The Northwest Multiple Listing Service has released new stats.
18% change in listings on the market over last month.
What does that mean? It means there is a finally a little bit more on the market. Buyers are just starting to feel that shift of more homes to choose from and less pressure.
In general, 4-5 months of housing supply is considered average, or an indication of a balanced market. If the supply drops below 6 months, some consider it to be a sellers market with prices expected to rise. When supply is greater than 6 months, prices are more likely to fall.
Current housing supply is hedging up to meet the demand.
Whoa. Ya, it’s been a while since I’ve heard the word “balanced” in relation to the housing market.
Sellers: Set listed. Get on the market. * Les go! * Don’t wait.
Buyers: Get serious about looking. You may not see it right away but you need to at least be ready when you find it. You won’t have to give away your 1st born to buy a home. I can help you with SMART strategy.
Current home owners: Check your interest rate and ask me about your current home value. With enough equity in your home (finally) now is a good time to refinance and get that PMI dropped off your monthly payment.
Renters: Really!? Do I even need to say it? As soon as the market gets balanced out rates WILL go up. A 1% change could price you out of the market entirely. You could go from pre-approved to not-a-chance. Don’t waste time. There is not a housing bubble. Get on the home ownership bandwagon.
I’m Georgia. My friends call me Peach. I live in Kirkland where I have been helping Buyers and Sellers with smart strategy for 10 years. Experience Counts.