Eye on the Market (June 2014)
It’s a great time to live in the Puget Sound and a wonderful time to make a real estate move. Inventory is on the rise in our region and as prices and interest rates also edge up, many are recognizing now is the time to make their real estate dreams a reality.
According to the NWMLS, more homes are sold during April, May and June, than any other time of the year, giving families time to relocate while school is out and the weather is cooperative. Home sales were up in May 3.3% over April, Redfin reports, inventory of homes for sale rose 12% and new listings were up 17.6%. With more inventory on the way, the market just needs fatigued buyers to catch their second wind.
Meanwhile, all cash deals and multiple offers continue to make it necessary for buyers to put their best offer on the table and find creative ways to get their bid noticed. It’s not impossible to compete with all cash offers, but it takes resourcefulness and persistence.
While multiple offers are the norm in some areas, other areas are seeing a renaissance of sorts. Buyers priced out of their first choice are taking another look at other communities that still fit their needs and offer affordable homes. For first-time buyers, these “move up” neighborhoods are a foot in the door to homeownership and these new buyers are very important to the overall health of the market.