As we enter the final stretch of the year, it's time to look ahead and prepare for what 2024 has in store for the Bellevue real estate market. Whether you're planning to buy, sell, or just curious about the local market, understanding these trends will help you make informed decisions. Let's dive into what you need to know for the coming year.
The Current Landscape
Before we jump into 2024-2025 predictions, let's set the stage with where we are now. As of October 2024, the Bellevue real estate market has been...
In the last 18 days, the average home price in Bellevue is $2,008,023. Average days on the market is 19 and on average, homes sold 1.31% over their list price. Average price per square feet is $773,99 and average home size is 2,958.
What to Expect in the Last Quarter of 2024
- Price Trends
Forecast: While we've seen significant price growth in recent years, experts predict a more moderate increase in 2024.
What it means for buyers: If you've been waiting for prices to stabilize, late 2024 might be your sweet spot.
What it means for sellers: Don't panic! While the days of bidding wars might be cooling, well-priced homes in desirable areas are still expected to sell quickly.
- Interest Rates
Forecast: After the fluctuations we've seen, rates are expected to stabilize in 2024, albeit at a higher level than we've been used to in the past decade.
What it means for buyers: If you're on the fence, keep an eye on rates. Even a small decrease can significantly impact your monthly payments.
What it means for sellers: Be prepared for buyers to be more sensitive to pricing due to higher borrowing costs.
- Inventory Levels
Forecast: We're likely to see a gradual increase in inventory throughout 2024.
What it means for buyers: More options! But don't expect a flood of choices overnight.
What it means for sellers: Standing out in the market will become increasingly important. Consider upgrades or staging to make your property shine.
- Tech Industry Impact
Forecast: Bellevue's tech sector continues to grow, attracting new residents and boosting demand for housing.
What it means for buyers: Competition for homes near tech hubs will likely remain fierce.
What it means for sellers: If you're in or near these areas, you're in a good position. Highlight proximity to tech campuses in your listings.
- Sustainable and Smart Homes
Forecast: Increasing demand for energy-efficient and tech-integrated homes.
What it means for buyers: Be prepared to pay a premium for these features, but also factor in long-term savings.
What it means for sellers: Consider eco-friendly upgrades to make your property more attractive.
Making Your Move in the Last Quarter of 2024
As we navigate the final months of the year, here are some tips to keep in mind:
For Buyers:
- Act now if you find the right property: With potential changes coming in 2025, securing a good deal now might be wise.
- Get pre-approved: This will strengthen your position in negotiations.
- Stay flexible: Be open to properties that might need some updates. You could get a better deal and add value over time.
For Sellers:
- Price strategically: Work with your realtor to set a competitive price based on current market conditions.
- Highlight winter appeal: Showcase how cozy and inviting your home is during the colder months.
- Consider timing: Sometimes, less competition during the holiday season can work in your favor.
Navigating the 2024-2025 Market with Confidence
While these trends give us a good idea of what to expect, remember that real estate is local. What's happening in one Bellevue neighborhood might be different from another. That's why having a knowledgeable local realtor is crucial.
At Laura Sinclair Homes, we're not just watching these trends—we're living and breathing them every day. Laura's deep understanding of the Bellevue market, combined with her ability to interpret data and market signals, ensures her clients are always one step ahead.
Whether you're looking to buy your dream home or sell your property for top dollar in 2024, Laura Sinclair is here to guide you through every step of the process. With her expertise, you'll be well-equipped to make the most of the 2024 Bellevue real estate market.
Ready to start planning your 2024 real estate moves? Contact Laura Sinclair today at 425-442-6265 or visit LauraSinclairHomes.com to schedule a consultation. Let's make your real estate goals a reality in the coming year!