Today’s Seven Top Real Estate Trends

By Ken Urman, Realtor

 

We are now in the traditional peak selling season. Whether you are contemplating selling or buying, here are some of today’s top real estate trends that will – to some degree – affect our local housing market.

1.       Mortgage rates are holding steady. Each month I provide a mortgage rate

update in my newsletter (click here to subscribe). With many 30-year fixed-rate mortgages remaining below four percent, it is a great advantage for buyers.

2.       Home prices continue a steady rise. I also include a breakdown of median prices across our area in my monthly newsletter (subscribe here). In most parts of the Seattle-Bellevue-Mercer Island area, prices now exceed peak prices before the mortgage crisis. Also driving prices higher is the extremely low inventory of available in our market.

3.       As I have been pointing out for months, inventory of available homes across our area is extremely low. As a result, there is competition for most homes on the market. As I reported just last week in an email update, I listed a property in a desirable neighborhood that needed a great deal of work (after 10 years as a rental property). The sale closed in just two weeks, and the property was under contract in only a few days.

4.       Most buyers want homes that are move-in ready. There are many first-time

buyers who may not have extra cash to finance upgrades or significant repairs. Further, knowing they are competing for properties and paying top dollar for their new homes, buyers expect properties to be in top condition and ready for them to move in and enjoy.

5.       Today’s buyers typically are not investors. With the drop in the number of distressed properties coming to the market and low inventory underpinning strong competition and top-dollar prices, the market is not conducive for investors. Those who are buying want to move in immediately.

6.       It is more expensive to rent than to buy in most areas. This is one of the reasons there are more buyers in our area.

7.       Buyers are concerned about the environment and want eco-friendly homes. Our area is noted for the concern of its residents for the environment. These buyers want energy-efficient windows, doors, HVAC, and appliances. They are also interested in conserving water and the use of eco-friendly building materials.

Keep in mind today’s seven top real estate trends. These trends are shaping the real estate market throughout our area.

If you are considering selling, please call me for a free market analysis of your home. I would be very happy to help you prepare your home for sale, and represent you to sell for top dollar in this highly competitive market.

If you are considering a purchase, please give me the opportunity to help you find the home that best meets your needs.

Remember to subscribe to my newsletter to receive my monthly updates, helpful articles and tips for homeowners. You will also receive important news and insights about our local real estate market. Click here to subscribe.

Looking for the perfect neighborhood? Click here for access to my neighborhood overviews, as well as my relocation resource kits for information about local cities.