Are you waiting to jump in? What are you waiting for? Are you nervous? Let me guess the reason why. the LID tax, Amazon jobs, The Head tax (gone), interest rates, the volatility of the stock market, you think prices are coming down and you’re trying to time it just right, you think it’s a bubble, blah, blah blah. I’m going to say that now is a good time to buy. But why would you listen to me, a real estate agent? I maintain that I am not a salesman. I just like hard facts.
Ok, let’s take a step back, breath deep, and discover the opportunities. The market is already showing signs of tightening up. The ratio of houses on the market to pending sales is just about 1 to 1 in Seattle. 2 months ago it was 2 to 1. When you look at market predictions, The Gardener Report, Bea, The Economist, Financial Times, across the board they all seem to say the same thing. It’s not a bubble. Values will increase steadily over the next year, (albeit at a slower pace than the last four years) even as interest rates will creep up to about 5.5%. There is an abundance of available jobs, and Seattle will continue to grow. The numbers are a bit better in the PNW than the rest of the country, contrary to the article in the Seattle Times this morning. They always seem to get it wrong.
Are you thinking of buying a home sometime in the next 12 months? How about now? ¾ of recent sales are going at asking or below. Multiple offer situations are drastically lower than they were 6 months ago. There have been a large number of price reductions. The market, it seems, has adjusted to value and corrected the inflation that dominated for a few years. Get ready for a steady and reasonable increase in value. And get in now at the lowest interest rates you will ever see again.
Dare I say, Seattle will finally shake the reputation of being a boom/ bust town!
That’s my story and I’m sticking to it. So there. 10/31/2018
A note on the last Wednesday, So There