Word on the street is that the market is crashing. How much truth is actually in that statement?
So what exactly is going on? Rates have fluctuated, prices have leveled and homes are taking longer to sell. The market has switched from a sellers market to a buyers market. Why? In one word: inventory. There are more homes on the market today then two years ago, giving buyers many options to choose from. New construction is everywhere: single family homes, condominiums, townhomes! You name it, it’s out there.
Home sales were up nearly 4% during the month of August and nearly 7% during the month of July compared to 2006 sales. According to the Northwest Multiple Listing Service the average number of available homes in Whatcom County during the month of August was 2524, 657 homes sold and 381 homes pending. The average home price median is between $275,000 and $315,000. Compare that to Skagit County where the average number of available homes was only 1256, 341 home sold and 220 homes pending a sale.
What does all of that mean to you? Sellers must price their homes competitively and reasonable; home staging is an important factor in attracting buyers. It is still a great time to sell, especially since the FED has lowered interest rates. Buying is beneficial due to the lowered rates and number of available homes.
Date: 2007-10-05 18:02:45