Inventory is still extremely low; in January 2013 compared to January 2014 there are approximately 70 less homes on the market in the Bellevue area. Inventory that is available seems more likely to have not been updated or maintained as well. With inventory low, buyers are more apt to overlook certain shortcomings in properties, especially if it is in a desired area or neighborhood.
This is definitely still a sellers’ market in most of Bellevue. Home values are rising and homeowners are getting excited to find out they have equity in their property again. There are still some homeowners that bought at the height of the market on the last cycle that may benefit from holding off and waiting longer to sell.
Interest rates are still looking great, but rates could go up once people see rates start to rise, they will hurry and buy any kind of property and this could artificially increase market price for a short period of time. For more information on Seattle real estate, contact your local real estate agent today.