It's official! Kitsap County has less than 1 month worth of inventory and homes are now being sold as quickly or faster than in the Seattle market. A normal housing market has anywhere from 6-7 months worth of inventory, so having less than 1 month is causing a problem.
We have more home buyers then we have home sellers and this causes home prices to go up and creating multiple offer situations. Buyers are having to compete for homes and more times than not, are having to pay more than what the home is listed for. The last 4 listings I've had on the market all went pending in under 10 days and all of them had 3 or more offers, all over asking price.
There is some good news and bad news for sellers on this issue. You are able to sell your home for top dollar and get to have choices in which buyer you choose. On the flip side, if you are going to buy another home, you will be in the same competition as all the other buyers and have to fight for it. With Mortgage Interest rates on the rise as well, waiting for home prices to go up to sell your home, could bite you in the butt when you go to buy. Remember, interest rates effect how much home you can afford. If the interest rates begin to rise along with home prices, you could be priced out of the market all together.
The first step in making sure you are a buyer who can compete in this market, you must get pre-approved with a trusted lender first. If you don't have a pre-approval letter along with your offer, sellers won't take your offer seriously. The other important reason to get pre-approved first is you will know exactly how much home you can afford and you will see if there are any credit issues that need to be addressed. This way, you will have no surprises!
The best solution is for more people to list their homes for sale. We need the inventory to even things out in our local housing market. Whether you are wanting to move up or downsize, this is the best time to sell. If more people put their homes on the market, there will be more homes for you to choose from as well, when you are looking to purchase.
The diagram below tells you the median price in each county. This helps you to decide if you can afford to live in the area of your choice and to show you an average valuation of homes selling in your area.
If you have thought about selling your home, contact me today for your FREE Comparative Market Analysis!