It’s a beautiful, sunny, crisp and clear Thursday, February 13, 2014 in
A Time for New Beginnings!
Spring is near and with it the desire for change and new beginnings! This is often seen in the real estate world around this time of year. The sun comes out and people are ready to move forward, even enthusiastic about it. They tour neighborhoods and communities looking for just the right home to suit their needs and the changes/adjustments in their lifestyle. Perhaps they find themselves as empty nesters; or another child has been added to the family making present quarters cramped; or they are now caregivers for elderly parents and require an in-law suite. Whatever the circumstance, NOW is the time to make the change!
Why buy now? Well, members of the Northwest Multiple Listing Service (NWMLS)* reported 75,517 closed sales during 2013 surpassing the 2012 sales by 11,000 transactions. That’s a 17% increase in sales. How do we measure that in dollars? The completed sales of 65,122 single-family homes and 10,395 condominiums were valued at nearly $25.5 billion, up by $5.5 billion from last year.
And, further evidence of the housing recovery – prices for single family homes (excluding condominiums) rose 10.2 percent from 2012, increasing from $255,000 to $281,000. Condo prices jumped 15.3 percent, rising from the 2012 figure of $175,200 to the 2013 median price of $202,000.
So, if you are thinking of selling your home, inventory is down and prices are on the rise making this a good time to list. In fact, there are a lot of buyers but not enough inventory to satisfy buyers’ wants and needs. Buyers are now motivated to take advantage of the interest rates while still low and prices still realistic and affordable.
*(NWMLS service area includes 21,000 real estate brokers in 21 counties)