Outstanding Market Performance in King + Snohomish Counties
I thought you’d be interested in reading our Annual Market Report.
Recently we’ve seen a global stock market correction and our first interest rate increase in 8 years. Locally, we’ve seen double-digit drops in housing inventory and double-digit increases in sales. Fortunately, our short-term forecast indicates that it is still a great time to be BOTH a seller and buyer.
For sellers, available homes on the market remain scarce. A “normal” Puget Sound market has 3-4 months housing supply. Currently King County has a 1 month inventory supply, Snohomish has 1.7, and double-digit price appreciation in many areas. With nearly 70% of housing produced projected as apartment building over the next few years, if you’re thinking of selling your residence, 2016 may be the best time in the foreseeable future – simply because of supply and demand.
For buyers, mortgage rates were finally raised in December, but continue to hover near record lows of under 4%. We suggest buying ASAP because over the next few years, current rates could increase up to 50%, and housing inventory will continue to stay scarce. In addition, the federal government recently introduced new mandatory closing disclosure requirements (TRID) that will delay all financed closings by at least 1-2 weeks.
Since January 2013 (when our market began to recover), we’ve seen a consistent trend when the calendar turns over to the new year: prices increase steadily through spring, level off during summer, and fall as the holidays approach. 2016 will most likely be different. Read our report to learn why!
Contact me to determine your optimal real estate goals and future, or for a customized, in-depth analysis on your area of interest.
I look forward to hearing from you.
Marketplace Sothebys International Realty 16261 Redmond Way Suite 150 Redmond, Washington 98052 www.ErinHarold.com 206.326.8961 firstname.lastname@example.org