The national real estate market continues to maintain steady growth and appreciation, as evidenced by the latest Case-Shiller Index, which showed steady increases in month over month home prices, across 20 major metropolitan areas. Since the beginning of 2012, the indexes have risen 3.5%, a sign that the bottom of the market may indeed be behind us. What is even more encouraging is the year over year appreciation, as noted by the index, posting the first positive numbers since the end of the home buyer’s tax credit of 2010.
As the housing market gains strength, the inventory of both new and existing homes has dwindled. Motivated buyers are moving off the fence to take advantage of the historically low rates and adjusted prices. Because of this, multiple offer situations have become increasingly common and have intensified the market.
The strong sales activity has triggered prices to rise in the more affordable and mid price ranges as well as the higher price ranges near job centers; signaling a flip in the market.
Mortgage rates at near historically low levels are not only helping bring buyers to the negotiating table but also helping current homeowner’s refinance into lower payments and incentivizing many home owners to include those with smaller budgets due to a lack-luster economy keep their current home rather than selling.
Initiated by the elevated number of residential investors and local home buyers gaining confidence and reentering the market, the Northwest housing market has seen a surge of buyers.
It’s critical for anyone considering buying or selling a home to communicate regularly with a real estate professional who is keeping a close watch on the market conditions to properly advise them on actions necessary to prevail in the market. If you or someone you know needs professional help buying or selling real estate in King County, call me today at 425-432-9430