2023 Market Predictions For Snohomish County – What does the real estate market in Snohomish county look like for 2023? There is a mixed opinion on this topic. A majority of the predictions believe that there will be less buyer demand which will equate to lower prices with higher mortgage rates. So, what do we think will happen to the market in 2023? Let’s take a look.
2023 Market Predictions For Snohomish County
It is expected for housing prices to rise but at a slower rate. Recorded pricing trends have shown a drop in inventory and a rise in home prices while buyers competed and the track record seems to have slowed on this but it is still settled in this category of the market. The current home values are higher than the average at this time of year. We are already seeing homes sit on the market for a longer period and as a result, need to reduce their pricing to attract potential buyers.
As the market begins to cool, the inventory of homes available is growing. This is exactly what needs to happen to give buyers some edge in the market. The last couple of years has been extremely fast-paced and challenging for buyers.
Population growth has a lot to do with market growth. The state of Washington has experience growth, and as result, there is a lot of new development still happening. A lot of this growth has to do with an influx of those moving around post-pandemic.
Will The Housing Market Crash In Washington?
The pace at which homes sell in Washington will slow down but the market is not expected to crash. Things will likely return to a more normal, cooler market. The slowdown is ideal for buyers who have been experiencing bidding wars.
Will It Be A Buyers Market?
With the current supply and demand, it doesn’t seem like we will fall into a classic buyer’s market. There is still a supply shortage even though the supply is increasing. The supply is still low if you are looking at the historical standards of inventory in Washington. A buyer’s market would mean that the levels of inventory exceed the demand. We are not there yet. S0, for 2023 it is looking like qualified buyers will gain some negotiating power while there may still be a supply shortage.
The real estate market is always ever-changing so it is important to stay up to date on the 2023 Market Predictions For Snohomish County if you have your hand in the market or are planning for the future of your family. Whatever your real estate needs in Snohomish county are, we are here to provide you with our expertise. If you are looking to buy or sell, contact us. We will keep you up to date with all of the market changes to come in 2023.