Seattle Real Estate Market Ready To Rock

SEATTLE - May 12, 2013 - PRLog -- 2012 was a big year for Seattle real estate. The NWMLS reported that home sales continue to increase substantially for the sixth straight year since the low in 2006. The numbers are even more dramatic for the first quarter of 2013. Pending home sales have increased month on month over the previous year, 21 out of the last 22 months. That is indeed reason to be positive, because most agree that a stabilized housing market is a strong foundation for local and national economies.

Seattle real estate experienced the best sales since 2006, in fact one of every two sales last year in the 22 county area of the NWMLS was in King County. Buyers enjoyed historically low mortgage rates along with good inventory. Sellers had the most opportune time in nearly a decade to attract an interested buyer with a fair price. An unanticipated active and strong fourth quarter continued into the first quarter of 2013 promising a very exciting seattle real estate market this spring and summer. Low unemployment, less inventory, low interest rates and rising rents are among factors that will create a strong housing market in 2013, comments one seattle real estate manager. The return of first-time buyers who find it is becoming cheaper to own than rent and the imminent multi-billion dollar settlement involving foreclosure mishandlings by 14 banks also bode well for a more balanced recovery.

The National Association of Home Builders and it’s IMI or First American Improving Markets Index listed six markets located in Washington. Four of these makeup all of western Washington. That is a historical first. The index is based on six consecutive months of improvement in housing permits, employment and house prices. Most who are in the market everyday and make their living from Seattle real estate agree that inventory is very important. Diminishing inventory as we are experiencing now is another of the great reasons to list and to sell a property. New construction and strong demand are also huge factors. It is interesting to note that new construction could increase supply, causing more demand, bringing more new buyers into the market. Some veterans of past housing rebound markets have observed that this market is unlike any other they have experienced. Even with a 10-15% increase in value over the past two years some buyers are still hesitant to become involved. In the words of one long term observer, “buyers keep getting more desperate”.

These factors and others are all contributing to the bottom line statement that this is the best time in years to take action in this market.  The Dave Hanson Home Team may be reached at 206 686 7525.