Expectations for Spring market?

[Anonymous]

We talked with our realtor over the weekend about possibly getting back into the market after 10+ years in our house (Upper NW). She painted a pretty bleak picture for normal buyers in that the market is still super competitive, just in a different way. There's still comparatively no inventory, and the only people who are looking to buy are either extremely wealthy or extremely desperate (they have to move because of job status, family issues, etc.) So you're competing almost entirely with people who don't really care about the high interest rates.

[Anonymous]

Anonymous wrote:We talked with our realtor over the weekend about possibly getting back into the market after 10+ years in our house (Upper NW). She painted a pretty bleak picture for normal buyers in that the market is still super competitive, just in a different way. There's still comparatively no inventory, and the only people who are looking to buy are either extremely wealthy or extremely desperate (they have to move because of job status, family issues, etc.) So you're competing almost entirely with people who don't really care about the high interest rates.

Wow, a surprisingly honest agent.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We talked with our realtor over the weekend about possibly getting back into the market after 10+ years in our house (Upper NW). She painted a pretty bleak picture for normal buyers in that the market is still super competitive, just in a different way. There's still comparatively no inventory, and the only people who are looking to buy are either extremely wealthy or extremely desperate (they have to move because of job status, family issues, etc.) So you're competing almost entirely with people who don't really care about the high interest rates.

Wow, a surprisingly honest agent.

I'm in the segment of people who relocated here for job/family and decided to rent. I really wanted to buy but the rates made no sense.
Your realtor seems like a good one though, I believe the market is in that state.

[Anonymous]

Anonymous wrote:the market is still super competitive, just in a different way. There's still comparatively no inventory, and the only people who are looking to buy are either extremely wealthy or extremely desperate (they have to move because of job status, family issues, etc.) So you're competing almost entirely with people who don't really care about the high interest rates.

There are also a lot of buyers who moved to the sidelines last year when rates hit 8%, but are trickling back in now that rates have come down into the 6’s.