2019 Was Incredible! What's in Store for 2020?

In the 13 years that I have been a residential broker, 2019 was the most balanced market we have seen in King County. What does that mean?

For those of us that work in residential real estate in various capacities that means that homes were selling at a consistent pace all year long with very few seasonal or economically driven peaks and valleys. Buyers did not have to deal with nearly the amount of competition that had existed in our frantically paced market for the past 8 years or so. On the flip side, sellers were able to sell their homes in well below average time spans without compromising too much on price or closing costs. Any agent will tell you that a sellers market is better than a buyers market, but the imbalance that once existed within our sellers market was non-existent in 2019 within King County. It was a healthy sellers market by every measure. 

That's enough about the past year, what about 2020?? This year is going to be another stellar year to live in King County. Market conditions and interest rates are projected to continue to stay steady, which should forecast another year similar to 2019. It may shift slightly further towards a sellers market come spring, and supply may be a bit less over the course of the year due to fewer people leaving Seattle, slowed new development of homes, and continued job growth fueling continued population growth. There are rumors on a national scale of the economy slowing down, and consequently more pessimistic tendencies from investors during an election year. However, if there is one city in the entire U.S. that is least likely to suffer the consequences of any large scale economic shifts; I would bet on Seattle to be that city. We are only heading up in every sense of the word, and there are zero signs of that slowing down. 

As I always say to any buyers and sellers, if you are feeling as though the timing is right for you to make a change in your living situation, be sure to make that change knowing what your long term picture is. For buyers, ask yourself whether you see yourself living in Seattle for the coming 3-5 years, and whether your finances justify making a purchase. It's not about whether the market is going to slow, or whether it's going to grow in price. It's purely a matter of evaluating your individual circumstances in order to make sure your short term and long term goals reflect the right timing to make a move. For sellers, the same theory is applicable. What are your short term and long term goals? I am always happy to be of assistance in helping you figure out what you want to accomplish regardless of whether that's in the coming year or many years off on the horizon. My desire is to be an educational resource for everyone I come in contact with.

Thank you so much for all your trust over the years. Let's make 2020 the best year yet!