Multiple offers, 1 day pendings, escalation clauses, waiving inspections... we are seeing it again in January and it's heating up! What will happen in 2023 for the Washington home market? Stay tuned

We've successfully predicted the housing market several months before the actual date (not to our credit, just reusing material from our favorite economists). Looks like our last prediction is coming true! The market is heating up again in 2023. If interest rates remain the same, the market will continue rising in 2023. However, if we have more corporate layoffs, higher interest rates or a worsening economy, then the market can drop again.

Homes are selling in one day escalation clauses are coming back multiple offer listings buyers waiving inspections again it's Peter with the ODIGO club and by no means do I want to sound egotistical not my intention but I have to say that this is the fourth housing market prediction we've gotten right in July of 2021 we said so for those sellers who are like ah should I sell now before it all crashes well we don't really see any indication of anything crashing into 2022. the market of course continued to skyrocket until Q1 of 2022 and started to slow in Q2 of 2022. In December of 2021 before there was any indication of a slowdown we predicted the market would slow in 2022 due to higher mortgage rates in April of 22 again before any slowing I said if it hits 7%+ in mortgage rates which it did that the market would likely see the market start trending downwards in almost every video I said we wouldn't have a crash lo and behold the data is out. In King County condo and residential prices did go down but only by 1.87 from December 2021 to December 2022. In Snohomish County prices went down only by 0.14% in other words it stayed flat in King County we still have only 1.72 months of inventory and 1.52 in Snohomish. 6 months of inventory is considered normal in my last video we said so here's what is likely to happen next year if mortgage rates remain around 6% by early next year prices will likely continue trending upwards as people shake off the shock of the mortgage rates and accept it as a new normal. Well we are at about six percent now and the market is heating up we personally had a dozen buyers reach out to us within a few weeks in January alone so is this going to be another frenzy with a crazed market again? Maybe but we have to consider that seasonally Q1 and Q2 tends to be hotter seasons last year we had a ridiculously hot first quarter and then the prices went down in the subsequent quarters the unknown variables that could negatively affect our market are corporate layoffs mortgage rates jumping higher than and it is now and a worsening economy and recession there could also be a war or some other unknown factor keep in mind prices could go down another 10 to 15 percent by Q3 and Q4 once it hits the bottom though we also have to keep in mind that we have a lot of investors and buyers out there who are ready to pounce on homes which I foresee another frenzy and a double-digit appreciation the Market's moving fast so I will keep you guys informed as we go thanks for staying tuned and have a blessed day

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