Despite the fevered pitch of the current real estate market, it’s important to note that the underlying fundamentals of the market are solid. Housing demand continues to outpace supply nationwide with just two months of available inventory (compared to 11 months of inventory in 2007). Strict lending guidelines have helped keep mortgage default risk low, and home equity levels are extremely high. 41% of Washington State homeowners have at least 50% equity in their homes. Taken altogether, these factors make a 2008-style market correction unlikely.
129 single family homes were sold in zip codes 98403, 98406 and 98407 in the first quarter of 2021 – a 7% increase in sales activity when compared to the first quarter of 2020. Average time on market is less than two weeks.
In the current real estate marketplace, it remains critical for buyers and sellers to seek expert advice. If you’re thinking about buying or selling a home in the area, please contact us to discuss how we can put our knowledge and experience to work for you.