Similarly, when we talk about condos; their sales and prices have risen especially in the post-pandemic era. These condos are becoming an affordable option due to pandemic-related hesitancy. In February, more homes were put up for sale in King County providing price competition and variable options to the buyer. This was missing in 2023 as the supply-demand graph was highly skewed towards the demand part. However, inventory levels remain lower than during the housing frenzy preceding the pandemic.



The low interest rate on the other hand is making sellers sit on their property for more time. However, they are neglecting the fact that tax brackets go up once the price of the property increases. The major concern for current homeowners is that taxation has been made more severe knowing that a recession is just around the corner. While inventory levels have slightly improved year-over-year, demand still outpaces supply, leading to bidding wars and quick sales.

Similarly, looking out for their interests; buyers are selling their stock positions as well as willing to make large down payments for lesser mortgage payments in the future. These strategies are helping them in mitigating the shortage of homes on the market by punching above their body weight (or bank accounts). Contingencies, such as the ability to conduct inspections, are becoming less common as buyers compete in a competitive market.

In the face of escalating prices, real estate professionals recommend that buyers adhere to their budgetary constraints and assess their long-term financial stability. Though refinancing might provide eventual respite, the unpredictability of forthcoming interest rates underscores the necessity of pragmatic financial planning.

The Seattle housing market is facing continuous fluctuations making it a competitive landscape. Yes, it might seem harsh on people buying or of thinking a cheap home. The fluctuations in mortgage rates, interest rates, and drop in homes being put up; caused us a great deal of uncertainty amongst buyers.

The Seattle housing market continues to experience significant fluctuations, with buyers and sellers navigating a dynamic and competitive landscape. Therefore, if you are thinking of investing in property; you should probably wait for the right time to buy a home with the conditions in your favor rather than against.