Windermere’s president OB Jacobi delivered great news for would-be home buyers in a recent article on Northwest Multiple Listing Service (NWMLS): “We might actually be starting to move very slowly back toward a more balanced market.” While the Puget Sound region is still seeing rising home prices, we’re also seeing an increase in inventory and record-breaking numbers that should make us feel optimistic.
Previously, many potential local home buyers were discouraged by inventory shortages. Not only did shortages lower their chances of finding their dream home, but they created more competition and higher prices. Now is a good time for those people to resume their search as the MLS report summarizing last month’s activity shows active listings are at the highest level since September 2015. Additionally, the Puget Sound area had a record-breaking July with over 8,500 pending sales.
Home buyers should also be aware that even with these improvements, the region still has less than two months of supply and surrounding regions are still facing limited inventory and multiple offer situations. Even so, it is important that we acknowledge positive shifts when they occur to keep us hopeful for the future and encourage us to take opportunities as they arise.
Read the full article from the NWMLS.
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