Found this great article in the Seattle Times Recently…
More homebuyers chased slim pickings in King County last month, sending house prices to their highest level since December 2010.
The median price of single-family homes sold last month was $360,000, up 9 percent from March and nearly 3 percent from April 2011, according to statistics released Thursday by the Northwest Multiple Listing Service. It was the second month-over-month gain in median price.
There were 1,769 houses sold in King County last month, 15 percent more than a year earlier.
Rock-bottom mortgage rates and improving employment have set the stage for a stronger spring homebuying season than a year ago, but what’s on every broker’s lips is inventory.
Inventory — the number of houses listed for sale — slid for the ninth month in a row, down 38 percent from a year ago. In April 2010, there were almost twice as many listings.
I haven’t seen inventory this low in years. If you find something you like you must act quickly and be prepared.
Another factor in the picture: Low apartment-vacancy rates are giving landlords the ability to raise rents, which in turn may be pushing some toward buying a home.
Jobs are increasing I just heard Amazon is also looking to expand their already taking over the south lake union area hub. Which is a great sign for employment and people moving into the area.
“The job market is improving, the rental market is definitely getting tighter, and a lot of people like myself who sat out the real-estate bubble, they’ve been waiting to get to a range they feel is comfortable,” Ellis said.
“This year is a year where they’ve flipped that switch to buying.”
Read More On this Article…@SeattleTimes.com
We have had more multiple-offer situations in the first quarter than all of last year. In fact in some areas such as capitol hill we just put two modern homes on the market and went pending with in 2 days. Modern style homes in Seattle have been a favorite for some buyers and have seem to be flying off the shelves.
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