John L. Scott: More resale listings will hit the market before the winter months

by Emily Marek

In his 2024 Mid-Year Housing Forecast, John L. Scott Real Estate Chairman and CEO J. Lennox Scott predicted a “good level” of new resale listings will hit the Seattle market between now and October, adding that despite this influx of new inventory, the market for affordable and mid-priced homes will remain intense.

Meanwhile, as mortgage rates fall into the upper 6% range throughout the rest of the year, buyer demand will increase by approximately 5% to 10%, further elevating market intensity, Scott said.

While the usual drivers of housing demand — major life events like job transfers and household changes and life choices like moving closer to family — persist, demand is further being driven by the so-called mortgage rate lock-in effect, in which existing homeowners stay put to hold on to their cheap mortgages, Scott said.

Close to job centers, Scott added, the luxury housing market remains strong, with sales activity expected to increase throughout the summer as more luxury listings join the Seattle market.

Scott concluded his forecast by reminding Seattleites that “it’s okay to buy and sell within the same market timing.”

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