The Puget Sound area real estate market has shown a shift over the past few months, and we’re moving toward what is considered a balanced market. A balanced market is one that does not favor the buyer or the seller and is the healthiest possible situation. Typically, a balanced market is considered one with 4 to 6 months of inventory; less than that favors the seller, more than that favors the buyer. Here are some selected inventory levels for September:
|Inventory in Months||King County||Seattle||Snohomish County||Edmonds|
|Single Family Homes||3.0||2.9||2.4||2.8|
Moving toward a balanced market is a good trend. It puts both buyers and sellers on equal footing. Mike Grady, COO of Coldwell Banker Bain, states “buyers are at long last now seeing properties that stay on the market longer. Listings that are priced appropriately, and not based on the feverish market we saw just a few months ago are still selling quickly, and home prices are still showing 8 percent appreciation year-over-year, more than double the rate of inflation.”
What does this mean to you if you’re considering selling your home? Homes are selling if they are priced properly. More than ever it means you need an experienced REALTOR who will provide you with a detailed pricing analysis based on what is happening in today’s market, not on sales from even 3 or 6 months ago. And automated values are even less reliable than they have been because they may not reflect what is happening today. When I work with a seller, I give you a detailed report and recommendation and update this report frequently to adjust for market change.
If you’re a buyer, this is a fabulous time to get in the market. With prices stabilizing and interest rates increasing, waiting might be not be a good idea. What you can afford today might be less than what you can afford next year. I can provide you with recommendations of lenders who can help you determine what your buying power is. Additionally, with the market becoming more balanced, the need for pre-inspections and waiving of contingencies is passing.
I’d love to talk with you about the market in your neighborhood and why now might be the time for you to buy or sell. Give me a call/text at (206) 790-0081 or email [email protected] to set up a time to chat.