Whether you’re a buyer or seller, now’s a great time to make a move in our real estate market.
With record-low inventory, we’ve been in a seller’s market for quite some time. We’ve been hovering between one and two months’ worth of supply for the past few years now and this year has been no different, even after the COVID-19 pandemic.
To put this into perspective, a balanced inventory (where neither buyers nor sellers have the advantage) has around six months of supply. During the economic collapse of 2008, our market had 18.4 months of supply. In other words, it would’ve taken a year and a half to sell all of the listings on the market, which is why prices dropped across the board.
Due to COVID-19, fewer sellers are listing their homes, and this has created even more demand for all available listings. So, while unit sales were down in Snohomish, Skagit, and Island counties from March through May, prices rose.
If there’s a silver lining for buyers in these conditions, it’s interest rates. Our lender recently informed me that he can get a 30-year, fixed-rate VA loan for less than 2.5%. That’s almost free money. As I always say, the best time to buy or sell real estate is yesterday.
Governor Inslee has given the green light for our market to move from Phase I to Phase II of the reopening plan, which allows Realtors to have three people in a house for showings as long as they’re wearing makes and gloves. We’ve been doing this religiously since the pandemic started. We’re open for business and utilizing the proper PPE to keep both our team and your family safe.
As always, if you have questions about our market or there’s anything I can help you with, don’t hesitate to call, text, or email me. I’d love to speak with you.