Are we there yet?! The bottom that is? Many first time home buyers in Seattle have been postponing their home purchase because they’re not sure whether housing values have bottomed out yet. Even with mortgage rates at all time historic lows (see “Mortgage Rates Hit Record Lows” ), they fear they’ll kick themselves if they buy before values have reached bottom.
Median home prices can help us gauge whether we’re still falling. With any statistical analysis there’s room for error, so median prices don’t guarantee ALL house values are decreasing/increasing. BUT it’s one of the best barometers we have.
Median LIST prices in the Greater Seattle area rose nearly 5% month over month in March (see “7 Metros Where List Prices Soar” ). So is an increase in median LIST prices the same as an increase in median SOLD prices? Not necessarily. But…
List prices could be rising because sellers and listing agents are continually seeing multiple offers. This soar in list prices could signal confidence that sellers can command higher prices due to increased demand and lack of decent inventory. Whether or not this strategy will translate into higher SOLD prices remains to be seen in the coming months.
It’s not too late! If you’re a first time home buyer in King County there’s still time to get educated and make an informed decision. Go to our Calendar/Reservations page and sign up for one of our FREE First Time Home Buyer Workshops. Don’t make a decision before collecting ALL the facts!
