Thursday, April 18, 2019 / by Lindsey Gudger
What Opportunities Are in Front of Buyers and Sellers in Our Market?
What’s happening in our local market? Well, the current landscape for buyers in King, Pierce, and Snohomish County is, in a word, aggressive.
The number of pending sales has gone up recently, yet new listings aren’t keeping pace with this bump in sales. Consequently, buyers are facing a multiple-offer environment once again.
At no point this year have new listings outnumbered those going into pending status, which points to the fact that our market is heating up and the influx of inventory we had at the tail end of 2018 is drying up.
Almost any turnkey home that’s priced on par with its market value is garnering multiple offers—a notable development our market hasn’t seen in six to eight months. In today’s market, buyers are aggressively vying for properties that are clean and move-in ready.
A third major driver for this activity is the wildly low interest rates our market is enjoying; in some cases, rates have fallen to the sub-4% range. Because of this, the cost of homeownership has gone down, and buyers are beginning to populate the market. Add in less inventory, and the supply-and-demand curve is greatly affected.
All in all, sellers have regained some leverage that they haven’t had in the last eight or nine months, but on the other side, buyers have the opportunity to act on the market’s exceptionally low rates.
If you’ve been thinking about getting into the market to buy with the opportunities currently before you, please reach out to us. We’d love to help you with any and all of your real estate needs!