We are on the tail end of the year and while the Real Estate market is surely slowing down, buyers are still present and inventory is low! The Seattle and Snohomish County real estate market’s have been very active this year in terms of growth but many potential home sellers have yet to take advantage of the current market. This has kept the Washington area in a ‘sellers market’ following rudimentary supply and demand (buyers want homes – there is not a ton of homes for sale!). In a Seattle Times article from earlier this year they displayed data that showed the number of available homes for sale was at historic lows. The housing market is considered ‘healthy’ if there are around 3-5 months of inventory available and right now we are seeing far less than that. Another advantage sellers have in the current market is the power of multiple offers. We are seeing listings obtaining more than one offer very frequently which gives sellers an option to pick a better situation than a single offer.
“In this market, it seems like the buyers are desperate,” Meredith Geffert – excert from this Seattle Times article.
Looking at the Snohomish County market in this Seattle Bubble article, we see a very similar trend with the Seattle and Snohomish County real estate market. The amount of listings in King County is down 31% from last year while Snohomish County is down 19%. This graph shows that while listings increased month-by-month over the year (as usual) the amount of listings is below last years.
A potential downside of this hot seller market is exposed when a seller wants to relocate homes within the same area. There should be no reason a seller with a reasonable price tag on their home can’t sell their home in a quick time span, but the problem arises when the tables turn and the seller becomes the buyer. This has been an issue for many Seattle and Snohomish County real estate clients but we would advise not to be discouraged to sell your home. As a seller you want to retain the most value for your property and this market makes that very possible, choosing the right agent or team will help you sell your house for the maximum value and find your new dream home. Our team has been working hard for our clients finding homes for sellers who already have offers and no place to go. The data is showing that prices are up and inventory is down, now may be a great time to sell your home. Feel free to contact us today for a no obligation consultation about your homes potential value and the surrounding market.