Seattle homeowners: The window to buy is open

Your window of opportunity is less risky than hers!

Happy September!

The season is changing. Kids are in school. Flip-flops are in the closet. Freshly spun spider webs await the first person out the door each morning. And in real estate Seattle has INVENTORY!

MANY of our people live in houses that don’t quite fit (maybe growing kiddos need another bedroom or bathroom), but they have been reluctant to dive into the market madness over the last few years. Well, the window has opened.

  1. More homes are for sale now than at any time since 2014. Prices have softened. Buyers aren’t waiving contingencies or baking cookies for sellers. A more sustainable, balanced market is returning.

    Mike Rosenberg, Seattle Times, 9/7/18
    “There’s more encouraging news for homebuyers: The number of homes listed for sale is up 66% from a year prior … the biggest jump in more than a decade. Inventory has grown…and has returned to 2014 levels, wiping out four years of declines.”

  2. Market fundamentals have not radically changed. A bubble is not popping. Yes, Amazon growth is diversifying, but other companies are expanding and drawing workers with high salaries.

    Nat Levy, Geekwire, 9/8/18
    But fellow tech giants and startups thirsty for talent will gladly step up to fill any potential Amazon void and bolster the pool of homebuyers…
    Region-wide, [Windermere Chief Economist Matthew] Gardner says the days of double digit price increases across the board are in the rear view mirror, for now at least, with a return to historical averages of about 6 percent annual rises going forward. Gardner said he is happy to see the trend, as he’s not a fan of over-eager markets.

  3. Savvy sellers can still win. The difference is that you can also feel good about buying. It’s a great market for those of us with a clear-eyed, evidence-based approach to real estate, though selling will take more time and good pricing, staging, and marketing once again matters.

    Nat Levy, Geekwire, 9/8/18
    Despite the flood of new inventory hitting the market in recent months, the Seattle area still remains under-supplied. There is just under two months worth of home inventory on the market right now, and Gardner wants to see that number creep up toward four to six months.
    As the market cools, Gardner cautions against losing sight of the bigger picture of housing affordability. Even as price increases stagnate, the median home sale price remains unaffordable to most buyers.

The conclusion?

Market fundamentals haven’t changed, even though inventory is up. We expect strong demand and low inventory to return in the spring. What is unique is that buyers have options NOW. Let’s talk about creative options for you!

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