3 Dang Good Reasons Why It's a Strong Seller's Market in Lynnwood WA
CoreLogic’s latest Equity Report revealed that nationwide, over one million home owners regained equity in their homes in 2015. The outlook for 2016 remains positive as well.
The number of Lynnwood homeowners with more than 20% equity is rising rapidly. Higher prices driven largely by tight supply are certainly a big reason for the rise, but continued population growth, household formation and ultralow interest rates are also factors.
Of the Lynnwood homeowners with positive equity, many have significant equity (defined as more than 20%). This means that nearly three out of four homeowners with a mortgage could use the equity in their current home to purchase a new home now.
3 Dang Good Reasons Why It's a Strong Seller's Market in Lynnwood WA.
- The number of homes currently for sale is low.
- The nuber of homes in Lynnwood that have an offer on them is very low. These two reasons are a classic supply and demand situation.
- Demand for the Lynnwood location to call home has never been greater. People view Lynnwood as a happy compromise of affordability and driving distance from Seattle.
Some of the homes in Lynnwood have been on the market 1,020 days while the average time is 101 days. Homes that sold in the last 3 months have taken up to 348 days while the average time is 92 days. The minimum is 2 days.
Of the homes in this area in the last 3 months, 51 homes have sold and 55 are currently on the market. Plus, 102 new listings came on the market and 51 were sold. This means there is 3.2 months of inventory in the market today.
A balanced market is defined as having 5 - 7 months of inventory, while a seller’s market has less than 5 months of inventory and a buyer’s market has more than 7 months of inventory.
If you are one of the many homeowners in Lynnwood who is unsure of how much equity you have in your home and are curious about your ability to move, let’s grab a cup of coffee and talk. I’ll review the market for your particular house and show you some options.
No pressure or obligation to do anything. Our goal is to provide good solid information you can make smart move with.
Call Dave McFarland at 425-330-0663 or email dave@jdavidrealty.com.
See What Your Lynnwood Washington Home is Worth in The Current Market!
