Inventory is increasing in our market, which is good news for buyers. It’s still a great time to be a seller, though, and here’s why.
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As we take a look at our King County market through October, we’re seeing more inventory and fewer pending sales for both residential homes and condos. We’re also seeing prices continue to appreciate at a rate of 6% to 6.5%.
The big news here is the increase in inventory. For residential homes, inventory has increased 86% year over year. For condos, it has increased 188% year over year.
If you’re a buyer, this means you have more homes to choose from and you’ll be facing less competition. If you enter the market now, you’ll also get a better interest rate than you would if you waited several months down the road. Since the Federal Reserve is planning on raising rates even more than they already have, they have nowhere to go but up.
If you’re a seller, the good news is you don’t have to worry about the bottom dropping out due to this rise in inventory. Why? Prices are still going up. Though they’re not spiking by double digits anymore, they’re still appreciating.
If you’re looking to buy an investment property, make sure you know your numbers and you have a good idea of what your property’s value will be in the future, because the market won’t bail you out the way it would have in the past if you make a bad purchase.
No matter what your real estate goals are, it’s most important to have an experienced real estate professional by your side so they can guide you through the process. If you have any more questions about our market or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d be happy to help you.