What exactly is happening with real estate in 98391?
This is not your regular real estate market update, this one is for you Bonney Lake and Lake Tapps.
This market is bonkers. Nothing like we've ever seen. I hear almost daily, "when will prices go down?" "The bubble's got to burst soon." I can see why people say those things, let's be real, with the average home price of nearly $639,000, increasing by 18% over last year, home selling for anywhere from 2 to 15% above asking price, and, less than two weeks of available inventory to purchase, I think those questions are perfectly expected.
We continue to be in a strong seller's market but, let's talk about two important points that answer the question of what's going to happen to the real estate market in Bonney Lake and Lake Tapps, WA.
Is it a good time to buy? If we look at April versus May in 98391, we are seeing the first sign of an uptick in inventory which brings hope to buyers.
When inventory levels begin to rise, buyers have more options to choose from which typically translates to less buyers to compete against. Second, less competition and more inventory means that buyers may not have to write several offers before finding 'the one.'
Also, June is the month where we historically start to see prices peak for the season. There are going to be exceptions, so remember I'm speaking averages at a high level.
Over the past few weeks, I put several buyers into homes without having to waive a ton of contingencies or offer crazy amounts over asking price.
So, do I think it's a good time to sell? Stats like these point to absolutely yes.
Do I think it's a good time to buy? We are not in a bubble! The crazy market we've been experiencing is a matter of incredibly low inventory. It's not like 2008. As I mentioned, inventory is on the uptrend and with this uptick in inventory, the seasonal change in the housing market and interest levels still at an all time low, 100% yes it is a good time to buy.
As always, the biggest impact in your home selling and buying experience is going to be your representation. Make sure that you have the best on your side.
Watch for my video series this month, upsizing. What, when, why and how to learn more about how to capitalize on the incredible Bonney Lake and Lake Tapps housing market and make a move on to bigger and better things at the same time.
If I can answer any questions for you on this or anything else, I'm always here to help.