The current state of the housing market is on the minds of many people, especially those who are considering buying or selling a home. There’s a lot of uncertainty and speculation about what might happen next. Today, we’ll take a closer look at the state of the housing market in King County, Washington.
According to statistics, we’re facing a shortage of two million homes in King County, which is projected to happen by 2035. This shortage is contributing to the current state of the market. We simply don’t have enough homes for sale, which has created a situation of supply and demand.
Compared to last year, the number of homes on the market has decreased by 11%, which was already an all-time high. It’s currently a balanced market, meaning there are only 1.5 months of inventory available. Houses are selling at a slower pace than before.
“There’s a lot of uncertainty and speculation about what might happen next.”
However, real estate remains a solid asset, particularly compared to other investments. While there is always the possibility of an adjustment, real estate is a great inflation hedge that can provide tax-deferred returns. Moreover, it is a tangible asset that you can touch, feel, and improve, making it a valuable investment in any market.
So, when is the right time to buy or sell? It’s when you’re ready. Real estate doubles statistically every 10 to 12 years, making it a great long-term investment. If you’re considering buying or selling a home, it’s important to work with a real estate professional who understands the local market and can help you succeed.
Every zip code, city, and county has its own unique market conditions, so it’s important to work with someone who knows the area well. If you’re interested in learning more about the state of the housing market in King County or developing a plan to buy or sell a home, please give us a call. We’re here to help you succeed in any market, especially this one.