Washington State: How is the Real Estate Market Going To Be This 2023?

Seattle homebuyers and sellers see shifting market dynamics. This a bright spot for Seattle-area homebuyers even as they face higher interest rates. They have more time to consider their purchase as homes linger on the market. 

This article will talk about how the housing market in Washington State is right now and its forecast for this year. The real estate market has been hot since the pandemic but things are changing now. Home prices in the Washington area remain well above where they were a year ago but the market is cooling off. According to Redfin, Seattle, Washington has the fastest-cooling housing market in the U.S.

Three Reasons Why 2023 Could Be a Good Time to Buy

Ongoing changes within the real estate scene could make it a very good time to buy. In 2023, home buyers across the state of Washington could enjoy a more leisurely pace, more properties to choose from, and the possibility of long-term equity growth.

• A more “leisurely” house-hunting experience in 2023

Washington State's real estate market of 2023 will be very different from the past year. The pace of home sales has slowed down considerably over the past few months. This pattern is playing out in cities all across the country. And that’s one reason why 2023 could be a good time to buy a home in Washington. Buyers won’t have to scramble so much.

The result of the slower market for buyers who are still trying to make a deal? They are no longer “making a faster decision on buying a house than you would [when buying] a pair of shoes,” said Windermere agent Cristina Ross. They could enjoy a more leisurely house-hunting process, with more time to evaluate each property they are interested in.

• Buying at the “bottom” of the market

After skyrocketing for many months, home prices across the state of Washington have begun to level off. Home buyers who will purchase a house in Washington during this year will probably be coming in at the “bottom” of the market — from a pricing standpoint. As a result, they could enjoy many years of positive equity growth going forward.

• More choices of homes to choose from

As more and more homes come onto the market, buyers will have an easier time finding a suitable property within their budgets. Inventory growth also tends to reduce competition among buyers, allowing for a more “leisurely” house-hunting experience as mentioned above. This trend predicts well for buyers, and it’s one more reason why 2023 could be a very good time to buy a home in Washington.