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Market Minute
WINTER IS HERE; SPRING IS COMING! (from May 2019)
Home Buyers Are "Better Off," But Market Is Heating Up
KIRKLAND, Washington (June 6, 2019) - The housing market in western Washington may not be as hot as it was last spring, but it is heating up, suggested one industry leader in commenting on the latest statistics from Northwest Multiple Listing Service.
Analysis of single family home sales in King County reveals 7 out of 10 properties that sold during May had 15 or fewer days on the market. He also noted more than half the listings (55 percent) in the county sold for at or above list price, the highest ratio since July 2018.
Northwest MLS figures show last month's 12,006 pending sales across its 23 county service area nearly matched the year-ago total of 12,168 mutually accepted offers. Nine counties notched increases.
Two other indicators of activity - the volume of new listings, and the number of closed sales - both showed slight gains from a year ago. MLS member brokers added 14,689 new listings to inventory during May, up 165 units from twelve months ago. Year-over-year (YOY) closed sales rose about 1.6 percent (from 9,011 in May 2018 to last month's total of 9,153).
Analysis of NWMLS inventory at the end of May shows only 13.8 percent of the listings of single family homes in King County have asking prices under $600,000.
Home prices for single family homes (excluding condominiums) are up 5.2 percent system-wide, rising from the year ago figure of $429,500 to last month's figure of $451,800.
"Thanks to the pretty significant drop in interest rates last month, we can expect to see home prices trending higher through the end of the year, but at a far more moderate pace than the last several years."crediting lower interest rates, lower median prices, and new jobs as driving factors in South King County, Pierce County and Tacoma. "We look for a very active summer market," he remarked.
James Young, director of the Washington Center for Real Estate Research at the University of Washington, also attributed strong activity along the I-5 corridor and outer urban centers to low interest rates. Also noteworthy, he added, interest rates could drop further as 10-year yields continue to fall. "Given the search for value among those sellers trading down along with first-time buyers in all urban areas across the state, prices should continue to rise throughout the peak season," he stated.
Buying or Selling You Need Basic Info
If you are a serious "looker" it's best to know from the start, what will fit into your budget. For this, you will need to go online or schedule an appointment with a quality lender. If you want to know how much your home is worth, you will need a Comparable Market Analysis (CMA) of recent sales in your area.
In either case, I can help! I will assist in providing you a list of lenders and would be happy to prepare a CMA on your residence and surrounding proprties!
The path for buying and the road to selling should be a hassle free journey. And, with a little planning and guidance, it will be!
Check out the buttons below and get started. I have provided the basics as a tutorial, when you are ready to "hit the road" or choose your "path", contact me via text, voice or e-mail!
Life is a journey, that begins with one step.....
First Things First
Sellers- request a Comparative Market Analysis (CMA), it's free! Use the appointment scheduler below or simply text me @ 4257536889.
Buyers- if you haven't already, the first step is to get "pre-qualified" through an online lender or your current bank.
Selling
The CMA is your starting point for marketing your current home. Once we have that, we will need to assemble a few documents to avoid any hiccups in the transaction process. With my assistance, we will make this proces as seamless as possible.
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Buying
There is only one way to know what you can afford, "pre-qualification". This will require that you assemble a few documents such as tax forms, verification of employment/earnings history, debit to asset ratio, and credit worthiness to start. I work with many professionals I can refer you to or you can choose your own.
https://www.zillow.com/
mortgages
FAQ's
We've decided to list our home now what?
You will need an agent to list your home on the MLS (multiple listing service), this makes your home veiwable to potential buyers.
I have been saving money for a downpayment, do I have enough? How much can I afford?
Your lender will determine how much home you can afford, saving for a downpayment is a great start!
I am just looking! What site do you recommend?
Current Market
Market outlook in general is trending up for home sales. Summer is typically the time most transactions occur. Long term the area is expected to continue grow above available housing.
The old-time adage is still true: "Location!
The old-time adage is still true: "Location!
Location! Location!"
Schedule an appointment today!
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Get Pre-QualifiedWhen looking for the best rates I would recommend a Mortgage BROKER. Brokers can help steer you to the best rates for your specific circumstance. This will answer the question, "How much can I afford?"
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How much can I get?That's the right question! Every home is unique. I will provide a personalized market analysis of your at our first meeting. There's no obligation!
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