Supply and demand will determine future home values

What’s happening in the market, where are prices headed

Will home values continue to appreciate throughout 2018? The answer is simple: YES! – as long as there are more purchasers in the market than there are available homes for them to buy. This is known as the theory of “supply and demand,” which is defined as: “The amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.”

When demand exceeds supply, prices go up. Every month this year, demand (buyer traffic) has increased as compared to last year and for the first five months of 2018, supply (the number of available listings) had decreased as compared to last year.

However, a recent report by the National Association of Realtors (NAR) revealed the first year-over-year increase in supply in three years.

The increase in the June numbers doesn’t mean that prices won’t continue to appreciate. In that same report, Lawrence Yun, NAR’s Chief Economist, explained: “It’s important to note that despite the modest year-over-year rise in inventory, the current level is far from what’s needed to satisfy demand levels. Furthermore, it remains to be seen if this modest increase will stick, given the fact that the robust economy is bringing more interested buyers into the market, and new home construction is failing to keep up.”

Bottom Line

While we are headed towards a balanced market in the Seattle and Eastside areas, after many years of a hot seller’s market, there are many buyers still looking to buy. Savvy sellers will make sure to optimize the market by working with an experienced agent who is an expert at marketing and negotiating and will use top-tier strategies to attract the right buyer, including professional staging, HD photography and target marketing.

To learn more about Mary, go to: www.whyworkwithmary.com

Visit us on the web at www.maryleerealestate.com

More in Marketplace

Opportunities abound: Airpark 137 development site in Moses Lake prime for investors

Engel & Völkers listing allows for tax advantages through federal Opportunity Zone program

Washington customers win as Comcast taps the latest tech

Technology has drastically changed the way we communicate – how we connect… Continue reading

This year, the Bellevue College Foundation awarded 170 scholarships, for a total of $360,000! Among the recipients were students Quiniece Hubbard and Sharlene MacPherson, here with BC Foundation Board President Jim Chesemore and BC President Dr Jerry Weber. Photo by Alabastro Photography.
Apply today! College scholarship program breaks down financial barriers

Deadline to apply for Bellevue College Foundation scholarships is March 4

More than 100 Boeing employees joined 6,000 attendees from around the world at the 2018 Out & Equal Workplace Summit in Seattle, where Boeing was the event’s first-ever Host City Sponsor.
BoeingPride on full display at Out Equal Summit

Company plays host to more than 6,000 workplace advocates in Seattle, WA

LIVING GREEN: Sustainable homes a great place to start

Puget Sound area residents can find their green real estate expert at Engel & Völkers

Boeing reaches out to help military members and their families

Growing up on a military base can have its share of challenges… Continue reading

A $1-million grant from Boeing to The Nature Conservancy will help restore Northwest forests burned during wildfires and support tree planting in urban areas in Washington.
                                A $1-million grant from Boeing to The Nature Conservancy will help restore Northwest forests burned during wildfires and support tree planting in urban areas in Washington.
Boeing announces nearly $250 million in corporate giving

Includes $55 million in new grants to charitable partners and their programs in 2019 and beyond

First BOEING 777X flight test airplane comes together

Boeing’s longest passenger jet to fly in 2019

Community comes to Crossroads this winter

Enjoy entertainment, family nights and more

Sky’s the limit with this lakefront getaway property

Engel & Völkers Seattle partner with pioneer Lake McMurray family to offer stunning acreage

Crossroads celebrates the giving season with community

Bellevue center launches month of special events and opportunities to give back

Boosting community on Mercer Island can be THIS easy!

Mercer Island Community Fund grants support Island events and programs