Here’s what you need to know about the Seattle area real estate market.

 

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Clients ask me all the time, “What’s happening in our real estate market?” Today I want to answer that question in my latest market update.

 

If you’ve been paying attention, you know we’re still living in a hot seller’s market. This is mainly due to our historically low inventory. In my seven-year career, I’ve never seen inventory as low as this. Over the last year, inventory is down 31% in Snohomish County, and it’s down 44% in King County.

 

"With our historically low interest rates, it’s still possible for you to get a great deal."

 

What does this mean for you? If you’re looking to buy, you need to make an aggressive offer upfront. Meanwhile, sellers will come to the table from a strong negotiating position. You can expect to receive multiple offers, so make sure your agent knows how to handle this situation.

 

If you’re a buyer, don’t get discouraged. With our historically low interest rates, it’s still possible for you to get a great deal. They are just under 3%, so your mortgage payment will be low even on a pricier home.

 

The winter months are usually tight on inventory, and the spring will be competitive. The market doesn’t look like it will ease up for buyers anytime soon, so give me a call and work with an experienced real estate agent who knows how to navigate our tough market. I look forward to hearing from you!