Both King and Snohomish County have posted negative YOY price appreciation for the first time since the recession. What does that mean for our real estate market?
In both King and Snohomish County we saw home prices decline in the 2nd half of 2018, which caused the negative YOY price appreciations to show up in the 2019 data. Prices remain flat for 2019 and have not recovered from the peak in June 2018. We saw positive gains in new inventory stock in 2018 which put downward pressure on home prices, but that has since reversed in 2019, as sales are outpacing new listings to come on the market again. We still have a housing shortage which will put continued pressure on home prices to rise.
Home prices stabilizing is great news for both home buyers and sellers. Good homes, in good areas that are well priced can still draw a crowd and multiple offers. But the frenzied pace of crazy offers has pretty much evaporated giving home buyers the needed space and time to make good buying decisions.
We have more great news in that interest rates have dropped down around 4% again making the buying power go farther. This makes a great time for both home buyers and home sellers looking to make a move to a different home.
We offer a free comprehensive market evaluation for home sellers. There are no computer models out there than can place an accurate value on your home. Our valuations include a home visit to allow us to consider improvements and additions you have made to your home. Computer models have no way of know what kind of improvements you have made to your home and we can factor those into your pricing.
Buying or Selling - we do it all! Just give us a call!
Jess and Julie Lyda
RE/MAX Northwest Realtors
Office: 425-487-3001
Cell or text: 206-851-3039
Email: Julie@JessandJulie.com