It is a Great Time to Buy!
Remember back in 2006 when there was no real estate inventory and people were climbing all over each other to buy a house in Seattle? Most houses had multiple offers, buyers had to pay money and pre-inspect not even knowing if their offer would be accepted and, everyone was run ragged. My personal home purchase that year won out over at least 10 other offers - it was very stressful, even for an agent. The interest rates at that time were around 6.25%. Now, prices are back to the 2006 level, intereste rates have dipped below 6% AND the inventory levels are great. Some houses are still moving the minute they come on the market and there are a few multiple offers here and there but, if you are a buyer, you have options and great intrest rates.
Will the prices fall more? Who knows but the stats so far look like things are leveling off a bit in Seattle and with so many people relocating here for jobs it is just a matter of time before the inventories tighten up. The experts still predict a housing shortage in 2010 but recovery could take until late 2009, or not. At this point it is anyones guess. There are a lot of benefits to home ownership so if you are planning on being in your home for a number of years, now is a great time to buy - you have more options now than ever which means more opportunities to find that home of your dream.
Written by: Kerri Sheehan, Realtor -Keller Williams, GRSE LLC
