Median Home Price In Seattle Surpasses 2007 Peak

housing marketIt has finally happened – Seattle’s median home price has officially topped its 2007 peak, the Northwest Multiple Listing Service is reporting. The median price now stands at $543,500, significantly more than the $501,000 peak of 2007, and nearly $80,000 higher than the median in July 2013 of $465,000.

Seattle’s market appears to be recovering by leaps and bounds compared to the national market, where the median price for homes in the top 20 markets is still 18 percent below the the peak set in 2006. J. Lennox Scott, the CEO of John L. Scott Real Estate told The Seattle Times that the major factors boosting our housing market are jobs – Seattle’s unemployment rate is down to 5.8 percent – and interest rates, which are historically low.

Another factor likely playing a part is that inventory remains very limited, and prices are responding in classic supply-and-demand fashion. Bidding wars are erupting for the few homes that are available, pushing prices upward. According to The Seattle Times article, some neighborhoods in Seattle such as Ballard and Green Lake only have a one-month supply of homes listed for sale, in a market where a 4-6-month supply is considered “balanced.” According to data from Redfin, 39 percent of homes in the Seattle Metro area sold for more than the listing price in the second quarter of 2014.

If you are interested in buying or selling a home in the Seattle area, contact your local real estate agent today.

 

Tips to Buy During the Holidays

While other prospective buyers are taking a break from the home search grind, you’re steadily on the prowl for the perfect home during the holiday season, most likely because you have a greater need to buy sooner rather than later. You might be relocating to the area due to work or family, or maybe your current living arrangement has been compromised – whatever your situation may be, there are some perks to buying a home this time of year. house with bow

For one, the competition is much less aggressive. We’re less likely to see bidding wars with less competition between buyers, which might ultimately mean a lower overall price for you. Just as searching for a home during the holidays makes you a dedicated buyer, dedicated sellers are also searching for a buyer during the holidays. Trying to sell at the end of the year isn’t convenient, meaning sellers trying to sell this time of year usually aren’t choosing to, they need to sell in a timely manner. This might mean less negotiating for you, and possibly a quicker acceptance of your offer. Historically, lenders are also less busy this time of year, so its possible you might get a faster mortgage approval. It also pays to shop around – don’t go with the first lender you meet, get quotes from several before you make any decisions. Home prices in Seattle are remaining high, but December is typically a lower month even for our city sales. If you want to take advantage of these low season perks, contact your local real estate agent today.