While running at a faster clip than at the same time last year, January's closing activity clocked in markedly lower compared to the final months of 2014. But there’s plenty of hope ahead for spring.
In our local market, we've seen pending sales at their highest record in 10 years paired with the fourth consecutive month of record-low inventory. Additionally, home prices throughout King County continued their steady climb.
With inventories low and falling, buyers just aren't excited about their choices. But there is hope! Demand for new construction is rising, and with it the need for workers. As a result, we could see a 30 percent increase in new-home sales this year.
The number of millennials living with their parents is at sky-high levels, and it's doubtful that staying with mom and dad is their idea of freedom. Finding a stable, good-paying job and obtaining mortgage financing is pretty strict.
But again, we have hope! Jobs and wages (especially in the Seattle area) are steadily improving and the mortgage credit box is opening up a bit. When you look at these trends, first-time buyers could be poised for a comeback in 2015. Overall, we could see a good year ahead.
The formation of more new households is something parents, as well as their young adult children, can smile about.
Check out more from Realtor Magazine to see the hope for a first-time buyer comeback.
Are you ready to buy a home and qualify for the VA loan? Let me help you out! As a local real estate broker in Bellevue, WA and a Veteran of foreign wars, I am committed to helping you find the home you deserve through the VA loan.