Current Market Conditions (Seattle/Puget Sound)

Current market conditions are hinging on low housing inventory, steady buyer demand and no meaningful movement to increased housing density in the foreseeable future. Consequently, the balance of market factors still tips in favor of sellers.

Multiple offers, pre-offer inspections and creative offers are still common (especially in-city). However, for optimal outcomes, sellers are advised to pay careful attention to details. Buyers in this market are discerning and they will pass on poorly prepared or over-priced property. To reach their goals, successful buyers must demonstrate patience and persistence. An openness to additional risk also comes in handy 🙂

SEATTLE: Recent Median Sale Price (Residential and Condo)

SEATTLE: Recent Number of Homes for Sale (Residential and Condo)

In general, when the number of homes (inventory) increases, buyers benefit.
As inventory goes down, sellers benefit.

IS THE CURRENT MARKET IN YOUR FAVOR?

Whether buying or selling, it’s important to understand which market factors are working for you – and which aren’t.

There are always several variables at play, but the most influential one in this current market is inventory.

BUYERS:

Right now, if you’re in the market to buy real estate you’ll find that the current low supply of inventory (homes on the market for sale) creates some challenges. New listings appear to trickle in and when something worthwhile appears and you think “Finally! This is the one!”, a handful of other buyers are standing with you on the front lawn of the property, earnest money checks in hand. It can get discouraging, for sure. Nevertheless, there are compelling reasons for buyers to be persistent:

• Strong local economy in future-looking industries
• Growing population with optimistic forecasts
• Housing expansion geographically constrained by mountains to the east, ocean to the west (inhibits “urban sprawl”)
• Low vacancy rates (greater Seattle) which makes for expensive rentals

If the time is right for you to buy there are ways to minimize the challenges of the current market and maximize the benefits. You just have to be attentive and committed. And you need to have an experienced, dedicated real estate broker on your side – someone who’ll protect you from pitfalls and common mistakes and guide you toward success. Contact me for more information on today’s market and how you can make the most of it!

SELLERS:

Persistent low housing inventory makes your property desirable. Right now, well-priced, well-prepared homes are selling promptly, often to multiple offers.

This doesn’t mean sellers can ‘name their price’. In fact, it’s still easy to suffer missteps as a seller in this market. Make no mistake about it: buyers in this market are savvy and unsatisfactory listings are quickly passed over for better ones. To be a successful seller, it’s important to focus on what you can control (home prep, presentation/marketing, pricing) and be aware of the dynamics of what you cannot control (interest rates, weather, economic factors, market activity, other listings). That’s why it’s so important to put an experienced, dedicated real estate broker on your side. In the world of real estate, mistakes can be costly and second chances are very rare. Contact me for more information on today’s market and how you can make the most of it!

DISTRESSED SELLERS:

While it’s technically a ‘Seller’s Market’, there are many homeowners who can’t take advantage of current conditions because the loan(s) owing on their property plus selling expenses exceeds the market value of their home. In addition, many of these homeowners can’t qualify for a refinance or it wouldn’t make an appreciable difference because the principal owing remains a hindrance. This is a discouraging situation, to say the least and it can be accompanied by missed mortgage payments.

If this sounds familiar, you have options. But you have to get out in front of it and put yourself in control. I’m networked with specialists in this field who offer private consultations that provide practical solutions to homeowners who are ‘underwater’ in their mortgage. Contact me for more information on this topic.

SEATTLE REAL ESTATE: 10 year history (median sale prices)

King County Real Estate: 10 year history (median sale prices)

King County includes cities such as Seattle, Shoreline, Lake Forest Park, Kenmore, Bothell (partial), Kirkland, Bellevue, Redmond, Mercer Island, Renton, Tukwila, Burien, Des Moines, Federal Way, Covington, Kent, Maple Valley, North Bend, Snoqualmie, Duvall, Carnation and more!! Wow, it’s a big county.

Snohomish County Real Estate: 10 year history

Snohomish County includes cities such as Everett, Snohomish, Lynnwood, Edmonds, Mill Creek, Mountlake Terrace, Marysville, Mukilteo, Monroe, Lake Stevens, Arlington, and more!!

Pierce County includes cities such as Tacoma, Lakewood, Puyallup, Sumner, Spanaway, Gig Harbor, Graham and more!! It also features the mighty Mt. Rainier!