Do you want to buy or sell a Magnolia property? Are you wondering how the real estate market is faring and if it could adversely affect your real estate dream? Read on to find out how the real estate market in Magnolia is doing and how it is expected to perform in 2023.
1. The Magnolia real estate market
Magnolia is currently experiencing a strong seller’s market that is characterized by rising prices, increased demand, and tight inventory. The median price for all home types in Magnolia is $1,173,444
as of November 2022. Since last year, home prices in Magnolia have risen by nearly 7%
. In addition, many neighborhoods near Magnolia are experiencing similar price increases. For example, nearby Southeast Magnolia has experienced a 1.2% price increase and Buena Vista 30%
. With prices rising in and around the Magnolia area, there is apparent greater demand for luxury homes, particularly for many seeking to live in a beautiful coastal town outside Seattle.
Despite home prices rising in and around this prestigious neighborhood, 90% of all homes
over November 2022 have sold at or under the asking price, indicating that buyers might still have more power in this competitive seller’s market. However, many luxury homes are still selling fast, with many selling within thirty days. Those wishing to purchase Magnolia homes might need to be prepared to act fast to compete with other buyers. As for sellers, they might have an easier time navigating the real estate market with homes selling fast.
2. The real estate market is changing
Magnolia might be experiencing a strong seller’s market today, but there are signs that it is changing. Magnolia and the rest of the Seattle area have recently started to cool down as of September 2022. It entered what became famously known as the Great Reversion phase, in which the housing market attempted to revert to the pre-pandemic prices. The Seattle real estate market even became the fastest-cooling city
in the nation. This means the housing market is finally slowing down after the hectic pandemic years of rising home prices and increased competition. Many people in the Seattle area are getting priced out due to the increased mortgage rates, inflation, and home prices. With less demand for homes compared to a year ago, fewer homes are getting sold, even selling for less than the listed price. Ultimately, it has created a situation in which fewer buyers are likely to purchase a property because they don’t want to compete with other offers. As for sellers, they are hesitant to list their homes as they worry they won’t get the price they are asking for.
3. Demand for Magnolia homes
Despite the cooling down of the Seattle real estate market, there appears to be demand for Magnolia homes. Located fourteen miles north of downtown Seattle, Magnolia is an affluent residential neighborhood that has become a haven for those seeking a quiet but tight-knit small-town life. As Seattle’s largest neighborhood, you can find a balance between luxury single-family homes, lush green spaces, and cultural venues. For example, residents can visit the spacious 534-acre Discovery Park, which offers an abundance of wildlife and plants, as well as many trails and beaches. At Discovery Park, West Point Lighthouse is a beacon of light and a familiar albeit historical landmark against the magnificent waterscape. Many residents also like to engage in retail therapy at many luxury boutiques in Magnolia. With many amenities available in this quaint and beautiful coastal neighborhood, there will continue to be demand for Magnolia luxury homes.
Many home types exist in the Magnolia neighborhood, from multi-family townhomes and condos to single-family homes. In addition, many Magnolia waterfront homes are for sale for those who want to live on or near the beautiful blue water. Depending on your lifestyle, there is an option for you.
4. What’s next for sellers?
Since the real estate market is experiencing changes, working with an experienced realtor familiar with the local market is necessary. Consider speaking with Corey Hayes, AKA Mr. Magnolia, who can offer in-depth guidance on presenting your luxury home in its best light. From professional staging to high-quality marketing, Mr. Magnolia can make your home stand out to entice many buyers to make an offer. With a qualified realtor by your side, you can sell your Magnolia home quickly and for top dollar!
5. What’s next for buyers?
With rising home prices, some buyers might be proceeding with caution. Buying a home can be challenging, particularly in a seller’s market. An expert realtor can effortlessly guide you in navigating the intricacies of the market. From finding the perfect home that aligns with all your must-haves to offering expert negotiation tactics, you can find the ideal home for the best deal.
6. Consult an experienced real estate team
Whether you are seeking to invest in a Magnolia property or sell your current one, you need to work alongside an experienced real estate team that can provide expert guidance. The real estate market in Magnolia and the wider Seattle area is changing. Working with an expert such as Mr. Magnolia, who has bought and sold countless homes, gives you the peace of mind that your real estate investment is safe. Mr. Magnolia will listen to you to help you determine your must-haves and non-negotiables to find the property that best matches your lifestyle. In addition, Mr. Magnolia will use innovative marketing and staging tactics to present your home in the best possible light. He will also determine the right timing to sell or buy your home so you can get the most out of your real estate.
Interested in buying or selling homes in the beautiful coastal city of Magnolia? Schedule a consultation with Corey Hays
(also known as Mr. Magnolia). Corey can offer expert guidance, from extensive neighborhood insights to negotiation and marketing strategies. With over two decades of experience, the Mr. Magnolia Team can help you find a dream home or sell one quickly for top dollar.