LIST IT AND THEY WILL COME...
...and it will sell quickly with a few caveats. The house needs to be appropriately priced and prepared, show well, and have a good location.
Western Washington’s “high velocity” market has continued through 2017 with the number of pending sales in King County (2,673) outgaining the number of new listings (2,389). Properties are moving at an unbelievably fast pace. Interest rates are ticking up slightly and there is steadily increasing demand due to new people moving to the area. As a homebuyer, it appears that getting into the market sooner rather than later would be in your best interest. The good news is that Spring is when we see the most listings come on the market. The challenge for buyers is they are selling very fast with multiple offers.
The housing inventory has reached a record low. At the end of February there were 9,091 active listings in the NWMLS which encompasses 23 counties. This represents a drop of nearly 25% from the year-ago total of 12,107. Home buyers and sellers are complaining equally about the current market’s low inventory. Sellers are frustrated when they cannot find another home to match their current needs. Buyers are also frustrated when a home goes off the market so fast that they don’t have the chance to make an offer on it.
Not surprisingly, given the imbalance in supply and demand, prices continue to rise. The median price for single family homes that sold in King County in February was $502,000, up more than 14 percent from the year-ago sales price of $439,950. As a seller, this market is one of the best we have seen in which to sell your home.
Typically, more people get engaged in the real estate market as the weather warms and the days get longer. If you are thinking of buying or selling a home, now would be the time to start getting prepared for what looks to be another busy year in the Puget Sound real estate market.
