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New: Five Reasons You Should List Your Home Today

Posted on Aug 10, 2017


You may have heard that it’s a seller’s market right now. However,you may also be wondering what exactly that means for you, the potential seller. Here’s the rundown of the current seller’s market and a few reasons why you shouldn’t wait to sell your home.

 

1. Seattle is one of the hottest housing markets in the country.

According to several different reports, Seattle’s real estate market is one of the hottest in the country for 2017. And the city of Seattle isn’t the only area that’s hot: King, Snohomish, and Kitsap Counties are all experiencing competitive real estate markets right now.

2. Inventory is low.

There are currently more people looking to buy homes than there are people listing their homes in the Seattle area. According to the Seattle Times, inventory is down by 27 percent when compared to last year’s numbers. This means that competition among potential buyers is high.

Plus, this competition often results in bidding wars, which means that sellers are likely to receive more than the original listing price. About 75 percent of listed homes have received multiple offers this year, and 56 percent of homes are selling for more than the asking price. In several city neighborhoods, and in central Bellevue, north Kirkland, and Kenmore, bidding wars have occurred for 90 percent of homes on the market this year.

If you are about to list your home, these numbers are very very good for you. (Potential buyers jumping to throw monetary offers at you for your home? Yes, please!)


Email us TODAY for a free home valuation:
info@pickettstreet.com

3. Mortgage rates are low.

Mortgage rates have been hovering around 4 percent since about 2010. Fun fact: between about 1980 and 1982, mortgage rates were around 17-18%, and they have been (mostly) decreasing since then. According to Zillow, the most recent 30-year fixed rate mortgage for Washington State was around 3.69 percent. For individuals thinking about buying homes, these low rates provide even more incentive to finally take the leap.

Professionals are advising people to sell now rather than wait; mortgage rates might rise in the next few years–to as high as 6 percent in 2019–and these higher rates will deter people from buying homes.

4. Job markets are on the rise.

Unemployment is steadily decreasing, and wages are increasing. In fact, Seattle currently has more job openings in the tech industry than Silicon Valley. These factors give potential home buyers even more confidence when shopping, which is good for sellers.

5. New Fannie Mae changes help home buyers.

In order to help individuals with student debt buy homes, Fannie Mae has introduced some new rules. Check out last week’s blog post for more information about this.

Just in case we haven’t made the moral of this story totally clear, if you are a homeowner who is considering selling your home, do it now.

The odds are, you will thank yourself later. If you’re interested in listing, Pickett Street is ready to help you: ((425) 502-5397 or info@pickettstreet.com).


Email us TODAY for a free home valuation:
 info@pickettstreet.com

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