14 Dec Pacific Northwest Real Estate Market Update – December 2020
There continues to be a drought in available homes in the Seattle area. On average, inventory is down 40% from last year. Low interest rates coupled with work-from-home needs are motivating people to take the leap and buy a house. The market shortage is especially evident in single family homes. However, available condos are actually up 7% from a year ago.
For Sellers: Don’t let low market supply make you nervous about selling your current home, even if you are planning on buying another one in the area. We can make your sale contingent on the purchase of your new home. You can also consider bridge financing. A bridge loan helps cover the gap between buying a new home and selling your current one.
For Buyers: Just because it’s a seller’s market, you don’t have to wait for prices to come down. If you have a down-payment, plus reserves, you’re are in a strong position to buy. Talk to a lender and learn how owning a home might boost your overall financial health.
Three Take-Aways
1. The number of showings per available home continues to increase.
2. 17 of 23 area counties saw double-digit appreciation from one year ago.
3. Median home prices by county:
Snohomish: $542,000
King County: $720,000
Pierce: $417,500
Kitsap: $415,000
Jefferson: $455,000
Clallam: $349,000
Whatcom: $439,000
Reaching Your Real Estate Goals
If you are a seller, be prepared for showings! While open houses are not possible right now, virtual showings and in-person appointments are. All showings are taking place by appointment only. I’ll help you understand how to present your home so you can receive the best possible offer!
If you are a buyer, be prepared! Understanding your financing and having paperwork ready will help you be able to move quickly on a home. And if you have been dreaming of a bigger space or maybe a second home, now is a great time to act. Interest rates are low. For many of us, we no longer need to live close to where we work. Consider buying a home in your dream locale, like the San Juan Islands.
Let’s chat. Contact Holly Bradley at 206-718-7015 or email me at holly@northernescapehomes.com to set up a consult to discuss your real estate goals and needs.