While Kitsap County’s housing market isn’t seeing the intense engagement it saw at the height of the pandemic, it has been heating up this summer. We are seeing a shift toward a more balanced market, but the average home sale price still remains high at $694K, just a 1.6% drop from this same time last year. Our Brokers are still working with eager buyers and satisfied sellers, but there aren’t as many multiple-offer situations.
Matthew Gardner, Windermere’s Chief Economist, recently released his latest “Monday with Matthew” video. In it, he evaluates his 2023 real estate predictions. Have they come to fruition? Will these predictions come true in the second half of the year? Watch his video and keep reading for key takeaways.
Key Takeaways from Gardner’s Mid-Year Update
Gardner believes that interest rates will be less frantic in the second part of the year, but will likely still not drop below 6%. Also, he points out that according to his calculation, 20 million homeowners have mortgage rates around 3%, making it unlikely they will move. Known as the lock-in effect, the higher interest rates are disincentivizing some sellers from listing their homes.
Gardner states that “affordability has not improved,” since financing and home costs are not aligning with incomes. Noting that each market varies across the country, he predicted that it will generally stay a seller’s market through the rest of 2023.
Advice for Homebuyers in Kitsap County
What does this mean for buyers looking at homes for sale in Kitsap County? As always, it’s important to connect with a knowledgeable, local Realtor so that you can make data-informed decisions with an expert negotiator and guide. Also, it’s important to analyze the market and your current situation. So, consider these factors when deciding whether to buy a house now or wait. Each person’s financial picture and goals for owning a home are unique.
Advice for Sellers in Kitsap County
If you are thinking of selling your home here in Kitsap County, a local real estate expert will ensure that your home is thoughtfully and strategically prepared for the market. Also, they can conduct a Comparative Market Analysis (CMA). This report compares your home to other homes in the area that have recently sold and are similar in terms of size, property, and condition. A CMA will help you better understand your local market, the demand for homes like yours, and how to properly price your home. It’s also important to discuss repairs or potential home upgrades so you can sell your home for the highest price point possible in the ideal timeframe. If you’re concerned about the cost of home repairs and getting your home ready to sell, consider the Windermere Ready Program. This program allows you to access the equity in your home to cover improvement costs, and we’ve seen many sellers achieve success through this program.