With a fiery start to the Bothell & Greater Seattle real estate market in 2018, there seems to be no sign of any slowdown in demand for housing in the foreseeable future. Relocation for jobs keep adding up, and the area is becoming as desirable as ever. Looking to buy for the long term or sell in the short term is looking amazing for 2018. Let’s look at some of the in-depth stats year over year from February 2017 to February 2018 in King & Snohomish County:
King County Real Estate Report
The average sales price is consistently increasing for both residential real estate (12.8%) and condos (16.1%) for King County. The average sales price in King for residential homes is nearing 800K. What is truly incredible is the speed of which transactions are closing at: In 2017 it took an average of 42 days for a real estate transaction to close, and 31 days for condo sales. In 2018, we are down to 27 days and 20 days respectively. This is not surprising due to the competitiveness of the market. In order for a buyer to stand out in multiple offer situations, they will need a lender that can close fast in order to compete with all cash buyers. It also doesn’t help that there is 0.7 months supply of inventory of homes on the market at any given time (-12.5% from 2017). What this means is that if no homes came on the market in the next three weeks or so – we would have ZERO homes on the market. We need more homes for sale!
Snohomish County Real Estate Report
Snohomish County has absolutely exploded in the last year due to the staggering increase in prices in the Seattle area. Residential real estate has increased 16.1% year over year, and a staggering 28.3% increase for condo prices (!!). Just like King County, the speed of which deals are completing are fast – from 42 days to 30 days for homes, and 30 days to 18 days for condos. You must have a quick lender to compete on a desirable property in Snohomish as well. Home sellers will love the fact that there is only 0.6 months supply of homes on the market, and an unfathomable 0.3 months for condos. With less listings comes less competition for sellers, which means many more buyers will see your home if it is properly marketed.
What this means if you are a buyer
It’s a very competitive market, but an incredible long term investment due to our growth. You need a Realtor that can help you craft a strategy to beat multiple offers, and a lender that can close fast and is responsive. A great agent can help you beat cash offers without overpaying. We have a guide that can help you navigate the market to prepare to win with ease. Download it from our sister site Beat Multiple Offers here: http://bit.ly/beatcashoffers
What this means if you are a seller
This is the market to sell. Anyone can sell a home, you can even sell your home yourself because it’s so hot. But, if you want to make the most money, you will need the most effective strategy to get all the attention on your home to get buyers excited. You need to attract multiple offers. We advise hiring an experienced Realtor. The commission that you will pay an agent in most cases will be covered and then some with how much more money you will make having it listed and marketed properly. Don’t risk losing $50,000 for $30,000 in commission. Plus, everything is handled for you if you hire the right agent. It's a win win.
Your Bothell & Greater Seattle Realtor is here to help!
We would love to help answer any questions or get you prepared to buy or sell a home this year! Give us a call anytime: (206) 734-1053. ~Kevin