Lennox's Real Estate Blog

sharing my passion for real estate

King County Real Estate Sees Positive Shift

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Single-Family Inventory Levels Very Low Close To Job Centers

The psychology of the residential real estate market in King County is shifting in a more positive direction; the roller coaster has started to level out with single-family home inventory levels decreasing and prices stabilizing under $750,000 in markets close to the job centers in Seattle and Bellevue. Simultaneously there’s a pool of buyers that are motivated to take advantage of low interest rates and increased affordability. As a result, when well positioned homes in the aforementioned areas come onto the market, there is an immediate spike in buyer activity. This back log of buyers has already seen the existing available inventory, so they’re excited to see new properties as soon as they hit the market. This provides those listings with instant exposure to eager buyers.

What we need in King County are more single family homes close to the job centers, in good condition, and priced to sell. The pool of interested buyers is out there, but many would-be sellers are apprehensive, so inventory is limited. This is understandable given the state of the economy in recent times, but experts all around the country are starting to point to positive indicators that some markets are in recovery mode. Consumer confidence is rebounding which is one of the leading indicators of recovery. Furthermore, King County has recently reported lower unemployment rates than the national average. In the Seattle/Bellevue area we are very fortunate to have businesses that continue to be strong sources of employment. Companies like Microsoft, Amazon.com, Google, Boeing, Starbucks, and our ever growing Bio-Tech industry are helping the Puget Sound area weather the economic storm.

Well positioned homeowners who are weighing their options about selling should consider the conditions in which they will buy their next home. Interest rates have been under 5% for the last several months, but many economists expect them to rise over the coming year – and this can have a substantial financial impact on a seller’s subsequent home purchase. That’s because an increase of just one-half point can diminish their purchasing power by five percent or more. Furthermore, recent market activity shows that homes close to the job centers in Seattle and Bellevue that are in good condition and priced correctly are selling in a timely manner – and some are even getting multiple offers.

As always, thanks for reading.

Lennox

Written by Lennox

March 25, 2011 at 5:09 pm

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