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Real Estate Market Update 19 September 2007
Buyer's Market
Its a buyers market and home prices have leveled off as forecasted in my spring newsletter. The home inventory is at an all-time high with over 2300 residential listings in Thurston County and market times are up 20% from this time last year to 88 days. Homes prices are up 4.5% in the last year, but the gain is partially, if not completely neutralized by larger home size, higher buyer bonuses and selling commissions. On a price per square foot basis the average price is only up 2.7%. Interest rates are near the 30 year low.
So what?
Its a great time to buy a home and a crummy time to sell one. If youre doing both, youll most likely break even. Sellers need to price their home realistically. This is not the time to test the market on the high side and incrementally ratchet the price lower. Its time for bold moves if youre a seller. Buyers have a huge inventory from which to choose and they are being picky. With interest rates low and the market flooded with inventory its a good time to consider investing in rental homes.
I believe that prices will stay flat or go down a little more. It's just a matter of time before buyer's realize that it's a great time to buyer. When they do, the market will rebalance and ease pressure on sellers.
The preceding comments are general in nature and do not accurately account for one neighborhood or niche market. For a market analysis of your property please give me a call.
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