Northeast Seattle's real estate market shows signs of cooling
Housing inventory in northeast Seattle is down 50% compared to this time last year. Inventory levels started declining downward in September 2011, and with the exception of a few months, have continued to trend downward.
Supply and Demand
In terms of supply and demand, the market is getting cooler, more listings are coming on the market relative to the sales demand. However in recent weeks prices have been moving coming down after remaining strong all summer. Since it is technically a Buyer’s market, this price trend may be a result of improved quality (newer, larger homes) of the homes being listed. Look at the listing descriptions which may show that the homes being listed are larger and newer than they have been in the past.
Buying and selling
I would really call this a situational selling market, even though listings inventory is extremely low home selling prices haven’t spiked up that quickly. Causing many sellers to hunker down for a few more years to grow equity. Conversely, if a seller has been in their home awhile and has a fair amount of equity it might be a great time to sell.
Buyers looking to purchase in this market place need to come armed and read. Low inventory levels means they’re probably other buyers out looking at the same inventory as you. At least buyers should have their financial package in order; qualification letter from lender and source of closing funds well documented. And the most important thing to remember is that the market has changed, low-ball offer are pretty much gone away. There are exceptions of course, you may find an occasional distressed property that’s been lingering on the market where you might be able to have some room to negotiate. But these are becoming very rare.
For more information regarding the real estate market in different areas of Seattle FREE weekly reports are available. For more information……or contact Adrian Willanger directly @ 206 909-7536.