Over the last 12 months the market has been compacting. The value of mid and upper end homes has been decreasing while the value of entry level homes has held steady or increased. The first time home buyer tax credit is helping homes priced under $500,000. In fact it is not uncommon to see multiple offers for homes that are priced right.
Home owners that are considering moving up will likely do well in this market by selling their home to a first time home buyer and purchasing in a price range that is not as strong.
The number of homes sold in North Seattle held steady from January to February with a 147 and 148 homes selling.
The number of pending homes is skyrocketing! It is strange that it isn't transferring to more homes selling. Either it is taking longer for deals to close, or there is a body of Buyers who are having difficulty getting a loan.
Thanks for reading!