Low inventory and high buyer demand continue to push the local real estate market, says realtor Mary Lee.

Low inventory and high buyer demand continue to push the local real estate market, says realtor Mary Lee.

Seattle Housing Market Forecast

What’s happening in the market and where are prices and interest rates headed?

Low inventory and high buyer demand continue to push prices to record levels in the Seattle area. Rents have increased about 60 percent in seven years, while home prices have grown faster here than anywhere else in the country for the last 18 months.

Area-wide there is 1.3 months of supply – with 4 to 6 months used as a gauge of a balanced market. Three counties – King, Kitsap, and Snohomish – reported less than a month of supply. The condo market remains very tight as well, with slightly more than three weeks of supply.

A recent poll commissioned by the Puget Sound Regional Council showed that 35 percent of respondents in King and Snohomish counties cited that the cost of living is overtaking traffic as the most challenging part of living in the Seattle area.

What does this mean to home sellers and home buyers?

Home sellers need to carefully analyze any offers and compare price AND terms. With many offers going significantly above the asking price, sellers may have problems if the home doesn’t appraise. Buyers can include language in their offer agreeing to ‘bridge’ the gap between the appraised value and the sales price. Additional terms buyers may offer is higher Earnest Money – which can be released to the seller as a non-refundable deposit, higher down payments, waiving financing, inspection and other contingencies, and allowing the seller to remain in the home after closing for a period of time – called a ‘Rent-Back.’

Home buyers need to widen their home search criteria whenever possible (including size, bedroom and bath count, updates and location). For example, a buyer who wants a 4-bedroom home but really needs 3 bedrooms and an office may find additional homes to consider by searching for 3 bedroom homes and making an office space in another part of the house. Additionally, some buyers may want a newer construction home and miss seeing a completely remodeled older home.

Smart home sellers and home buyers will engage the services of an experienced local real estate professional to help them navigate today’s fast-paced market.

To download a FREE Home Seller’s Guide, go to: https://tinyurl.com/Sellingin2018

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

Visit on the web at www.maryleerealestate.com

More in Marketplace

Low inventory and high buyer demand continue to push the local real estate market, says realtor Mary Lee.
Seattle Housing Market Forecast

What’s happening in the market and where are prices and interest rates headed?

From retaining walls to patios and landscapes, Seattle Rockeries will help you create a beautiful, useable space.
Building quality from the ground up

Retaining walls and hardscaping to make the most of your property

Connect2Classes Tested: 7 Steps to Better Photography

Take the fear out of using those digital camera functions with Hudson’s Photo Workshops

Strength and perseverance pays off following life-changing diagnosis

Dancer shows you can manage your health and life while pursuing your passions

Mary Lee
There is a Better Way to Sell Your Home

5 cutting-edge strategies for ultimate home sale success

Medical marijuana? Expert answers some common questions

From avoiding pesticides to skipping the ‘high,’ here’s what you need to know

A true neighborhood studio, Crescendo Dance Academy offers classes for children, youth and adults, in addition to a competitive dance program and an Artist in Residence program.
Transforming a passion for dance into a profitable business

Community benefits when entrepreneur’s calling becomes a career

In addition to being a key employer, Boeing also works to protect the environment, educate students, support veterans and military families, and more.
Boeing releases Community and Economic Benefits Report

Company’s wide-ranging influence includes employment, education, environment and charitable giving

Connect2Classes Tested: Michael Duarte-Pedrosa checks out the School of Visual Concepts

How to Write a Brilliant Creative Brief workshop lives up to its name

Search Advertising Remains One of the Best Ways to Reach Customers

Every search can be considered a signal of intent, giving advertisers a massive opportunity.

Boeing’s six-week Fabrication internship has hosted about 120 high school interns over the last five years.
Fabrication internship emphasizes STEM education among Puget Sound high schoolers

‘One-of-a-kind opportunity’ lets students explore manufacturing and engineering techniques

Brand Websites in the Mobile, Cross-Device Era

What does the distributed, multi-device reality mean for the original channel — the brand website?