Seattle Market Update – July 2013

Great selling conditions have continued into the summer months. However, we are starting to see some opportunities over the last few weeks for buyers. The hot summer heat and rising interest have cooled this mad market.

Transactions traditionally slow down in the summer months, and while that has been true this summer, the market is still active and inventory continues to be tight. According  to the Northwest Multiple Listing Service, King County has 1.4 months of inventory (which means that all homes currently listed for sale would be sold in 1.4 months if no new listings came on the market.) We expect inventory to increase, and those sellers who will be listing their homes in the future will have the advantage of setting their price off of comparable listings that have seen healthy boosts in value.

The most important advice that we can give to sellers is this:  be realistic with your asking price. Yes, it’s a sellers market and prices are going up. And yes, buyers are willing to pay market value or more for a home if needed. However, homes that are priced too high tend to sit and play the price drop game.

If you’re looking to buy, come prepared. Talk with your financial advisor and/or mortgage provider and get pre-approved. If you see a home you like, make an offer as soon as possible. If you wait, the home will likely sell. With most desirable homes receiving multiple offers, we’re also advising buyers to find out what sellers are looking for aside from price.

Want to know what’s happening in your neighborhood? Check out our monthly Neighborhood Report for:

Laurelhurst

Windermere

View Ridge

Sand Point Country Club

Bryant

Wedgwood

Capitol Hill

Madison Park

Montlake

Portage Bay

Comments

  1. mike mulick says:

    Want to know what’s happening in your neighborhood? Check out our monthly Neighborhood Report for:

    where’s hawthorne hills? bastards!!!!!!