Bellevue 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.
Team 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
Team Foster: Tere Foster and Moya Skillman
Compass
+Thoughts on the 2022 market:
We have never, ever seen a real estate market like the one we are experiencing. The supply vs. demand equation is completely unbalanced and when we speak about close-in areas like West Bellevue, we simply can’t make more land to build more homes so the value just keeps rising. It is critical to work with an experienced agent —you cannot leave anything to chance. Home prices are expected to rise all year and into the next. With 50,000+ new jobs projected in Downtown Bellevue, the demand is here to stay.
At press time we just had an offer review date on a Lake Sammamish view home in Bellevue. We received 28 offers and the home sold for well over asking price. Ours is just one of many similar stories all over the region.
+Tip for Buyer:
Be prepared to throw everything you can at the offer: as few contingencies as possible + your highest and best price, possibly releasing earnest money right away to the seller. Work with an agent who has a stellar reputation amongst their peers. Your offer will stand out when the listing broker sees your agent's name on the offer; they know it will be a smooth transaction.
+Tip for Seller:
Presentation and price remain the two most important factors for sellers. The home needs staging, cleaning, and fresh paint. Listings that are prepared for market generate more interest and buyer showings. We urge against overreaching on price. And the “name on the sign” matters. Select a listing agent that is well respected and has exceptional transaction management skills to make the multiple offer process as stress free as possible for both sides.
+Contact: fosterrealty.com, @teamfoster_re
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 Bellevue 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 Bellevue 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
Beth Billington
Coldwell Banker Bain
+Thoughts on the 2022 market:
2021 saw another year of record low inventory levels leaving Buyers with little chance of securing a home; and allowing the few Sellers who did list to realize huge gains. Should the feds raise interest rates, we may notice a slight shift, but I do not expect a substantial change in the Real Estate market in 2022. For now 2022 is looking even more competitive than 2021.
+Tip for Buyer:
Buyers need to be 100% committed, ready to compete and work with a broker that has experience negotiating and advising the best strategy to win. Nearly every listing receives multiple offers and Sellers will favor the highest price with the least risk. Buyers need to be willing to accept the property “as is” and submit an offer that contains zero contingencies.
+Tip for Seller:
In order to ensure maximum results, it’s important for Sellers to attract the greatest number of Buyers who are willing to compete. Providing a seller-procured inspection gives potential Buyers the confidence they need to make a clean, “as is” offer. Renewed flooring, fresh paint and professional staging are key to creating the best first impression.
+Contact: bethbillington.com