Attention Discouraged Home Buyers!

Attention Discouraged Home Buyers!

If you got discouraged over the last three years of getting beaten out in bidding wars and just decided to give up…now is your time to buy a home!

In Western Washington we are seeing the largest supply of homes to choose from that we have seen in the last 3 years!  There are fewer bidding wars and larger supply of homes to choose from.

Statistics show that homes are up moderately about 6.7% overall but we don’t expect to see a bubble nor a quick change to a buyer’s market.  The market has shifted but we do not yet have inventory levels that would show a balanced market.  A balanced market would be between 4 and 6 months of inventory and we are currently across the Northwest Multiple Listing Service at about a 2 month supply of inventory.

As of the end of August, 2018 there were 18,580 active listings which is the highest level since September of 2015. This figure shows an increase in inventory up nearly eleven percent from July of 2018.  Pending sales in the 4 country areas were the fewest in July since August of 2012.

We have one of the best job growth markets in the nation and we still have very good interest rates which are both contributors to maintaining a solid housing market. We are in a market right now that is the most favorable for buyers in the affordable and mid-price ranges.

Pierce County and Thurston County are still more affordable for buyers than in King County.  Buyers are now under less pressure to make quick decisions and have more inventory to choose from.  They also are not having to waive protections like inspections or financing contingencies.  All of this is great news for you buyers that decided to wait the hot market out, now is the time to start looking again.  Remember though that all of these indications in no way should cause concern about a housing bubble, it just means we are headed towards a more balanced market.

Sellers in this market need to keep in mind that you really can’t under price your homes, but you certainly can over price them so this is something to definitely keep in mind with this new housing transition we are in.  Sellers really need to be cautious not to over price their homes.  If it’s priced right you will still see multiple offers, if it’s not your listing will just sit on the market.

The Heilbrun Home Team at John L. Scott Real Estate, is here for you for all your real estate needs in Pierce, King and Thurston Counties!   You’re in good hands with the Heilbrun Home Team…whether you are buying or selling.

Dawn Heilbrun, Owner
The Heilbrun Home Team
John L. Scott – Pierce, King and Thurston Counties

Www.HeilbrunHomeTeam.com
Www.orting.johnlscott.com
Dawnh@johnlscott.com
253-307-6438