What's Going on With The Real Estate Market in 98058?
We help our real estate clients buy and sell homes all over the PNW in Renton, Kent, Maple Valley, Seattle and so on... but Fairwood is our backyard and we pay special attention to what is going on in 98058. Below are some data and graphs as well as our thoughts about the current real estate market. The data is pulled directly from the MLS. It is always 30 days behind the current month but you will be able to see the trends for pricing, days on market and the number of new/sold sold listings in Fairwood.
While most agents are complaining about high interest rates and the slow-down of real estate sales, we welcome the change in the King County real estate market. Looking at the MLS report below for September's activity, the quantity of homes sold in 98058 is down by 25% from this time last year and average days on market is up to 45-60 days. This represents the major shift in the market that hit us over the Summer. BUT even with these changes from last year, prices are the same! The bottom-line is home prices are stable, not dropping according the data.
Now that prices have evened out, buyers have a fighting chance at home ownership without having to offer hundreds of thousands of dollars over the asking price of homes. Home sellers are still sitting on huge amounts of equity from the price increases in recent years. We are now in a normal market which benefits both buyers and sellers!
Key Takeaway for Sellers:
Now is a great time to sell your home! You have massive amounts of equity and prices are stable. There are also serious buyers in the market. A home that is presented well with our home sales concierge and priced accordingly to TODAY'S market conditions is having no trouble selling. We are in what we call a normal market right now. Learn more about selling your home here: www.rosierourke.com/selling
Key Takeaway for Buyers:
Buyers... now is your chance! We are in the first buyer friendly market since 2012. You have time to stop, think and breathe before you make an offer. There is also a lot of homes to choose from compared to earlier this year, inventory is up almost 200%. Yes the rates are higher but they will come down. "Date the rate, marry the house" as we say. We work with some amazing local lenders that have programs to help you lower your interest rate, just ask and we can refer you to them. Learn more about buying a home here: www.rosierourke.com/buying
