The greater Seattle metropolitan area has been a real estate haven, a natural hot spot for over a decade now, with record growth in many sectors. A recent Seattle Times article by Paul Roberts went in depth on which areas are continuing to grow, and which areas have cooled off.
Both sides of Lake Washington are catching a breeze and cooling. Neighborhoods like Capitol Hill, Ballard, and Bellevue have seen price drops in 2019 from as little as 6% to as high as 12% vs 2018. Inventory is selling fast, with most markets only having up to a 1.5 month supply on inventory. More homes are selling too, just at a reduced, more affordable price. One example is that in Kenmore, WA about 9% more homes sold, at a price about 9% lower than last year. The eastside stretching from Bellevue to Redmond, Woodinville, and Kirkland have seen a 14% increase in sales while reducing prices by just 3%!
What does this mean? Some say the bidding wars of 2018 have discouraged some potential home buyers to stop the search. If that is you… rev up your home search engine again! As a general rule, less than four months of inventory means it is a sellers market! Initially this might not make sense. If it is a sellers market, why do I want to start searching? We’re in a unique time period that is almost paradoxical. Homes are selling in days and weeks, no longer months. It has been that way for quite a while. On the flip side, they are selling quicker because the prices have dropped. As a potential home buyer, this may mean a lower down payment, a lower mortgage, and greater chance for equity. Sound Home Advisers would be happy to inspect your new home to help you get a complete picture of your investment.
What if I am a seller? Boy oh boy, are you about to be busy. Potential home buyers are catching on to the lower prices. They are savvy with their money and see the potential for equity. Perhaps this opens up their budget for renovations they couldn’t have accomplished before this blockbuster time we’re in. At Sound Home Advisers, we’re always looking for opportunities to help you match the dream house, with the dream buyer, new or old.
One thing is for sure. The Seattle and Bellevue housing market is strong. Inventory is selling faster. At Sound Home Advisers, we love seeing more people find the home of their dreams and this is just the market to make that a reality.
Disclaimer: Sound Home Advisers publishes articles representing its opinion, not that of others. Any articles referenced may maintain opinions different than that of Sound Home Advisers. Sound Home Advisers does not offer financial advice. Always seek the advice of a professional in the field you are entering. Sound Home Advisers is a Seattle area home inspection company with decades of construction experience. We proudly service Seattle, Bellevue, Redmond, Woodinville, Kirkland, Kenmore, Bothell, Mill Creek, and select surrounding areas. Our expert advisers give sound advice about your next home so you can have peace of mind.