Or are we experiencing the normal slowing down of home sales for the back-to-school season?
Well, that's a question up for debate right now for those in the know here in the Wenatchee Valley and North Central Washington. I tend to think the so-called "boom" is probably over, but that doesn't mean the market is headed for crisis. I'm pretty sure we'll see a slow drift back to a "normal" market where there's a balance between homes for sale and ready-to-go buyers. If that's the case, and I think it is, sellers need not fret, and buyer's have many reasons to be optimistic.
Let me explain the benefits for the buying side. As the inventory of listings goes up, buyers have more homes to choose from in their price range. More choice is always a good thing for buyers. Right now we have about 225 homes for sale in the greater Wenatchee area. That's up from 200 just a few weeks ago. In this changing market, homes are taking longer to sell, too, which is another reason for buyers to rejoice. This gives buyers a bit more breathing room - more time to make those "life-altering" decisions. It also means there will be less competition between buyers. Multiple offers will happen with less frequency. Already we're seeing homes sitting on the market for 30 to 60 days as opposed to the few days it took to sell a home 6 months ago. Listing prices that "over-shot" the market are now coming down and sellers are realizing they may not sell as quickly as they hoped. As long as interest rates remain somewhat stable, buyers will have some great opportunities over the next year.
But there's no reason for sellers to panic. They can take comfort knowing we're not going to see the "bottom drop out of the market" like we did back in 2008 through 2012. The local, state, and national economies are still very strong. The net gain of people moving to the area will slow, but certainly not stop. In the past 2 years, home prices went beyond what can be supported by local wages. This was caused by the influx of "west-side" buyers flush with cash. That phenomenon is shifting because of the slower market in Puget Sound. Over the next year we'll see a slow drift back down to where local people can afford local homes. The pool of prospective buyers is still there, and many more will enter the market as the number of listings increases. So sellers have plenty of reasons to remain optimistic.
If you're thinking of selling, it's extremely important to get an up-to-date home valuation. I offer this as a FREE service. It's never too early to start planning a future sale, even if it's 3 to 5 years down the road.
If you're thinking of buying, it's always a good idea to give yourself 3 to 6 months to complete the process. My best advice is to make contact with me, share your wants/needs, and then begin viewing as many homes as possible. The more you see, the more you'll understand the delicate balance between wants and needs. Fill out this DREAM HOME FINDER FORM and I'll go to work for you.
If you're not in the market right now, but you have a friend that needs a helping hand through the process, please use this REFERRAL FORM to put us in touch. Your referrals are the heart of my business, and that's why I appreciate you so much!
Enjoy this beautiful Fall weather while it lasts! :)