Sunday, December 09, 2018 / by Megan Ochoa Davis
With almost 100% more homes to choose from, Seattle-area buyers that are willing to shop for a home this holiday season have an advantage that they haven't had for quite some time...choice!
Here are the statistics for the King County residential housing market for last month:
Should you wait to list your home?
With the increased inventory sellers may feel nervous about listing now. Each house having more competition, homes taking longer to sell...these are common anxieties for uninformed sellers.
There are two big reasons why waiting may not be your best option:
- We're still in a seller's market! The "Months Supply of Inventory" aka absorption rate is how economists and real estate professionals determine the difference between a buyer's, seller's or a balanced market. 0-3 months of inventory are a seller's market. 4-6 would be balanced, and 6+ is a buyer's market. We're still sitting pretty at 2 months of inventory so it would be wise to take advantage of this time, since we never can know what the future holds with certainty.
- Interest rates are still low! When interest rates are low buyer's have more purchasing power. They will be pre-approved for larger mortgages and more first time buyers are entering the market. The fact of the matter is that when interest rates rise, fewer potential buyers can afford your home. If you want to reach the maximum number of possible buyers then listing your home when interest rates are low is a great idea.
If you're looking for data specific to a certain neighborhood, or for a market analysis done on your home The Hill Team is always available to help.