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There is no denying that the housing market has shifted across the country—more in some places than others. But it is still an excellent market for homebuyers and sellers. This article is about strategies for selling your home. It will focus on preperations and adjustments home sellers’ must make to sell their homes quickly. Most homebuyers are savvy. They scrutinize things closely. They want real value. Homes that are priced right, present well, and do not need extensive repairs are still selling quickly and for the top dollar that the current market will support.
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The housing market has been adjusting since the Fed increased the interest rate for the first time about a year ago. Homebuyers have, begrudgingly, become accustomed to the current rates, which remain historically low. The housing inventory also remains low. The housing market in the spring of 2023 is comprised primarily of serious buyers and sellers.

All real estate is local. This article focuses on the real estate market in Western Washington, more specifically, the Eastside. Several factors govern the direction in which the housing market might move. We will discuss two fundamental aspects.
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Most experts agree that the robust housing market since 2016 came to a sliding stop in early 2022. However, they use various levels of sugar-coating in their statements. It happened subtly but firmly. By October 2022 end the number of homes sold had dropped by about 30%, compared to one year ago, according to the National Association of Realtors. The main factor to cause this was a steep and rapid increase in mortgage lending rates. These rates are currently at a 20-year high level.
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The old Chinese saying ” may you live in interesting times ” applies to our current housing market. We have experienced double-digit price increases in home values in recent years. A mad rush to buy homes during the pandemic, combined with the homes being in short supply and near-zero interest rates for mortgages, inflated house prices by over 40%, shutting out many first-time buyers during the last couple of years.

U.S. Federal Reserve has hiked the interest rates by a cumulative 255 basis points since March, and more are expected over the coming months, essentially guaranteeing a slowdown in the housing market which is highly sensitive to the cost of borrowing.
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The current real estate housing market has been transitioning to a buyer’s market since about May 2022. At the same time, due to mortgage lending rates climbing high and quickly, it has squeezed out the essential segment of home buyers. In 2021, one could buy a house worth $759,000 with 20% down and a monthly payment of $2500.00. Now, that monthly payment will get you a house worth $476,000.
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