Local real estate market update – December 2017

 

• Accepted Deals Outpace New Listing Again
• Inventory Levels Continue to Tighten
• Home Values Increased 10.8% from Last Year

Both inventory and pending sales dipped to their lowest levels since April, while prices still increased by double-digits in most of western Washington.

Current market supply is about one month and, until we have at least a three-month supply, we won’t see a normal market. But, we’ve seen these low inventory levels since 2013, so maybe this is going to be the new normal. In Western Washington, overall inventory is about 1.4 months of supply; in King County, supply has dwindled to 0.79 months, and only slightly better, at 0.89 months, in Snohomish County.

Home-selling Myths

Pricing your own home is hard, what with all the history and hopes this magic number entails. Of course, you want to make a profit. Of course, all that money you spent installing a swimming pool or a half-bath will be recouped, because you’re leaving your digs in better shape than when you bought it, right?

Well, not necessarily. Too many home sellers fall prey to myths about home pricing that seem to make sense at first, but don’t jibe with the reality of real estate markets today. To make sure you haven’t bought into any of this malarkey—since the buyers you’re trying to woo sure haven’t—here are some common pricing myths you’ll want to rinse from your brain so you kick off your home-selling venture with realistic expectations. It’s time to get real, folks!