Market Update: January
Welcome to 2019!
Though changes are happening in the market, the year ahead is full of possibilities. To paraphrase the Disney movie Up: Adventure Awaits!
More listings coming to market mean more competition. The dramatic appreciation left buyer's in sticker shock last year. Now that inventory is increasing, we are staring to see the price of available properties stabilizing.
Over the past 12 months, we have seen dramatic price spikes in King & Pierce county. Buyers were offering full price, and getting beat out by people paying far above asking price. Now the market is starting to shift. The chart below is the home price percentages appreciation projections from Home Price Expectation Survey, Zelman & Associates, Mortgage Bankers Association, Freddie Mac, the National Association of Realtors, and Fannie Mae.
Preparing for Selling:
The rental market has been flooded, which has driven up the price of rentals. The rental price increase has caused people to rethink the cost of buying. Loan applications have increased to 5.5% in the past three months. This means renters have been saving and are starting to prepare to purchase. Demand for well priced houses is still in high demand.
The bottom line is that a changing market is not a bad thing. It is a sign that our economy is starting to stabilize. If you have been considering selling, now is a great time. There is a pent up demand for well priced, existing homes.
Do you have any questions about how these stats will be affecting you?
Fill in the information below, and I would be happy to help find a strategy that will fit your needs.
All the best!