As the rest of the country is seeing huge declines in real estate prices and sales, the Northwest continues to be a bright spot both in Real Estate and the overall economy. Washington CEO states, “Compared to the rest of the nation, the King County economy is robust.”
While the Real Estate market has slowed, and houses are taking longer to sell, the current outlook is strong. Well qualified buyers may find the time is right to take advantage of historically low interest rates on 30-year fixed rate mortgages. But sellers shouldn’t worry too much, especially if they are selling a home in the lower-end price range (200 to 400k).
So yes the outlook is unclear, and no one has a crystal ball, but sticker shock in the Northwest is still not a thing of the past. And the outlying areas like Kitsap and Yakima counties are still showing pockets of strength.
http://www.yakima-herald.com/page/dis/290970606980460
While overall home prices are appreciating, Yakima’s real estate market has some pockets of weakness. Mid-range home prices and sales are slowing. Lower-priced homes, up to about $200,000, are selling rapidly.
And just as I’ve told many of my buyers and sellers, expect the market to pick up again around April, after everyone has finished their taxes:
http://www.yakima-herald.com/page/dis/290970606980460
“With all the snow, there aren’t a lot of buyers out there looking at houses. We were expecting something to happen in September-November period,” Kerr said. “The Realtors say there should be a lot of movement in April. We are sitting tight here.”
So my advice to buyers: buy now! And to sellers…. take the next two months to get your house in order, and contact me about listing it in April.
