Seattle Low Housing Inventory & High Buyer Demand
You may be wondering how the housing market is being impacted by the health crisis. It may seem like homes wouldn’t be selling right now, but in Seattle and King County, that is simply not the case.
Historically low interest rates have Buyers out in force and low home inventory means homes are selling quickly! If you are ready to sell your home now or just beginning the process, click here contact us and set up a consultation! We’re excited to show you our unique listing process and marketing strategy. We will go over your options and let you know what we think your home will sell for in today’s market!
Did know that from a study at LendingTree, 87% of home sellers were concerned that their home wouldn’t sell because of the health crisis which has resulted in an economic recession? This could not be further from the truth right now in Seattle and King County.
Right now is an amazing time to sell your home. Why? Because inventory levels here in Seattle are low and not keeping up with buyer demand. Buyers are out in full force making offers. In fact, where we’re at in Northwest Seattle, pending sales are up nearly 24% month over month, but total listings are down 4%, so there just isn’t the inventory in the market to support the buyers’ high demand.
So why are buyers in a buying frenzy? Why? Because interest rates are low. They can afford more home right now and their monthly payment will actually be less because of the super low interest rates. In many cases, it’s actually more affordable to own a home than it is to rent one, especially if you take into consideration the tax savings benefits and advantages from home ownership. This is summed up nicely by Zelman & Associates’ June 25th Broker Report which states, and I quote, “The severity of inventory tightness should remain a relative benefit to home prices, but it is also a risk factor to the degree of rebound in unit sales going forward.” So inventory is going to be a massive factor. The lack of supply is helping prices go up. It’s not just a good time to sell, it’s an amazing time to sell. We can give you so much more information and details if we can meet, and if you prefer, we can also meet virtually as well. So give us a call and we’ll be happy to help you sell your home here in Seattle and throughout King County and Snohomish County.
We are Steve and Sandra. Elevated Service. Elevated Results.