Real estate trends under COVID restrictions

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Real Estate

Every day I talk to folks who would like to sell their house or buy a house. I am so thankful to those who have asked me to help them do so. I count it a privilege to serve them.  Others may want to make a desirable move but are hesitant to take action. Some folks are hesitating because they are fearful of contracting the COVID-19 virus. That is certainly understandable. Staying safe is a priority, as is doing our bit to support our local communities in the fight against the pesky bug. And certainly, those who are over 60 should take precautions. Other folks are hesitant because they are uncertain about the condition of the market. They wonder if activity level is high enough to get their home sold at the right price and in a reasonable amount of time. Those who need to buy a house are wondering if there are enough homes on the market to allow them to find the one that is right for them. People who have asked me or another qualified Realtor to help them achieve a dream have discovered that they don't have to put their goals on hold because of COVID-19. These folks are the ones who have either listed their home for sale or purchased a home in the past 5 weeks or so. Sellers who listed in week 12 probably have the cash in their hands from selling their home and buyers who purchased a home in week 12 are probably moving in about now. 

There is a basic law of economics called the law of supply and demand which says that if supply of a product is low while demand is relatively high, the price for that product goes up.  That is certainly what is happening in the housing market in King and Snohomish County. Listed properties are fetching nice prices and they are selling fast. In Snohomish County homes are selling within 17 days on average and 20 days in King County. 

Those who purchased a home over the past few weeks are taking advantage of amazingly low interest rates; hovering in the low 3% range. They are delighted because the roughly half point decline in interest rate that we have seen over the past few months is saving them $5,000 per $100,000 in loan principle. This is very cool because they can buy more home now, under COVID-19 conditions, than they could a few months ago when many of us weren't even aware of that nasty bug.

All in all, there hasn't been a better time to get the house that is perfect for you, whether that means you need to sell first or not. I am here to help, so if you have any questions, don't hesitate to contact me. 

Here are a couple snapshots of the listing and buying trends over the past few weeks. Buyers snapped up more homes in week 16 than they did in week 15 while true new listings were essentially flat in King County and down in Snohomish County. 

TRUE NEW ACTIVE LISTINGS SNOHOMISH COUNTY

Inventory in Snohomish County declined because 100 homes were listed in week 16 while buyers purchased 193 homes. 

New listings Snohomish County

TRUE NEW ACTIVE LISTINGS KING COUNTY

Inventory in King county declined because 286 new listings were added while buyers purchased 364 homes.

New listings in King County

NUMBER OF HOMES BUYERS SNAPPED UP  IN SNOHOMISH COUNTY

New Pending Home Sales Snohomish County week 16

NUMBER OF HOMES BUYERS SNAPPED UP IN KING COUNTY

New Pending Home Sales King County week 16