Happy Monday! it’s time for our weekly market update covering Gig Harbor, Tacoma & Seattle 🏡.

Some commentary before we begin 😊

🏠 Sellers – We are still seeing multiple offer scenarios if the home is properly staged, priced right and aggressively marketed. Case in point, we listed a home last week that received 4 offers 🎉 in 4 days and is now pending above list price. All the while similar homes in the area have been sitting for 30+ days – it matters who you list with! 💃

🙋‍♀️ Buyers – Many home shoppers have been pushed away because of higher mortgage rates. While this is totally understandable, it is creating opportunity (far less competition) for those and want to get in now and refinance when rates drop 📉 in the future.

Let’s take a look at the market 🤓

🔷 Mortgage Rates – 30 year rates were up from 7.24% to 7.48%.

🔷 Days on Market – the time it takes for a New Listing to go Pending is still remarkably fast.

Days on Market
📍Gig Harbor: 17, up from 13
📍Tacoma: 27, up from 12
📍Seattle: 20, down from 25

🔷 List to Sales Price Ratios – on average homes are selling slightly under list price.

List to Sales Price
📍Gig Harbor: 96.6% ~$33k under list price
📍Tacoma: 99.0% ~$5k under list price
📍Seattle: 99.9% ~$2k under list price

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