IS SEATTLE REAL ESTATE COOLING DOWN?
IS THE SEATTLE REAL ESTATE MARKET FINALLY STARTING TO SEE SOME RELIEF?
INVENTORY HAS RISEN ~25% SINCE APRIL!
Good news, home buyers! More inventory is coming! We've seen over 25% increase in inventory in King County. This means less competition and more options. We had over 3,000 MORE homes available in May than we did in February this year!
We're seeing sales prices starting to "flatten" and even go down in some pockets of King County. As a broker, I can feel it. We're seeing less of the urgency, 20 offer situations, and more of the 2 offers (depending on price points).
I recently listed a home in a VERY hot market, Redmond Ridge, and I will admit - the showings were slower than I had anticipated, open house wasn't that crazy, and we only received a couple offers. This is surprising, because one of our best comparable's had 20 offers!!
Does this mean that the market is crashing? Are home prices going to shoot down? Absolutely not, the history tells me so.
Historically in the summer months, we've seen inventory rise, causing median sales prices to "flatten." This isn't anything new by the numbers!
We actually have less inventory RIGHT NOW than we did the same time in 2015/16. So, the lack of inventory is still there. The supply is finally starting to catch up, that's all.
We're fueled by our job growth, population boom, and more. Once inventory drops again, we should expect to see home prices jump back up. It's a simple equation. Supply vs demand.
So what does this mean if you're a buyer?
If you're a buyer, it may be time to get serious before inventory shrinks again. On top of the abundance of inventory and your home options, INTEREST RATES are going to continue to rise. Big time. Don't take this lightly, as just a small increase can affect your purchasing power SIGNIFICANTLY.
So what does this mean if you're a seller?
Price it right. Present it accordingly. And the buyers will come. Invest in making your home stand out, turn key, and do what it takes to achieve this level. Work with your broker to ensure that it's presented in it's best light.