It's interesting, in Seattle the supply of homes for the month of October has changed dramatically since 2007. In 2008 through 2011 there was so much supply it was as though you couldn’t give a home away! Many home buyers were on the fence afraid or unable to buy.
Since 2012 it has been the opposite. Inventory has been low and homes have been selling fast. Now home sellers are on the fence waiting for values to improve or afraid to compete to purchase their next home.
With home interest rates remaining at historic lows this trend of high demand will likely continue. Money is cheap! When interest rates begin rising the demand should slow and the market will likely shift.
Until then, buying a home and taking advantage of the low interest rates is a good idea. Selling a home and transitioning to another is also a good idea. Although the transition of selling and buying a new home may be a challenge, you’ll likely be much happier doing it now because of lower monthly payment.
Also, working with an experienced Realtor can help make this transition go smoothly. There are a number of strategies that can be used to beat the competition and get you the home you want, which is a topic for another post. Until then contact me if you have questions or concerns about buying, selling, investing, or managing real estate.