Buyer demand is still there, but buyers are very price sensitive right now. Interest rates are at their highest they’ve been in 14 years and have an undeniable affect on buyer’s affordability. However, 23% of homes sold at or above list price, 30% sold below list price, and 47% sold after a price change.

We have seen much success in the luxury home market and have many buyers still actively searching for the right home. Rare and irreplaceable properties are selling and often at a premium. 

In August, Kirkland had about 1.4 months of inventory which was up from 0.4 months from a year ago. The real estate market is not linear, it ebbs and flows. In 2018, the stock market crashed and prices fell by 6% from the year before. Buyers took a 6 month pause and the following year prices jumped by 37%, then dropped by 2% in 2020 due to Covid as people took a pause to  focus on their health. The following year, 2021 the market rose by 54%. 

It is impossible to time the market. 
The interest rate is not forever, the purchase price is.