How’s the market?

This is probably the most common question we hear. And we generally answer with a reply something like: that depends on what part of the market you’re asking about. Are you asking as a homeowner, an investor, or just curious about what’s going on?

As a homeowner thinking about appreciation or what your house would sell for, if you bought more than 1-2 years ago, chances are you will have seen significant appreciation in your house’s value. The market in most areas of Northwest Washington is still quite active. That is, houses priced right sell quickly, sometimes even with escalating multiple offers.

As a buyer, this is one of the best markets we’ve seen for buyers in the past ten years in terms of your negotiating power. Yes, prices are up and interest rates are up, but you aren’t nearly as likely to need to waive inspections or escalate tens of thousands over the asking price.

And as an investor, as usual, there is opportunity in every market. You just need to know what you want and how to look for it. As Gary Keller puts it in The Millionaire Real Estate Investor, it is all about criteria, terms, and network. What do you want, how will you pay for it, and who will help you get it?

So, what kind of a market it is depends on what you are looking to do. What about you? What are your real estate related plans for the coming year?

Faithfully yours,

John and Jeremiah