We’ve all been patiently waiting for good real estate news for years here in Seattle. Every time we’ve gotten a glimmer of hope that the market picking up, some gloomy new news always seems to quickly quash it. 2013 is going to be different. It already is. Though not everywhere in the USA is going be be rallying, Seattle has already seen a 17% increase in housing prices over the last year. Ray Akers had a great article in City Living Seattle last month. His bottom line: “Expect A Robust Recovery.”
There are several reasons to be optimistic. Seattle is among the top 10 seller’s markets in the country right now. Many buyers have been waiting for more positive signs that the market is recovering, and now that it’s clear it is, there’s a large demand for properties in an ever-shrinking inventory of available houses. Seattle is well ahead of even the experts’ rosy forecasts. Ray predicts an incredible 25% increase in home prices in just two years. Ray also suggests that if you are planning to sell in 2013, you should get in early; “The data shows that early buyers tend to pay more for what they want. In addition, if your home is in good condition and in a nice neighborhood, you should expect multiple offers, which result in a sale at full price and likely in excess of the listed price.” Ray has good news for buyers as well. Lenders will be relaxing the rules a bit in 2013, making getting a loan easier than it has been in the past several years.
For buyers, sellers, and investors, the message is clear: Now’s the time to act. Prices are going up and the inventory of available house is going down. If you have good credit and are pre-approved for a loan, the skies have never looked sunnier.