OMG the market is HOT. So what does that mean?

People are saying…

Wow the market is so hot! You must be so busy!

Or

The market is so hot, we are going to have another bubble.

Or

I don’t want to buy in this market, it’s too hot.

hot market

Here are 3 things you should know about what a “hot” market means and how it affects buyers and sellers (and Realtors) differently.

1) Just because the market is hot, does not mean that Realtors are busy. Demand is WAY up and Inventory is WAY down. This means that Sellers have the advantage because there are not enough homes to meet the demand of the Buyers. Realtors work equally as hard in a “Buyers” market as they do a “Sellers” market but with emphasis in different areas.

Media focuses too much on one house that sells way to high. It freaks buyers out.

Media focuses too much on one house that sells way to high. It freaks buyers out.

2) Home prices are up, some houses…WAY up. Think of it like a flashlight. The headlines you read are putting extreme focus on hot areas like Bellevue, Seattle, Ballard, Sammamish, Kirkland, Redmond…places where there is ALWAYS demand. Most Sellers are happy to see values just starting to come back to 2005 and 2006 price ranges. Seattle is not facing another bubble.

Prices naturally stay "hot" in the urban core and spread out to the suburbs as the market heats us and prices go with it.

Prices naturally stay “hot” in the urban core and spread out to the suburbs as the market heats us and prices go with it.

3) Waiting to buy does not save you money, it’s actually a risk that you will pay more, especially when interest rates go up. As homes sell at higher prices, it sets the new bar. This means that if you opt out to buy because you think you are contributing to the “hot” market, you will just risk paying more. Every home that sells is now that new “comp” for the next home that comes on the market. As the market heats up, every home in every area will eventually all go up in price.

I’m Georgia. My friends call me Peach. I’ve been helping Buyers and Sellers in Real Estate for over 12 years. Looking forward to working for you! 206.948.0431

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