Home prices are up and that’s great news for those fortunate to already own a home. But for the hoards of people who have lost a home due to the recent housing bust or those just trying to get started, this uptick in home prices isn’t exactly great news.
I took a look at the latest statistics for the most affordable region of King County: which is the Southwest quadrant and includes areas such as Tukwila, Seatac, Burien, Des Moines, Federal Way and parts of Auburn.
The good news for home buyers is that these higher prices might actually encourage more listings as home owners realize they are no longer underwater. Unless inventory increases or interest rates increase we are likely to see both demand and prices continue to rise in the King County real estate market.
Savvy real estate agents track supply and demand closely to find out what the trends tell us about the upcoming months. And page two of Alan Pope’s seasonal chart of supply and demand shows exactly that. The higher the line is on page two the better it is for seller and the lower it is the better it is for home buyers. Click here to see Alan’s chart.
As we approach the end of the year we are likely to see both buying activity and new listings slow which is customary for the final months of any year. When the spring market roars to life in February of 2014 we are likely going to see bidding wars as a result of pent up demand from home buyers who were dissatisfied with the selection of homes in 2013.
If you are considering buying or selling in the upcoming months, be sure to consult with an experienced real estate agent early in the process so you can take advantage of timing the market to maximize your own goals. Just give me a call at 425-432-9430, I’m here to help.