Like anything in life you can look at something as half empty or half full. Our current market is no exception. There is no question that this year has seen an increase in the average market time it takes to sell a house. In fact in the Seattle area, there is an average of six months worth of inventory whereas a year ago we were averaging two months. This describes the ratio of the amount of homes for sale vs. the number of buyers making purchases. For a seller this represents a test of patience and a willingness to accept less equity than they may have hoped for when the market was more active.
The days of buying a house non contingent expecting to turn around and quickly sell your home are behind us for now. Lenders will also be looking closer to determine that you have available funds to proceed to closing on a new home. In short, my recommendation is to get your home sold before making a purchase.
What does this mean to a buyer? Opportunity knocks. If you're lucky enough to be in a position to make a purchase, now is the time. With more properties available and less competition you can take advantage of your buying power. The concern of whether pricing is going to continue to dip is a reasonable question. As a buyer you'll want to take be convinced that you are getting a fair deal. If you are planning to keep the property for a long time it is less of a concern.
Having an experienced professional on your side to keep you informed is more important than ever. A agent who is a good negotiator can save you thousands of dollars. Being kept appraised of market trends will help ensure you're making good choices when it comes to your largest asset, your home.
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