December Market Update: Home Buyers Get a "Window of Opportunity"
KIRKLAND, Washington (December 6, 2018) - With more plentiful inventory, recently announced increases in lending limits, and moderating prices, prospective home buyers are finding more options around Western Washington, according to industry experts from Northwest Multiple Listing Service.
House hunters are treated to an early Christmas gift when they were provided with a wider selection of listings available this year than that of a year ago. Northwest MLS figures for the 23 counties in its report show an increase in active listings represents a gain of more than 41 percent if comparing from the total number of listings this year than that of last year's. Members added 6,399 new listings to inventory last month, up from 6,098 for the same month a year ago.
Some Quick Facts and Figures:
- King County registered the biggest gains, with active inventory surging 135 percent from a year ago.
- The number of single family homes more than doubled from a year ago, rising from 1,879 to 4,020, while the condo selection more than tripled, jumping from 355 active listings twelve months ago to last month's total of 1,221.
- "This massive increase in the number of homes for sale in King County last month means we are officially on our way back to a more balanced market," remarked OB Jacobi, president of Windermere Real Estate. "This is good news for buyers who just a year ago were in fierce competitions for very limited inventory," he added.
Why Should You as a Buyer ACT NOW?
"This massive increase in the number of homes for sale in King County last month means we are officially on our way back to a more balanced market," remarked OB Jacobi, president of Windermere Real Estate. "This is good news for buyers who just a year ago were in fierce competitions for very limited inventory," he added.
Buyers who were forced to look at outlying areas in Pierce or Snohomish counties are now coming back to core communities in King County. Many such buyers are aggressively looking for their next home during the November to January timeframe, knowing they may be able to get concessions that were unavailable the past two years and also that "sellers tend to be more negotiable."
After months of continuous price increases and a very competitive market due to lack of inventory, house hunters have been given a window of opportunity to get into their new home prior to the year end. The recent increases in the number of properties for sale, the seasonal market slow down PLUS the wonderful news of the bump up in lending limits for certain types of loans should give enough encouragement for buyers especially those who are still indecisive. So if you are at the looking/window shopping stage, now is the time to step up your game. Other buyers will have decided to take things slow due to the run up to the holidays but know that there are serious sellers out there like you who would very much like to start their new year with a clean slate.
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