LETTER FROM THE EDITOR

The results of our Fourth Quarter 2022 Pacific Northwest market report is the epitome of the oftenused phrase: the one constant in life is change. Following a decade long real estate market that can be described as the greatest decade in real estate, Q4 2022 delivered an end to expansion in units sold and deceleration of home price appreciation. Both were fueled by the volatility of mortgage interest rates throughout the second half of the year.

As the market began to recalibrate itself following historic growth and unsustainable conditions, current trends are not unfavorable to a buyer or seller achieving their real estate goals. Interest rates are expected to continue stabilizing throughout 2023, and the pace of home price appreciation is forecasted to be significantly less compared to the recent past.

It is critical during markets in transition to seek expert advice. If you’re thinking about buying or selling during these complex times – or wondering when the right time to enter the market might be – all it takes is a trusted advisor, like our Berkshire Hathaway HomeServices Northwest Real Estate sales professionals, and the latest Northwest Knowledge™ to help you achieve your real estate goals.

Jason Waugh, President & CEO

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