Real Estate Report June 2016

The Seattle area real estate market is very dynamic right now. In my opinion, some of this can be attributed to:

  • Homes in our area are still in high demand, yet the inventory is outpaced by the demand, resulting is higher selling prices (those homes that do not sell within 21 days are overpriced and need to be reduced).
  • Foreign investors are also willing to pay more than domestic buyers and often times in cash.
  • WA state laws make it very easy to sue condo developers. You are starting to see more townhomes and apartments being built than condos.
  • There is also a lack of available land to build on.
  • Our area is still bringing in the jobs, and housing seekers with them.
  • Lending practices have improved, and buyers are being held to a higher standard.

It is truly a Seller’s market right now and we don’t anticipate any cooling down.  If you are interested in a no cost market analysis of your valued property, please call me at 205-369-2818.

Thanks,

Jeff Menday

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