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Seattle magazine has a strategic partnership with Realogics Sotheby’s International Realty.

 

On one hand, the greater Seattle area is experiencing a housing crisis because of lopsided supply and demand and a lack of affordable housing.

On the other, now is a “once-upon-a-cycle” time to buy. Patient buyers have unprecedented negotiation power as pent-up demand is “already stoking the next gold rush for housing.”

That’s according to the 2023 Forecast Report curated by Realogics Sotheby’s International Realty. The 78-page report is a treasure trove of information for buyers, sellers and those just contemplating jumping into the market.

“Waiting too long could mean less selection, more competitive offers and higher prices,” the report says, noting that the year began with an uptick in home sales compared to 2022. “It feels like buyers and sellers have recalibrated, and the housing freeze is thawing. Expect 2023 to be a good year.”

The report notes that the Seattle area is in the midst of an “urban renaissance” driven by a downtown on the rebound and several projects in the city’s original neighborhoods. Developments on the Eastside that include shopping, dining, entertainment, and open spaces make those suburban neighborhoods increasingly attractive. Bellevue in particular is poised for growth in coming years, in no small part because of dozens of new downtown-area developments in the pipeline.

“There still seems to be a tremendous amount of chatter surrounding the real estate market that there will be a great collapse in 2023 and 2024 rivaling the previous housing recession,” writes Todd Britsch, a senior vice president at Kirkland-based mortgage lender Level Capital who has analyzed the market for more than two decades. “I could not disagree more with this assertion.”

The report notes that the Seattle area is in the midst of an “urban renaissance” driven by a downtown on the rebound and several projects in the city’s original neighborhoods.

Submarkets including Poulsbo, Snohomish, First Hill, Sammamish, and Gig Harbor also “offer specific opportunities for new residents.”

“For some, it’s a rare influx of housing availability,” the report says. “For others it’s about yet-untapped city growth or the anticipation of equity gains in a transitioning city center, and for some the focus is on the unique opportunities that offer a lifestyle unlike any other across the region.”

Though 2022 had a turbulent ending (inflation, rising mortgage rates, falling home sales, and an unpredictable stock market) this year has “brought new optimism, with a promise for growth and stability.”

As Realogics Sotheby’s International Realty Chief Marketing Officer Andrea Savage writes, “With increased inventory, decreased pressure, and a trend for lower mortgage interest rates — 2023 could very well create a buying opportunity we haven’t seen in a decade.”

 

For additional insights listen to the Seattle podcast with Seattle magazine Publisher, Jonathan Sposato and guest, Seattle real estate expert, Dean Jones, CEO of Realogics Sotheby’s International Realty.