“Seattle-area home prices maintain upward march” was the headline at the top of last Sunday’s Business section of the Seattle Times, and something I can sure attest to on the Eastside. Seattle home prices (including King, Snohomish and Pierce counties) are up 4.8 percent from a year ago, as reported in the most recent Standard & Poor’s/Case Shiller home price index.
This steady price increase is motivating potential buyers to get serious about making a purchase, and giving potential sellers confidence that they can sell at a good price. My job is to help the two – buyers and sellers – connect!
This situation in our housing market reminds me of what I learned in an economics class. It’s the perfect example of how the law of supply and demand works. Here on the Eastside, as across the nation, there is a record low inventory (supply) of homes on the market, at the same time there is high buyer demand, motivated by low interest rates. The scales are tipped high on the demand side, and incredibly low on the supply side.
This “lopsided” scale not only contributes to increased home prices, it also gives homeowners increased home equity. David Blitzer, chairman of the S & P Index Committee, summarized that “It is safe to say that we are now in the midst of a recovery in the housing market.”
So if you’ve considered selling, or are interested in finding out your homes’ current market value, give me a call at 206-819-0685. I’d love to help you benefit from this low-inventory market. You could make it a very special holiday for an anxious homebuyer.