Low inventory and high buyer demand continue to push the local real estate market, says realtor Mary Lee.

Low inventory and high buyer demand continue to push the local real estate market, says realtor Mary Lee.

Seattle Housing Market Forecast

What’s happening in the market and where are prices and interest rates headed?

Low inventory and high buyer demand continue to push prices to record levels in the Seattle area. Rents have increased about 60 percent in seven years, while home prices have grown faster here than anywhere else in the country for the last 18 months.

Area-wide there is 1.3 months of supply – with 4 to 6 months used as a gauge of a balanced market. Three counties – King, Kitsap, and Snohomish – reported less than a month of supply. The condo market remains very tight as well, with slightly more than three weeks of supply.

A recent poll commissioned by the Puget Sound Regional Council showed that 35 percent of respondents in King and Snohomish counties cited that the cost of living is overtaking traffic as the most challenging part of living in the Seattle area.

What does this mean to home sellers and home buyers?

Home sellers need to carefully analyze any offers and compare price AND terms. With many offers going significantly above the asking price, sellers may have problems if the home doesn’t appraise. Buyers can include language in their offer agreeing to ‘bridge’ the gap between the appraised value and the sales price. Additional terms buyers may offer is higher Earnest Money – which can be released to the seller as a non-refundable deposit, higher down payments, waiving financing, inspection and other contingencies, and allowing the seller to remain in the home after closing for a period of time – called a ‘Rent-Back.’

Home buyers need to widen their home search criteria whenever possible (including size, bedroom and bath count, updates and location). For example, a buyer who wants a 4-bedroom home but really needs 3 bedrooms and an office may find additional homes to consider by searching for 3 bedroom homes and making an office space in another part of the house. Additionally, some buyers may want a newer construction home and miss seeing a completely remodeled older home.

Smart home sellers and home buyers will engage the services of an experienced local real estate professional to help them navigate today’s fast-paced market.

To download a FREE Home Seller’s Guide, go to: https://tinyurl.com/Sellingin2018

To learn more about Mary, go to: www.whyworkwithmary.com

Visit on the web at www.maryleerealestate.com

More in Marketplace

The Deadly Truth About Isolation and how You can Stay Connected

New technology campaign helps keep people connected

Building community at Crossroads Bellevue

From spa treatments supporting cancer research to Halloween fun for kids, find it at the Crossroads!

Everybody wins in Boeing’s energy-reduction battle

There is nothing like a little friendly competition to show how when… Continue reading

Global luxury real estate brand takes Mercer Island by storm

Gottesman Chapin brokerage lends solid track record to Engel & Volkers

Boeing inspires the next generation of engineers and technologists

Thousands of young students benefit from company volunteers’ teaching in STEM subjects

Boeing’s 737 MAX 7 takes center stage in 2018

Aircraft to be produced at Boeing’s Renton factory on the shores of Lake Washington

September is Suicide Prevention Month, and Crisis Connections is joining with community partners to help others learn about resources that can help during times of crisis.
In spite of rising rates of suicide, what can you do to help?

According to the Center for Disease Control’s monthly report Vital Signs, suicide… Continue reading

Over 50? Expert Real Estate Specialists are Available to Help!

When looking for a real estate professional who will respond to your… Continue reading

Supply and demand will determine future home values

What’s happening in the market, where are prices headed

Are Seattle Eastside Home Prices Headed Down?

What’s happening in the market, where are prices headed

Are Seattle & Eastside Home Prices Headed Down?

What’s happening in the market, where are prices headed