Our friends at the NWMLS (Northwest Multiple Listing Service) have released the final stats for the Western Washington housing market for the month of December 2020. While there were many important and surprising numbers that came out of that report, the one stat that stood out to me the most was this one! As you can see from the graph above, a “normal” or “healthy” market has between 4 and 6 months of inventory. That means if the pace of sales were to continue as they currently are, we would only have enough homes on the market to last HALF A MONTH!!
How does this impact you?
Well, that depends on what your goal is. Of course if you are a seller, it’s great news. Your home will most likely sell quickly (and possibly have multiple offers or at least have an offer higher than asking price) if you take advantage of several tips/tricks to get it ready for sale correctly (request a free “Guide to Selling a Home” PDF). On the flip side, if you are a buyer (or a move up buyer when selling a current home) you have to be prepared to stand out and also be prepared for putting in an offer quickly. Stay ahead of the pack by signing up for automated email alerts that let you know when a home matching your needs hits the market. Remember to request a PDF of my “Guide to Buying a Home” to be emailed to you that describes the steps to being prepared to successfully purchase a home. It will help get all your ducks in a row and you will be more familiar with terms and the process of purchasing a home.
Stay informed. If you have any questions, don’t hesitate to ask! I look forward to hearing from you soon!
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