Have you heard that trends in the Puget Sound region's real estate market have noticeably changed in the past few weeks? Take a look below for a quick snapshot of the market. If you have questions or would like help navigating the market, my team and I are always here and available to help.
The central Puget Sound region housing market is still hot, but competition on homes has noticeably declined in all price points over the last month, and homes are staying on the market longer. This is particularly evident in the Seattle Metro area, where the rate of sale price increase has declined and is now below the rate in King County overall. This is indicative of prices leveling off, which is encouraging news to buyers in the market though still favorable to potential sellers. If you’ve been reluctant to sell because of potential options to purchase after your sale, at this juncture in the market you will find more flexibility in your options to either downsize or upgrade, depending on your needs.
Year over year, spring sees the most competition, but summer and fall have become the best time of year overall for a buyer. Interest rates are also still low, though are increasing and may not be as favorable next year as they are now. If you are thinking about buying, now is the time! Contact us so that we may guide you, and put our expertise in this market to work for you!