My Market Commentary - May 2023

As the real estate market continues to evolve in Greater Bellevue, WA, and the Eastside, it's important to keep a pulse on the current state of affairs. While nobody can predict the top or bottom of a market, there are key indicators that help gauge the health of the industry. In this report, we will take a closer look at the current state of the local real estate market and discuss the ways that experienced real estate agents add value to the buying and selling process.

Market Overview

Inventory in Greater Bellevue, WA and the Eastside currently sits at a 1.5-month supply. This means that if no new homes were listed, the existing inventory would be sold out in just 1.5 months. This is a seller's market, as there are more buyers than there are homes available for purchase. Additionally, prices are holding steady or trending upward, indicating that demand for homes in this area remains high.

Experienced real estate agents are an invaluable asset to buyers and sellers in this market. Let's take a closer look at the five biggest ways they can add value.

Market Knowledge
Experienced agents know the local real estate market inside and out. They can provide buyers and sellers with up-to-date information on trends, market conditions, and comparable properties. This knowledge is essential when making informed decisions about pricing, marketing, and negotiating deals.

Negotiation Skills
Negotiating is a critical part of any real estate transaction. Experienced agents have honed their negotiation skills over years of practice, and can help buyers and sellers navigate complex negotiations with ease. They can also use their knowledge of the market to help clients secure the best possible deal.

Network of Professionals
Experienced agents have built up a network of professionals in the industry, including home inspectors, appraisers, and contractors. They can leverage these relationships to provide their clients with high-quality services and resources throughout the buying or selling process.

Marketing Expertise
Selling a home is a complex process that requires a strong marketing strategy. Experienced agents know how to market properties effectively, using a range of tools and techniques to reach potential buyers. This can include everything from professional photography and virtual tours to social media marketing and targeted advertising.

Personalized Service
Finally, experienced agents provide personalized service to their clients. They take the time to understand their clients' needs, preferences, and goals, and work tirelessly to help them achieve their objectives. This level of personalized service can be invaluable, particularly in a competitive market where every advantage counts.

Conclusion

In conclusion, the current state of the real estate market in Greater Bellevue, WA and the Eastside is strong. Inventory is low, and prices are holding steady or trending upward. Experienced real estate agents can add significant value to the buying and selling process, leveraging their market knowledge, negotiation skills, network of professionals, marketing expertise, and personalized service to help their clients achieve their goals. Whether you're buying or selling a home in this market, working with an experienced agent is essential to achieving success.