In my years working with Seattle's dynamic real estate market, I’ve seen cycles come and go—but the current landscape is making history. Home prices in Seattle have dropped by nearly $100,000 in just a month, and we're seeing a 9% decline compared to last year. Over on the Eastside, the median price has fallen by $225,000. Inventory has soared to a 15-year high, and with sales down, the market is clearly shifting to favor buyers. Factors like rising mortgage rates, increased taxes, and tech sector layoffs are driving these changes. For those of us specializing in bank-owned and distressed properties, these shifts open up new opportunities and require careful evaluation. If you’re watching the market or considering your next move, this moment offers a unique set of possibilities and challenges.
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