How’s the first time home buyer market doing in Seattle? Competition is still STIFF. Low inventory levels are still leading to multiple offer situations and even some bidding wars. Months of inventory (essentially supply vs. demand) is at about 1 month for entry level housing in North Seattle. Many other first time home buyer demographics are seeing similar trends, which means its a seller’s market in many places around the Greater Seattle area.
So when will it get better for first time home buyers? In When Will We See More Listings?, we described a potential timeline for more listings coming on the market in the near future. We’re still speculating that this may come to fruition in late spring/early summer of this year. If this is the case, first time home buyers should have more to choose from in the next 4-6 months or so.
So should first time home buyers wait until there are more choices? In our past blog we also described some pros/cons for waiting. There are numerous variables to consider such as appreciation levels, interest rates, life circumstances, etc. It really just depends on your specific situation, so you should gather information based on YOUR goals, not necessarily what the media is covering in general.
Don’t make the biggest decision of your life without getting educated! If you’d like to learn more about first time home buyer inventory levels in your specific area, or about the home buying process in general, please go to our Calendar/Reservations page and sign up for one our FREE First Time Home Buyer workshops.