Why timing the real estate market is a BAD idea

Market Update - February 2023

Trying to time the real estate market is usually a bad idea! Whether you are deciding to wait on buying a house because you’re assuming that prices will go down OR you are rushing to buy a less than ideal property to later sell assuming that prices will continue to rise. 

The best time to buy or sell depends on your timeline. With that said, market conditions certainly play a huge role in informing the decision to buy or sell a home.

Key Takeaways from February

⚡️ The amount of available homes continues to slump from a little over 1,500 homes in December to a little over 1,100 homes last month in January

⚡️ The number of homes sold decreased from under 700 homes in November to over 500 in December⁠

⚡️ The number of homes under contract from December to January had a big spike from a little over 550 homes to a little over 900 homes

💡 The reason for this spike may be because of the recent small dip in interest rates which may have motivated home buyers to lock in an interest rate that’s less on average compared to a couple of months ago.

Homes For Sale VS Homes Sold

Homes Under Contract

Average Days On Market

Sold Price Percentage Of Original Listing Price

The truth is we don’t really know exactly what the future may hold in the real estate market in terms of when will be a better time to buy OR sell. 

FOMO (Fear of missing out) buying and the paralyzing fear of not buying because of perceived market conditions are very human reactions, but when it comes to your living situation, personal goals, & dreams - Those things should always be held at the highest priority!

Looking to get a market report in a specific city in Pierce County? We do market reports for Puyallup, Bonney Lake, Lake Tapps, Sumner, and Tacoma.