As mortgage interest rates slowly increase next year, buyer demand will grow stronger as more buyers enter the market to buy a home before interest rates go higher. Over the winter, those looking to sell their home and then purchase a new home will be locking in a great interest rate.”
John Madrid, managing broker, Realogics Sotheby’s International Realty believes “While the market will likely not be as frothy as it was in 2021, it will still remain a seller’s market in most of the Puget Sound area with less than one month of inventory and multiple offers still common.”
Hottest Communities
The Seattle Met determined that the hottest communities in 2021 were Ravenna, West Seattle and Phinney Ridge. When asked to predict trends for 2022, Eddie Chang, senior global real estate advisor, Realogics Sotheby’s International Realty said this; “This is especially hard to predict, but job growth tends to help with housing appreciation. With Amazon expanding in Bellevue, Google expanding in Kirkland and Facebook expanding in both Bellevue and Redmond, I would guess that will help appreciation in those areas.”
The common theme among experts was that predicting the market for the new year is much like predicting the weather months in advance. Experts agree that they see a seller’s market with prices to follow typical seasonal patterns in the year ahead.
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