Are We Feeling the Shockwaves of Seattle’s Market?

The headline on the front page of The Seattle Times this morning is “Home Prices Jump in South Seattle”.  The article goes on to say the City’s median house price is now nearly $820,000. We feel the shock waves of the Seattle market here in Whatcom County as more Seattleites search up & down the I-5 corridor to find an affordable home.

More often than not, one hears “how can local folks afford to buy a home here”? Many times the buyers are people displaced by the high prices of the Seattle market & searching out a place for their family. Terms we are hearing now include “Pressure Cooker Market”, “Surging Prices”, “Instant Response Market” rather than a “Quick Action Market”.  No matter what terms you prefer to use, know that our local real estate market will continue to rise, inventory will be in short supply & while interest rates will continue to rise, it’s doubtful to me that it will do much to slow things down.

Here’s a great visual on the number of homes available overtime:

April 2018 Snap Shot

If you or your friends or family have questions about the market, Mike & I would be more than  happy to help you make some sense out of it.  Give us a call at 360 303 2734.

 

Speak Your Mind

*