THE FACTS

Todd referred to the recent articles as “irresponsible reporting that does not accurately reflect the data.” He stressed that this is NOT 2008, referring to this as a “temporary pause in the market.” Here are some stats: Since the market shifted in June, prices are now down 11% across the board, and we currently have two homes for every buyer. Most affected are properties in Seattle over $1million – volume is down 40% in this category. Snohomish County is less affected and sales in Pierce have actually increased. Millennials make up 25% of the population but 50% of the buyers. He predicts they will be migrating to single-family homes in the suburbs over the next 5 years, which will hurt the Seattle apartment market which is overbuilt.

FOR BUYERS

This temporary pause in the market is creating a window of opportunity for buyers this spring. “Those that jump into the market first (the earlier the better—before June) will have the most negotiating power.” He said that we will see inventory climb consistently until the media reports that it is a Buyer’s Market (most likely in the 2 nd quarter), at which point the approximate 30,000 buyers who are waiting will hit the market hard and will eat up the inventory quickly. If you need to sell first, contingent purchases will be much easier to do this spring. Contact me today to take advantage of this window of opportunity!

FOR SELLERS

It is more of a situational market – what do you need to accomplish? If you are in no hurry, Todd recommended waiting until August to list. If you need to sell sooner, price it 1-2% below value and expect 20 to 30+ days to sell. Positioning and strategy will be of extreme importance so that your house will stand out amongst the competition. I am here to help. Call me for a private strategy session to determine how to maximize the return on your home and, above all else, to make sure that you are not chasing the market downward.

If you would like to hear Todd in person, our brokerage is sponsoring another market update on 1/25/18 at 8:00 a.m. for breakfast at the Columbia Tower Club in downtown Seattle. Contact me for details if you would like to attend.