The local real estate market is recovering so well from the statewide shutdown that it may soon have a hard time keeping up with itself.
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As soon as Governor Inslee declared real estate an essential business, the engines started to rev again. Despite job losses and a nosedive in general consumer confidence and spending, home buyers started to jump back into the market.
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Inventory is up, prices are relatively stable and homes are taking a bit longer to sell. However, with less than two months of available inventory, supply is still far short of demand.
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The theme continues to be low interest rates and less emotional buyers as they are crunching numbers to decide what makes sense. Price your home to sell or expect to sit on the market for longer than normal.
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The theme right now seems to be caution. Buyers and sellers are less emotional than we have seen over the past few years and are now more analytical about their housing decisions.
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