A Year In Review
We know it’s been a busy year, so we’re thrilled to be able to take a moment and reflect on all the great things that have happened this year. We’re so grateful for our wonderful clients, neighbors, and community, who make this job so fun and rewarding. And we want to wish you all a very happy holiday season and a prosperous new year!
Here’s a little recap of the year.
It’s not all about real estate: As a team we have had a wonderful time organizing our appreciation events for our clients, community, and friends this past year, as well participating in local community celebrations. . .
We hosted five fun and engaging occasions starting out with Dinner Date Night back in February with delicious pizza and wine. The spring saw our annual E-Cycle event day. The beginning of summer was kicked off with our Celebration Summer party, hosted at a local winery and featured live music wood-fired pizza, wine, games, and of course sumptuous wine. In October we added a new event to our calendar, Fall Pumpkin Patch and Puzzle Maze, where we served up treats and libations, played games, had a professional photographer on site to take holiday photos for guests, and a carving pumpkin to take home. Lastly but by no means least, we rounded out with gratitude and our 10th Annual Thanksgiving Pie Event. Our guests were treated to wine and hors d’oeuvres, lively conversation, connection, and a delicious fresh pie to take home for their Thanksgiving table. It was a pleasure to see everyone and take an active role in giving back to our community.
We have lots planned for next year so stay tuned for more details.
There is no doubt that the real estate market started the year with a bang here, both nationally, across the PNW and locally here in the Woodinville and Bothell areas. In January, the average sales price of a home was up, and we saw over asking price offers, and multiple offer scenarios as buyers were trying to beat other buyers to the punch to secure the home they wanted. A clear case of FOMO (fear of missing out) they didn’t want to lose out on the low the interest rates we were seeing and were willing to pay more for their dream home than ever before. This was also partly due to lack of inventory; there were simply fewer homes on the market, in part because people didn’t want to sell during the winter months.
But as interest rates rose in line with the Fed raising rates to curb inflation, real-estate prices in the Woodinville, Bothell and east side area saw a slight decline, however they were still up over the same period the prior year and frenzy began to calm. We are now seeing more of a balanced markets across the country and here in the Woodinville, Bothell area. Although housing inventory levels are still low.
Buyers have been a little more hesitant in spending their money on their new home, as they are watching their monthly expenses increase with higher interest rates. Although we have seen a slight drop in rates in the recent weeks. However, when buyers find the right opportunity, they still want to close quickly on their dream home, and sellers are eager to cash out of their current home incase rates go even higher.
As for what the new year will bring to the local housing market. Well, we don’t have a crystal ball but what we can say is that we will see housing prices continue to flatten out in 2023. The Fed may raise the rate one more time, and most predict we will see falling mortgage rates in 2023.
We want to wish you and your loved ones a very happy holiday season and prosperous new year, From my myself and my dedicated staff.
Happy Holidays from Tend Home Team