Pierce County Listing Activity | July 2023

Here’s what’s been happening in our local real estate market this past month:

While year-over-year numbers seem to show some particularly dramatic changes (such as sales being down almost 40%) it’s important to consider what was happening a year ago; interest rates had started to climb, and sellers were rushing to get their homes on the market and under contract while they could still grab what they thought was an attractive rate.

Despite these stubbornly high rates, there are still multiple offer scenarios throughout the county. The stats say that the market has remained Seller’s market, although it’s been tumultuous. The question is, what is the difference? What makes one home sell in 5 days while another sits on the market for 50? Although there isn’t one answer to this, here are some trends that are worth sharing.

First, homes that are well prepared and well presented are being rewarded for their efforts. There’s no free lunch Sellers! This means repairs are being made, professional staging & media are being deployed, and Sellers are making the home easy to show. With 30-year mortgage rates hovering around 7% (at the time of this blog), Buyers are showing with their offers that they really want the homes they purchase to be completely finished when they close. (Be sure to ask about the Windermere Ready program which leverages your home equity to obtain a short term loan used for strategic improvements to increase your sale price!)

Second, price is always a factor in real estate sale, but unlike prior markets, it is the move-up buyer that is seeing trouble in today’s market. There are a lot of homes selling at entry level price points, and plenty of million + homes selling too. However, would-be Buyers whose cash is tied up in their home equity are struggling to find their place in today’s market. Despite this, there is good news: Q3 and Q4 are traditionally great times to write contingent offers, so the sellers who have been waiting to sell due to being uncertain about being able to buy a replacement house may be able to capitalize on this.

This is not an EASY market for Buyers or Sellers. So if you’ve been on the sidelines because you’re not sure how to make it all work, please reach out! We’re seeing people succeed despite the challenges, and we’re happy to strategies with you on how to reach your real estate goals.