Anyone who has watched the housing market in the last decade has noticed our market shift in many different ways. Just a few short years ago, the market was saturated with foreclosures and short sales, creating a buyers’ market and dragging home prices down. The market has continued its steady improvement and we find now that available inventory has reached its lowest point in years. Buyers are now fighting it out, trying to gain acceptance from sellers in what’s becoming a brutal marketplace.
Last year the Yakima metro area saw an 11% increase in the number of homes sold, coupled with a decrease of new listings being placed on the market by 6%, reminding us of Econ 101’s law of Supply and Demand. This reduced inventory has shortened market times and in a few cases has resulted in multiple offers on the same house. As a result, prices of some homes in the best neighborhoods are escalating. Properties in the $150,000 to $350,000 price range in desirable neighborhoods are in highest demand.
That doesn’t even take into account interest rates that are still at a 40 year low. Money has never been cheaper to borrow – which is great news for buyers. The only thing missing is something to actually BUY with that cheap money. If your home hits the market now, it is likely to be viewed more, and seen with better consideration because of the lack of competing properties.
This is where homeowners who have been waiting on the sidelines come in. If you thought about selling your home, or were afraid your home might not be worth enough for a standard sale, it is very well worth your time to take a fresh look at the new marketplace and see if now might be the right time to try again. Your value may very well have increased since you last analyzed it.
What is the current value of my home?
For a complimentary comparative market analysis of your current home, call one of our knowledgeable, professional experts today: 509 966-3030