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2022 Luxury Real Estate Market Review

Kirkland Lifestyle asked our luxury real estate partners for their expert advice on what to expect in 2022.  The resounding feedback: no doubt that our area will experience another historical year of growth and demand.  If you’re planning to buy or sell, check out this advice from some of the best in our area.

 

Brian Hopper

Realogics Sotheby's International Realty

+Thoughts on the 2022 market:

The Federal Reserve has signaled that interest rates could potentially be raised 3-4 times during 2022, which will affect affordability for some buyers. As for pricing in Kirkland, I anticipate that the rate of price appreciation will not be quite as high as we saw in 2021, but demand will still be very high, and we’ll  continue to see low inventory, and many multiple offer scenarios.

+Tip for Buyer:

Expect the same challenge of historically low levels of inventory through this year.  It’s important for buyers to have an agent who knows how to write an aggressive offer that stands out besides high price. 

+Tip for Seller:

It is key to make sure your home is dialed in and presents the best, which is how we have been able to make our selling client the most money.  Listing sooner than later this year will prove to be the better play for sellers. 

+Contact: BrianHopper.com, @hoppergroup

Ferrera Team: Catherine & Mckenna Ferrera

Compass

+Thoughts on the 2022 market:

Prices are more reflective of past sales and still rising. Now is a great time to sell, and later in the year interest rates may rise, but unless they hit 5% we will still see continued price increases.

+Tip for Buyer:

Work with your agent and lender to understand what you can really afford and know that your offers need to be clean (no contingencies). Doing this ahead of time makes for offers getting accepted sooner and saves the buyer time and money in the long run.

+Tip for Seller:

IT’S A GREAT TIME TO SELL.  It’s important to have an agent who knows how to get the most for your home and provides a concrete strategy on how that will be accomplished.  We have seen many unexperienced agents sell a house for over list price, with money still left on the table.

+Contact: ferrerateam.com, @ferrerateam

Marilisa Vergottini

Compass

+Thoughts on the 2022 market:

If you are looking to sell don’t “wait and see what happens”.  The time is now.  Once interest rates exceed 4.25%, the market is likely to stall, because buyer spending power will be impacted.   Inventory remains incredibly tight and demand strong.  

+Tip for Buyer:

It’s all in the details. I recently had an offer accepted because my buyer and I meticulously covered all bases. We performed a pre-inspection, analyzed financing,  and worked with a proven lender who could close in a two-week timeframe, while delivering an excellent interest rate. The listing agent confirmed we won the offer because she and her client had full confidence in our offer being water-tight, versus its immediate competition.

+Tip for Seller:

Quality should never be overlooked. Excellent listing preparation pays dividends, including meticulous staging, addressing maintenance issues and implementing a marketing strategy to set you apart from competition. I never cut corners or compromise on the details, no matter how strong the market.

+Contact: luxuryseattleliving.com, @luxuryseattleliving

VDB: Mark von der Burg

Compass

+Thoughts on the 2022 market:

Seattle’s ranking as one of the top 10 cities nationally, enhanced by natural beauty and active lifestyles, draws an influx of buyers to the area. While demand remains strong, Price Increases are predicted to Slow Slightly relative to sales this year. A strong tech industry and investment opportunity will continue to fuel the market, resulting in growth rates above national averages.

+Tip for Buyer:

The Kirkland market remains competitive, so you have to be prepared to make your best offer to win. Selecting a knowledgeable, experienced, well-connected broker who can educate you on value, help navigate the offer process, and negotiate on your behalf is key for best results. You want someone qualified who can go the distance for you.

+Tip for Seller:

The current Kirkland market favor sellers, though we are beginning to see evidence of buyer fatigue at some price points. Be prepared to present a perfectly polished and staged product to engage buyers emotionally and hire a professional experienced in luxury marketing and successful negotiation to ensure the best price and return on your investment.

 

+Contact:  vdbcompass.com, @vdb_compass

 

Max Rombakh

Windermere

+Thoughts on the 2022 market:

The outlook in 2022 is similar to 2021 where demand increased, supply evaporated and prices soared!  However, we believe that more luxury properties may be coming to market as sellers try to get ahead of the rising interest rates. Prices are expected to continue to increase until we find more balance in supply.

+Tip for Buyer:

Suitable properties are limited so buyers need to partner with a local expert with deep knowledge of the market. Our team had record sales in 2021 and we were able to place more than half of our buyers in homes that were not listed in the MLS. 

+Tip for Seller:

Timing is everything and preparation is important.  A good broker can help manage the process and has relationships with contractors to help prepare your home for sale.  Be mindful and reasonable of pricing, so that you can generate excitement and activity.  Work with an experienced local expert that knows how to capture  buyers and get them excited enough to make offers.

+Contact:  maxrombakh.com, @maxrombakh

Mike Moghaddas

Compass

+Thoughts on the 2022 market:

Homes will continue to sell fast and above asking. Mortgage rates will slowly continue in an upward trend, making affordability tougher for first-time buyers. Builders are ramping up production, but labor and materials continue to remain at high levels also affecting affordability. Rising rent rates may motivate people to buy, even in an expensive market.

+Tip for Buyer: 

A slightly higher down payment may make or break an offer.  When writing offers, go strong and look in a price range that allows you to offer much over asking without putting your finances in a risky position.   Talk to your lender to see what financial capabilities you have.    A good broker will do plenty of research to see how many offers are expected and where numbers are at in the area. 

+Tip for Seller:

Have a pre-inspection done. This allows you to fix the items that need fixed and encourages buyers to waive the inspection on their offers with peace-of-mind.  Experience agents achieve strong branding, marketing, staging and negotiation through closing. 

+Contact: teammoghaddasrealty.com, @mikemoghaddas

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