- In a recent article, Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), discussed the state of today’s housing market.
- When addressing whether or not today’s high buyer competition and rising home prices are evidence of a housing bubble, Yun said that this “is not a bubble. It is simply lack of supply.”
- Today’s housing market is healthy, and rising prices are driven by real buyer demand. Let’s connect to talk about the best ways to navigate such an energetic market.
Inventory, or homes available for sale has literally disappeared since the start of the pandemic. Just look at the difference from before the pandemic to where we are now. In King county, we had less than half the inventory in 2021 as we did in the same month in 2019. And 2019, was a hot seller’s market to begin with.
In the more affordable markets like Renton and Maple Valley, we saw that inventory shrink to less than 1/4 of pre-pandemic levels.
In 2019, we might have had 3 to 4 offers on a well priced and presented listing. Today, we can expect 3 to 4 offers minimum on every listing and the best priced and presented homes are receiving well over 10 offers.
If you want to sell your home, this is the time to do it. Tell us how we can help you by completing the following information.