It’s been a hard February for buyers, and we’re not just talking about the weather! They’ve been dealing with limited inventory, rising interest rates, and fierce competition for the best homes. It is not a market for the faint of heart, that’s for sure. But there is hope on the horizon.
Continue reading “February 2022 – Real Estate Round-Up”Tag: Market Updates
Upper Kittitas County – September 2021 Real Estate Market Round-Up
It wasn’t just the autumn air—last month was brisk! Even though the market is slowing down as usual for autumn and winter, two-thirds of homes listed in September accepted an offer in 14 days or less. The sweet spot seemed to be around 6 days, with 23 of the 45 new listings accepting an offer before they were a week on the market. This turnover rate is similar to what we saw in the summer.
Continue reading “Upper Kittitas County – September 2021 Real Estate Market Round-Up”Upper Kittitas County – August 2021 Real Estate Market Round-Up
Autumn is upon us, and we’re starting to see the first signs of the market slowing down as usual around this time of year. Everyone is starting to prepare for the holiday gauntlet—Spooktober, Thanksgiving, Christmas, and the New Year. We’re looking forward to upcoming events with friends and family, but first, we need to assess the market for the last month of summer.
Continue reading “Upper Kittitas County – August 2021 Real Estate Market Round-Up”Kittitas County Real Estate Market Update – April 2021
Have you been searching for a second home property in Kittitas County? Looking for a piece of land or even looking for an upgraded primary residence? If so, you probably know how tough it is for buyers right now in our limited-supply market in Upper Kittitas County. That is why you need the Rarden Team at your side! We are strategists when it comes to buying in this super-competitive market and hope to put our skills to work for you.
Continue reading “Kittitas County Real Estate Market Update – April 2021”Kittitas County Real Estate Market Update– March 2021
It has been great to get out and about in Kittitas County this spring! The birds are singing, the arrowroots are in bloom, and our horses are LOVING being on the trails.
Our real estate market is already red-hot and it is still April! Although the market has been warmer than usual for the last several years, in March when the pandemic hit, it went crazy with many homes selling in record days on market and for record prices.
Let’s take a closer look at the numbers!
Continue reading “Kittitas County Real Estate Market Update– March 2021”Why the Housing Market Will Remain Strong Despite Social Distancing
A lot has changed in our world over the past couple of months and we are facing an unprecedented situation unlike anything the world has ever seen. Everyday life has changed tremendously for nearly everyone in the world and naturally, people are examining the short-term and long-term implications of these changes.
Despite the major impact on our global economy, the real estate market in the United States is showing promising signs that it will weather this storm
A lot has changed in our world over the past couple of months and we are facing an unprecedented situation unlike anything the world has ever seen. Everyday life has changed tremendously for nearly everyone in the world and naturally, people are examining the short-term and long-term implications of these changes.
Despite the major impact on our global economy, the real estate market in the United States is showing promising signs that it will weather this storm.
Business is Being Conducted Virtually
The real estate industry is responding to the coronavirus crisis just like the rest of the world — it is adapting. We are seeing many new ways to conduct business while maintaining social distancing. Title companies are performing drive-through closings that allow both buyers and sellers to sign required documents without going into the office. Mortgage lenders are relying on their already-established virtual capabilities for accepting applications and receiving documentation.
Realtors are finding creative ways of showing properties without having buyers physically present by relying on “virtual tours” and utilizing tools like Facebook Live to conduct open houses. Sellers are opting for “touch free” showings by leaving cabinets and closet doors open.
Buyers Eager to Purchase
Despite the current coronavirus outbreak, buyers are still showing many signs of urgency within the market. Mortgage rates still hover around all-time lows, and those in favorable economic conditions want to buy a home now to take advantage of these rates.
The number of video tour requests for showings has been steadily rising. A recent poll conducted by RedFin showed that many buyers are opting to make an offer on a property sight unseen. They are making offers after seeing properties through virtual tours. Last week 12% of offers made were by customers who had toured the home only by video, up from 6% last week and nearly 0% at the beginning of March.
Pent-Up Housing Demand
Historically, spring has been the hottest season for real estate. Currently, the number of listings on the market has decreased from last year. However, it is promising that once the social distancing has finished, there will still be a great number of homeowners that need to sell, and buyers who want to move forward.
Before social distancing was implemented, the real estate market throughout much of the country was experiencing low inventory. In many areas new construction builds were not considered essential services, therefore drastically decreasing the number of new builds available for purchase. This will create an even greater shortage of inventory and retain value for the existing homes being listed for sale.
Ultimately, the majority of Americans still feel like it is a good time to buy or sell a property. Although it feels like the world has come to a halt, there are still houses being listed, buyers looking to purchase and real estate professionals ready to help.