Never before have I experienced a market like this! In the early 90’s Seattle buyers kick started our real estate values because they were willing to pay more then local buyers were for housing. We experienced multiple offers for the first time, we broke the million dollar mark in North Tacoma for the first time.
In 2005 and 2006 money was free and homes gained equity over night. Everyone could buy a house, and they did. Home values surged again.
The difference now, as i am sure you have heard, is the complete lack of inventory.
People aren’t moving out, they are only moving in. They aren’t just coming from King County, they are coming from all over the country. For jobs, for retirement, for investment – they are just pouring in. Our restaurants and neighborhoods are thriving. Commercial spaces are filling up and our downtown has its best shot at a comeback since the 60’s.
But, the huge disparity between supply and demand creates a dynamic both unfamiliar and unpredictable. Its easy to make mistakes. If I had only one word of advice for a buyer or seller today, it would be:
- Buyers don’t waive inspections – ever
- Sellers – don’t get greedy, the market dynamics will assure you the best price.
Like all the times before, this market will come back to center but for right now, every day in real estate is a new adventure!