Friday, June 15, 2018

Washington State Biggest YOY Increase in Nation

The Evergreen State indeed led all comers in real estate appreciation last year according to NAR reports circulating around. This is no surprise to locals but some relief for buyers in in sight as projections for 2018 by the typically optimistic NAR is more like 6% for this year. Sellers will still enjoy appreciation in the market but buyers can feel a little less exasperated as things are settling in.

Washington State had a 12.6% year over year increase only edging out Nevada by a fraction which was also 12.6%. Sellers looking to squeeze the most out of their resale may find a hilltop coming as rates continue to march upward and downward pressure on pricing is inevitable. Double digit market appreciation is never sustainable over the long term and we have had just about enough of it to stay healthy. I welcome a softer climb with modest average price growth in the 4-6% range as healthy and sustainable.

As reported right here recently, the market in the higher price ranges is already switching over to a buyer's advantage while the entry level sub-median range remains a sizzling hot plate of multiple offers and up-bidding. In the final analysis pricing homes properly yields the best results and sellers are well advised to not play games with over pricing or under pricing. Get it where it ought to be and the market will deliver a top dollar buyer in 30 days.

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