Waiting may also reward the more selective buyer with increased inventory. However, Seattle's March inventory was up only 74 units from February and 25 from March 2023. So, is more inventory truly on the way?
Homeowners across the country are sitting on a tremendous amount of equity. According to ATTOM Data, 67.4% of homeowners have paid off their mortgage OR have at least 50% equity.
With so much equity, what's the incentive to sell? Well, there isn't one unless there's a big life event taking place. Our listings this year have resulted from death, divorce, or downsizing—what I call forced motives for selling. Homeowners are staying in their homes longer, which will continue to put pressure on the housing supply.
Unfortunately, new construction isn't keeping up with demand, particularly in Seattle, where most new homes are not designed for the aging population that holds the majority of properties in the area. As a result, I predict that the affordability conversation will continue for years to come, and I don't see a significant increase in available inventory for single-family homes in the near future.
What should you do?
It all boils down to your goals. And that's where my team and I shine - helping you define your goals so we can help you achieve them.
It's impossible to time the market and even more difficult to time your life. Deciding to sell or buy real estate is a calculated move that should never be based solely on what's happening in the market.
Yes, it's wise to take time to consider how you fit into the marketplace, but there is never a perfect time to sell or buy a home. But there certainly are better times of the year to sell (and buy)!
If you're ready to make a move this year, we look forward to helping you determine whether now is the best time.