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A lot of my clients are asking me about the current condition of the market. Today, I answer the five most common questions I’m hearing.
- Is it a buyer’s or seller’s market? Right now, the Seattle market definitely leans in favor of sellers. We’re seeing homes come on the market and sellers are receiving multiple offers. In fact, one home I listed received between 25-50 offers in only seven days!
- What does the housing inventory look like? I just recently reviewed the inventory for our area and found that there are more pending than active homes. This means there simply aren’t enough homes on the market for all the buyers out there!
- How does the current inventory affect home values? In certain areas, I’ve seen inventory affect home values by 5-10%. I’ve listed a home that sold for $25,000 more than their neighbor’s home, which sold only months before. The home we sold received multiple offers at our asking price and it sold in five days! In other words, values have increased substantially!
- How much money do you need to put down to buy? There are different loan programs for everyone. There are government loan programs where the government will help you with your down payment, including FHA loans that require only 3.5% down! VA loans ask you to put nothing down, if you’re active or inactive in the military. Of course, there are also conventional programs that ask for a little bit more down up front, but are still very affordable.
- What do current conditions mean for our market? Since interest rates are low and there are great financing options available, now isn’t a bad time to buy if you are patient with the market. On the other hand, it’s a fantastic time to sell because home values are up and inventory is so low. It’s a great time to sell quickly and for a whole lot of money!
If you have any questions about the state of the Seattle market, or if you would like real estate assistance of any kind, please don’t hesitate to reach out to us. We would love to hear from you!
