With all the hype about the article in the Seattle Times that mentioned dropping home prices and rising inventory, I want to update you on what’s actually going on in the market.
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There’s been a lot of buzz about the Seattle Times article saying that the median home price in Seattle has dropped by $70,000 in the last three months, and that there was 66% more inventory in the market.
Today I’d like to address these statistics for everyone in the market.
If you’re a seller, you’re likely seeing that there are more price reductions and more inventory in the market. Because of that, homes are taking just a little bit longer to sell. The fact of the matter is that homes that are positioned properly when they first come on the market are selling with multiple offers, sometimes even above asking price.
If you’re a buyer, you’ll also have noticed the increase in inventory, which means more options for you to choose from. You probably won’t see as many crazy multiple offer situations that you have earlier this year. Sellers are also more willing to accept contingent offers. You’ll also notice the surge in price reductions, which means you won’t have to rush to a given house and spend a lot of money on pre-inspections before you can get it.
Renters, like buyers and sellers, will enjoy the upswing of inventory as well. You might see big apartment complexes offering incentives to renters, so it’s a good time to take advantage.
We’re also noticing more and more investors jumping back in the market, especially in the realm of single-family homes. There are some developers continuing to build; some were hesitant about the market, but the savvy ones are still in the game, looking for deals.
Even with all this information, home prices are still up 2.9% over last year. Even though we lost some money in the Seattle market with the median home price, home prices are still up year over year. This is a healthy adjustment; we’re still below two months of supply in most areas, meaning it’s a seller’s market.
In our changing market, there are many steps to buying and selling a home. The first one you should take is to give me a call so I can help guide advise you through the rest of the steps. For any other questions, feel free to reach out to me.