Monday, August 20, 2018 / by Lindsey Gudger
Today we’re going to talk about the changes that we’ve seen over the last 60 days or so in the Greater Seattle real estate market.
You may have heard about this already, but the market has changed a little bit. The sky is not falling and this is not the end of Seattle real estate— we’ve just got a little bit more inventory to work with.
This has actually created an opportunity for buyers. The last few years have been very difficult for homebuyers. Now is a time for buyers to take control, get some leverage, and get into homes with less money out of pocket than they have been able to get away with in the last few years.
In fact, in the last three weeks, we have had more sellers cover our buyer’s closing costs than we have in the last year combined. If you are in the market to buy a home, now is the perfect time to do so. If you’ve been waiting for the market to slow down, it has, and now is time to take advantage of it.
Some people out there have been telling us that they’re going to sit this one out. However, they’re not taking interest rates into account. The home’s price is important, yes, but the interest rate is much more important. A 1% difference in interest rates makes a huge difference in how much a home is going to cost over time.
At the same time, sellers shouldn’t panic. There is a bit more inventory on the market now than we have seen in the past, which means buyers have more choices and there are a few less multiple offer situations. You won’t get less money, but you will have to change your marketing strategy up a little bit. You can’t be as aggressive as before, but your home is still worth more than it has ever been.
If you have any questions about the market or about real estate in general, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.