Chances are you've thought about cashing out on the equity you've built with your Seattle (or surrounding area) home the past few years? Well pump the breaks! Below is an update that you should see before you stick the for sale sign in the ground!
It’s been an interesting month in Seattle as inventory drastically increased by 36% in May of 2018. The median home price for all of Seattle is $830k. With the increase in inventory we are seeing homes sit on the market for longer and only get one or two offers. Not bad compared to the rest of the country, but if you're expecting your home to garner 10%-20% over asking price you may want to rethink your strategy.
There’s several reasons for this economic slow.
- Increase in inventory
- Buyers fatigued and going on vacation (i.e. graduation, kids out of school, vacation, etc.)
- Amazon Head Tax Fear
Per many conversations with stagers and photographers, there is talk of more inventory hitting the market in the coming months. This will increase inventory (supply) and decrease competition (demand), thus reducing prices across the region.
If you're thinking of buying, now is the time to strike!