So much has changed in national, regional, and local real estate trends in the past few years. From record-low mortgage rates to historical rates of demand, many markets across the U.S. have seen unprecedented activity. Now, as things start to balance out, many are wondering whether highly competitive areas will begin to simmer down and bring about a return of the buyer’s market.
In Bellevue, there seems to be movement in that direction, though the number of interested homebuyers and available properties may keep homes in high demand. Whether you’re planning on moving to Bellevue or want to sell your home in the coming year, make sure you’re aware of the latest market trends for 2023.
Inventory is on the rise
Available Bellevue condos and homes for sale have seen an uptick in numbers lately, making many wonder whether 2023 will bring a shift from a seller’s market to a buyer’s market in Bellevue and the surrounding areas. Though more homes are being put up for sale, overall supply is still relatively low, especially when compared to some markets across the country. Buyers and sellers should monitor how many homes are listed in their neighborhood to know what to expect with pricing and demand.
Prices are going down
Though home values have been rising in the past few years, Bellevue homes for sale are likely to decline in median sales prices. In the past year, prices for homes in Bellevue dipped slightly due to an increase in inventory. The Bellevue housing market is more balanced, opening the door for many buyers who have been on the fence about investing in the area. Homes are still selling quickly, however, as demand for properties continues to soar.
Demand remains high
Bellevue luxury real estate remains in high demand as properties swiftly move on and off the market. High demand typically drives prices skyward in any market, especially if inventory is low. The rising number of homes on the market in Bellevue may keep prices from climbing much higher in 2023, but it’s something for interested buyers to watch. Those looking to buy or sell in the coming year should partner with a savvy realtor who can help them strategize how best to approach their transaction.
Tips for buyers
As a buyer in the Bellevue real estate market, there are a few key ways to make the experience go smoothly. The most strategic move a buyer can make is hiring a professional realtor with experience in the local market.
Agents serving clients in Bellevue for years will know the ins and outs of how the market changes each season. They’re equipped to prepare buyers to step into the market themselves, knowing what to expect and how to secure the right property.
Know what to look for
One great way to ensure the homebuying experience moves along efficiently is for buyers to have a clear picture of what they’re looking for. It’s helpful for buyers to go through the pre-approval process
before starting the home hunt, so they know what kind of loan they’re eligible for. From there, understanding price ranges for homes with specific square footage or amenities will ensure buyers know what kinds of homes they can afford.
Make strategic offers
In a competitive market, it’s imperative to make strategic offers. When homes are receiving bids from multiple bidders, it’s unlikely that a seller will return to any particular buyer with a counteroffer. More than likely, they’ll hold out to receive a higher initial offer or an offer with waived contingencies. If you are a Bellevue buyer, work with your agent to develop a plan on how to put their best offers in upfront on each home they’re interested in.
Tips for sellers
Even when the market is tipped in a seller’s favor, there are several things a homeowner can do to get the most out of their sale. It can be tempting to forego working with a realtor when demand is high and a homeowner expects to receive multiple offers. However, an agent is still the best way to ensure a client’s home is marketed toward the optimal number of buyers.
Prepare before you sell
Photo courtesy of Shutterstock
Whether a seller prioritizes having a quick sale or getting the highest return on their investment, preparing their home beforehand can help them meet either goal. Taking time to have the home appraised and inspected for needed repairs can give the seller a leg up in negotiations. Investing in repairs, renovations, and services like home staging can impact a home’s overall value
and invite more buyers to view its listing page and commit to an offer.
Pick the right time to list
Another way to maximize returns in a seller’s market is to be strategic about when to list. Local realtors will thoroughly understand when demand is at its peak in Bellevue. From there, they can work with their clients to have their homes prepped and ready for listing as the highest number of buyers are browsing. It may require homeowners to move their timeline back to allow time for repairs or renovations, but a quicker, more profitable sale is well worth the investment.
Step into the market in 2023
If you’re considering buying or selling real estate in Bellevue in 2023, partner with a realtor who puts their client first. In a high-demand market, it can be challenging to find an agent who’s genuinely passionate about the process and excited to take their clients through each step. Realtor Roman Shulyak prides himself on helping his clients feel 100% satisfied after completing their transactions. So when you’re ready to work with a professional who can help you achieve more than you thought possible, reach out to Roman Shulyak
.*Header photo courtesy of Shutterstock