Bidding Wars & Preinspections.
Is this another bubble?…
Let’s just get real about the numbers…
There is a lot of speculation and worry that we are back to prices at the peak the market in 2007. Well let’s just put that to rest right now.
This map, shared with us by Keeping Current Matters with data from CoreLogic, breaks down how prices currently compare to where they were at the peak of each market in the US.
Washington State experienced the peak in July of 2007 and is still 10.9% below our peak prices. While the market in Seattle is fast and furious, we arent back to our bubble phase. There were many factors leading to the decline of the economy, and with it, real estate prices. Many of those factors are not in play now. For instance, you need more than a pulse to get a loan – Not true in 2006!
What does this mean to you? As a seller, it is obviously a stellar time to sell your house and get a premium for your property. But even as a buyer you are in a good place. Interest rates remain low and despite the stories of bidding wars and failed offers prices are still at a reasonable place. It’s all about strategy. With my expert help, you will benefit from tried and true techniques and best practices to make sure you are able to take advantage of this market.
It is always our goal to help our clients be educated about the numbers. Whether you are at the next cocktail party, having a conversation by the water cooler, or chatting at the kids soccer game – you can be in the know, and educate others about our market. Please let us know how we can help!