We're well into 2014 and the real estate market is off to a great start. Now that the holidays and Superbowl celebrations are behind us, more people are starting to think about buying and selling homes again. Matthew Gardner, of Gardner Economics, recently gave a presentation with his predictions for the coming year for our area. In summary:
"Regional Employment Situation: Seattle remains one of the best west coast locations relative to potential growth; overall, we are looking better than a vast majority of states in the union with the metro area & I anticipate over 35,000 new jobs (2.5%) in 2014."
In addition, Mr. Garnder predicts that interest rates will climb, inventory is still low but will increase a bit, and prices will increase this year in the mid- to high-single digits. Even with prices going up, he does not forsee a housing bubble forming.
By all reports we've seen, we are at least two years into a great housing market with 2014 continuing the trend.
If you've been paying attention to the local and national real estate news, you'll know that there is a very low number of houses on the market for sale. And this is pushing prices up – yeah for sellers!
Why is now a good time to list your house? Here's a great video from the Washington Association of Realtors: 10 Reasons to List Your Home Today.
All areas of the eastside are defined as a sellers' market right now, with inventories ranging from 0.7 to 2.3 months of inventory (that means if no other houses were listed, then all of the currently listed houses would be sold with that time frame at the current rate of sales). A balanced market is defined as a 3-6 month supply of homes. Obviously, we need to add a lot of inventory in order to reach that.
So if you have been thinking of listing your home, this is the best time in the last five years to do it!