When will we see more listings in the Greater Seattle area? This has been a major question on many first time home buyers minds. In the housing market decline many home owners lost enough of their equity position that they ended up under water, or owing more on their mortgage than the house was worth. This often prevents them from selling.
Is this still the case with many home owners? This equation is definitely changing due to all the appreciation we have seen in the Greater Seattle area. Depending on the demographic that you’re looking at, many areas values are about where they were in 2006. If prices continue to rise we may get to 2007 levels at the end of 2013 or early 2014.
Will this cause more home owners to list? This definitely could be the case. Many economists speculate that there are a lot of home owners that either bought or did a cash out refi in 2006-2007, that would really like to sell but won’t be able to until values reach these prior year levels.
Should first time home buyers wait until there’s more available inventory to buy? That really depends on your specific situation. If you wait for more inventory, it’s quite likely home values and interest rates will continue to rise. However, if you currently have room to afford more house and aren’t concerned with being priced out of the market, waiting might help you find a home that better fits your needs.
Don’t make the biggest financial decision of your life without getting educated! If you’d like to find out more about todays current housing market or the home buying process in general, please go to our Calendar/Reservations page and register for one of our FREE First Time Home Buyer workshops.