Should you worry about your home’s value dropping in the shifting market?
Hey, this is Sandy with Sandy and Company, and today we are talking about the housing market of summer 2022. I was at a golf tournament last weekend, and so many people asked me how the housing market was, and I know we’re hearing about the rising interest rates and the lower prices and the more time on market, but truly guys, the sky is not falling.
Take a look at the graph at 0:29 in the video. This is all of Snohomish County since January of 2021 — for the last year, and then plus the beginning of that one. And yes, the stats for June came out, and like we expected, the prices are lower than they were in April and May. $729,000 for the median price, so as many houses sold above as below that number. Although in April, the number was $775,000, a change of about $45,000.
So does that mean your house value went down? Probably not. If you bought your house in January of this year, then the median price was $652,000. So have you lost money? And if you bought your house in January of 2021, then the median price was $546,000, as opposed to the $729,000 that it was just this last month. So have you lost any money? If you bought your house seven years ago, say for $300,000, and in the early spring, you could have sold for $700,000, but now it’s more like $650,000, have you lost any money? Probably not.
Housing is still a great, stable, long-term investment. I’ve been telling people for probably the last five or six years that this is not the market to keep for two years and then think you’re going to sell it and be ready for the next one. It’s the housing market where you’re going to live for the next five to 10 years, and you’re going to make it a home, and then you’re going to look to see what you need to do next. In that case, you’re doing great. We are here to help you with your real estate needs in the moment that you need it right now.
The sky is not falling, just your real estate gain that you are looking at on a chart, and it doesn’t really matter until you need to do something right now. Do you need to do something right now? Does your house not fit? Do you need to make the grandma’s house go away?
Give me a call, message me. Our motto is Making Lives Better. How can we help you with yours? Have a super blessed day, stay safe, stay healthy, and we look forward to talking with you soon.