Why is now a great time to buy and sellers to sell?
The combination of still historically low interest rates, pent up buyer demand and shortage of available homes is leading the way for a great 2013. Rates were the lowest in January at 3.41% and currently are approximately 4.6%. Buyers are definitely getting eager with interest rates creeping up a bit and they are being very quick to purchase well priced, well positioned homes. Lenders are also recommending to get your interest rate locked in as soon as you can as they have been up and down lately.
Because of the shortage most will find themselves in multiple offer situations. Put your best foot forward first! I just got the winning offer on a home for my clients that had 5 offers! You must be quick and act fast. Obviously the home is priced to market standards if there are multiple offers so don’t try to go in under price or you will lose out and be hitting the pavement again.
Prospective sellers are finally making a decision to sell.
This is Great News!
Prospective sellers have watched closely trying to weigh in on the market and if the time is right for a move. The season started very early this year and we saw more and more homes coming on the market with double digit increases in June. Even with this increase most areas are showing around a 2 month inventory. Snohomish County showing around 1.6 and King County 1.5. Keep in mind a healthy market according Industry analysts is around a 6 month supply. This promotes a balance and is neither a buyers or seller’s market.
I have not seen it this way in a long time and definitely with the lack of inventory-
It is a seller’s market!
Builders around the area have sprung into action as I am sure you have seen the new home developments going up everywhere. They are ramping up activity and building single family and multi-family equally. Permit applications have more than doubled in most counties compared to this time last year. New homes that are completed are selling very fast and pre-sale inventory is also moving quickly due to lack of inventory.
Only time will tell if this trend is going to continue into the last quarter of 2013 but,if you ask me and many other Realtors around Snohomish County we think it will and hopefully won’t let up anytime soon.