Seattle Real Estate Market Update
There are no easy answers to these questions, but I’ll make my best educated guesses for what you can expect for Seattle Real Estate in 2011.
- The good news is that real estate prices are stabilizing, but the bad news is that the amount of quality inventory is getting tight and interest rates are definitely on the rise. This is creating a pretty substantial sense of urgency for buyers on the fence. The 2011 Spring market is red hot compared with the last two years.
- On the flip side, sellers that don’t have to sell are choosing to wait out the market. This unfortunately means that there is less quality inventory of homes and condos for sale. These Seattle home sellers are simply holding out for better prices in 2012 and beyond – which makes 2011 a great year to buy if you can find something you want! Keep in mind that inventory can be tight at certain price points in certain neighborhoods. But I can testify that the quality listings are going super fast right now, it will not pay to wait. And hey, more sellers might enter the market but with higher expectations and price tags. Overall, this will create a much healthier Seattle Real Estate market where quality listings will go fast.
- Rising interest rates will be more important to the buyer than trying to time the market for the lowest purchase prices.
- Desirable Seattle and Eastside neighborhoods that are close to retail services and good schools will remain steady – especially at first home buyer price points. Quality Real Estate has always rebounded first and it is beginning to happen.
- Even the “bubble” bloggers are saying that the Seattle 2011 market will have roughly flat pricing in quality neighborhoods and have a slight increase in sales volume–-creating a great time for buying and (finally!) the ability to sell without too much pain.
- The NWMLS Press Releases are usually pretty positive, and they recently gave us even more good news: “Dramatic increases in open house activity and shrinking inventory are fueling optimism among members of the Northwest Multiple Listing Service. Commenting on the just-released MLS report on January’s housing activity, one director stated, ‘There is a strong belief in the industry that the worst is behind us and we can look forward with confidence.’” Music to any Seattle property owners ears.
- It’s also important to keep in mind that distressed properties (short sales, foreclosures, and bank owned) will still play a factor in the Seattle market. We’re not out of the woods yet, but it’s not quite so dark.
- In my opinion, while 2011 might not be the strongest seller’s market in Seattle’s history, don’t be a buyer in 2012 that wish they had made their move in 2011!
Predicting the future of Seattle Real Estate activity for the next year is always inexact, but I believe wise buyers and sellers can both take advantage of more favorable market opportunities – especially interest rates. And we here at Urban Abode are ready to help you make the most out of a promising 2011.
