As we close in on the best 12 months in Western Washington real estate in over 5 years, we have much to be thankful about. No matter what side of the fence you were on. The market in 2013 seemed to be in your favor. Buyers were able to buy due to record low interest rates and were prepared to make a move when the right house became available. More sellers were able to sell due to buyer excitement surrounding the lack of inventory and increased equity in their home. Notable gains were recorded in existing home sales, new-home sales and new construction starts.
As we look ahead, we see promising signs of continued strength and sustainability within the real estate market. Here’s a glimpse of what’s in our forecast for 2014:
- Slow and steady rise in home values
- Renewed interest in condominium and multi-family development.
- Increased in existing-home sales
- Sustainable growth in home equity.
- High demand for new construction
- Decreased market share of distressed and foreclosure homes
- High demand for properly priced and positioned homes for sale
The general message looking forward is cautious optimism. Activity throughout the Puget Sound region shows signs of establishing a “new normal”. Sustainability and modest growth is something we can all appreciate and will continue to be the trend for 2014.