Women’s Council of REALTORS® hears 2018 real estate forecast from Lennox Scott
The Women’s Council of REALTORS® (WCR) South King County kicked off the year with over 100 WCR members and guests for the installation of their 2018 leadership at their recent meeting. The meeting featured a presentation from Lennox Scott on the 2018 Puget Sound real estate forecast.
Scott, chairman and CEO of John L. Scott Real Estate, gave a positive outlook on the 2018 market. Citing strong job growth and low interest rates, Scott said that we are in a “historic moment in time” for real estate.
Homes in the Puget Sound area are currently at a premium price, and appreciation in 2018 will continue to grow. Scott anticipates 8%+ price appreciation in most price ranges close to job centers in King County and in the more affordable price ranges in surrounding counties. Scott suggested the typical appreciation rate of 4%, cited by NAR Chief Economist Lawrence Yun, will likely return when the market absorbs and rebalances, sometime after this year.
Scott said he anticipates the familiar pattern of home prices flattening out toward the second half of the year following the dispersion of buyer energy as more listings hit the market.
“It was amazing to have over 133 REALTORS® and Strategic Partners at the event,” said Stephanie Lynch, managing broker with Keller Williams and 2018 WCR South King County President. “The content in Lennox’s presentation was relevant for today’s industry, and his positive nature is outstanding.”
Scott closed his forecast with some suggestions for how to create more business. He recommends having a success plan, maintaining a positive mindset, mastering your skills, and investing time in personal engagement activities to make 2018 your most successful year yet.