Nov, 2013 - Home Values in Greater Mill Creek / Seattle Hill Area (WA)

Home Values & Market Trends in the Greater Mill Creek / Seattle Hill Area (WA) - Nov/2013

Real Estate Data in this report was compiled by Jorge Restrepo, CEO, Red Stars Team,
affiliated with Keller Williams Realty CPRE LLC.

Home Values & Market Trends in the Greater Mill Creek / Seattle Hill area

We have seen over 12 months of price increases of sold properties in the 
Greater Mill Creek area as illustrated in the chart below.  This chart 
contains the median sales price during the previous 12 months in zip code 
98012 (Greater Mill Creek). 

Reasons for the rapid 
increase in property 
values were historically 
low interest rates, plus 
the consumer's feeling 
that the real estate 
market had already 
bottomed in 2012. Newly 
listed properties were
getting up to ten offers, 
some cash.

Economic indicators 
suggest property values 
will continue to 
increase in the whole 
Seattle area during 2014, 
although it is expected 
that the market will not 
be as hot as it was in 
the previous 8 months.

So, don’t expect 
things to slow down 
anytime soon. If you are considering buying a home, you can still find 
good home deals in the Greater Mill Creek area. Finding a knowledgeable 
real estate broker thatcan read the "pulse of the market" must be your 
highest priority. The best listings (in price & condition) are selling 
within a few days of hitting the market. Waiting on the sidelines for 
too long only means that you will be paying higher prices and getting 
a higher interest rate.

As the graph on the right suggests
homes do not sell exactly for 
asking price. Sometimes, they sell 
for more, other times they sell 
for less. To make sure you don't 
overpay for your home, you'll want
to choose a real estate broker 
willing to give you a 
thorough market analysis of 
comparable homes around the
Greater Mill Creek for the home on
which you intend to purchase.

If you are interested in looking at 
the current Inventory of Homes for 
Sale in the Greater Mill Creek area 
you can find that information by 
clicking on the link. The number of 
active listings in Mill Creek (98012) 
increased by 6.2% from the 
previous month. The median 
number of days active properties 
have been listed is 53. This is 
significantly shorter than the 
national average. The number of sales in September dropped by 66.3% from the previous month.

We're not expecting home prices to run up quite as fast as they have been as the recent 
rise in interest rate has put a damper and banks have gotten a lot stricter on lending 
guidelines and are no longer giving a loan to anyone with a pulse. But low inventory is 
one indicator suggesting prices will continue to rise. 

Mill Creek Real Estate Summary Report 

Visit our Red Stars Team website to search for homes in the Greater Mill Creek area, 
or to setup your instant alerts when your ideal home becomes available.To  Find 
out what you home is worth  in our current market, please fill out the Online Value 
Estimate Form, call (425) 341-4343 or send TEXT to (425) 341-3150.

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Thank you for reading about Home Prices in Mill Creek, WA for November 2013.