Almost anywhere I go, folks ask: How’s the Market?
In many ways, it’s tough to explain how competitive it is in some of the hotter areas around Seattle, while buyers are what I would call “optimistically cautious” in areas on the fringes of Seattle (think Lynnwood, Marysville, Burien, Monroe, and beyond).
An article just came out in the Puget Sound Business Journal about the cause of this surge in sales. It mostly has to do with the lack of inventory creating demand in our market. Many sellers are still waiting to regain the equity they lost since the peak (2006-2007). I know many that have decided to simply rent out their homes instead of selling or are just staying put until they can find the right home to move into. The problem is: there are fewer homes on the market than last year at this time. This leaves homebuyers without as many options…and creating a wave of demand not seen since the pre-bubble market.
The importants stats to note are:
- Values are up roughly 7% from last year at this time.
- There are roughly 13% fewer homes for sale compared to last year at this time.
All of this said, if you are a seller, you will still get resistance if your home is overpriced. As I mentioned above, buyers are optimistically cautious. If a home is priced fairly, there is a better chance that a bidding war will occur. If you are overpriced to try to take advantage of the current market, your home might sit until a buyer feels they can make an offer in a fair price range.
Here’s the article from the Puget Sound Business Journal by Marc Stiles:
A new report shows just how hot the Puget Sound region housing market is.
Even though more people are putting their houses and condos on the market, it’s still not enough to keep up with demand, and the inventory of available properties is less than it was a year ago, according to the report on February sales that the Northwest Multiple Listing Service issued Thursday.
“The pent-up demand being unleashed has rocketed pending sales back to the levels of our record year in 2006,” said Ken Anderson, president/designated broker at Coldwell Banker Evergreen Olympic Realty in Tumwater.
“At the same time, homes for sale are near a 10-year low,” Anderson said.
Last month in the four-county metro region the number of new residences on the market shot up 7.3 percent over February 2014. Yet pending sales increased more. The result is there are now 13.6 percent fewer houses and condos for sale, and that means higher prices.
Read the rest of the article by clicking here.
For more information, contact:
Ryan J. Halset
Broker | Realtor | ABR
Boardwalk Real Estate
Seattle Magazine, Five Star Agent – Best in Client Satisfaction