My Take…

The latest market data bears out the fact that the local real estate market is taking a bit of a “breather”. After becoming accustomed to the booming seller’s market of the past few years, the fact is that now is the best time in the past 5 years to be a buyer! Here’s why.

According to the latest MLS data, inventory levels for October across our area were roughly double what they were a year ago. According to the stats, West Bellevue has actually left “seller’s market” status and is now behaving like a “balanced market”. I do believe that the underlying fundamentals of our market point to better times ahead for sellers, but if you’re a buyer in the current environment there are great properties out there to look at right now. Since much of the increase in inventory is due to homes staying on the market longer, in many cases buyers are able to negotiate off the asking price.

Much of the current market adjustment is being fueled by lower demand, meaning that there are just fewer buyers out there looking at and competing for listed properties. The result is a more “normal” negotiation process and less frenzied transaction pace for buyers. On average, the houses that sold in October 2018 across King County took 33 days to sell. A year ago that number was 23 days. That’s a 43% increase in time on market and believe me, you can feel it!

In addition, mortgage lenders have been working hard over the past few years to come up with programs to help their clients to look more like cash buyers when competing for properties. Many of these programs also work for buyers who would prefer to buy their new home before selling their current one. I can introduce you to some good lenders if you are interested.

Whether you are buying, selling or just pondering future possibilities, in a shifting market like this it is more important than ever to understand the dynamics of the market and to get all your options on the table. Give me a call if you’d like to talk. A quick conversation is almost always worth the time, especially if I buy the coffee.