As you may have constantly heard from your Real Estate friends, the industry is currently experiencing a sellers market. A sellers market is created when there are more buyers than there are homes for sale, following the simple rule of supply and demand. Like all market fluctuations, this trend will not hold steady forever and the market in due time will adjust. The adjust will result in a shift that favors those looking to purchase homes. At the current location of the market we are seeing multiple offers situations and homes selling at a higher value. The Seattle Times published an article a few months ago that showed the Seattle housing inventory was at historic lows and nationally we are also under the 6 month inventory supply that is necessary for a ‘healthy’ market. As with most market speculations we can’t exactly predict when this trend will shift but it is inevitable and will probably happen sooner than later. If you are looking to sell a home, now may be the best time!
After reviewing the monthly and yearly stats we haveto agree with the summary from this Keeping Current Matters article:
“If you are debating putting your home on the market this year, now may be the time. Buyers are still out there looking for their dream home. Meet with a local real estate professional who can help you determine your best plan.”
More information from Realtor.org
With mortgage rates remaining below 4 percent for the third straight month, existing-home sales in October were at a healthy pace but failed to keep up with September’s jump, according to the National Association of Realtors®. All four major regions saw no gains in sales in October.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 3.4 percent to a seasonally adjusted annual rate of 5.36 million in October from 5.55 million in September. Despite last month’s decline, sales are still 3.9 percent above a year ago (5.16 million).
Lawrence Yun, NAR chief economist, says a sales cooldown in October was likely given the pullback in contract signings the last couple of months. “New and existing-home supply has struggled to improve so far this fall, leading to few choices for buyers and no easement of the ongoing affordability concerns still prevalent in some markets,” he said. “Furthermore, the mixed signals of slowing economic growth and volatility in the financial markets slightly tempered demand and contributed to the decreasing pace of sales.”
There is some good news though:
Adds Yun, “As long as solid job creation continues, a gradual easing of credit standards even with moderately higher mortgage rates should support steady demand and sales continuing to rise above a year ago.”