What Is Happening In The Market For Real Estate South King County May 8 2020

What Is Happening In The Market For Real Estate South King County May 8 2020

Hello friends - I am hoping this e-mail finds you and your loved one's well and safe.

It is my goal to continue to keep you tuned into the Real Estate Market during these times and I believe you will find this listen from Dr. Lawrence Yun, Chief Economist - REALTOR Association, interesting.   This is a quick 30 minute video.  We are seeing some of the same items Dr. Yun identifies: low inventory in our region, low interest rats, and continued demand.  You may be stunned to hear that our market is continuing to stay strong and we are still seeing multiple offers on some homes.  For some, now is a good time to determine are you in the home you want to be? Additionally, as we see our family/friends returning to work and economy getting better after short term impacts, there is always hope that home ownership dreams will happen.  

As always, should you or anyone you know find the need to make a move please do reach out to me with their name and number and I promise to take great care of them.

https://www.thebrianbuffinishow.com/the-podcast-every-homeowner-needs-to-hear-an-interview-with-dr-lawrence-yun-214/

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Here are some snippets - 

“I think the first couple of weeks, there was a degree of shock factor.” – Dr. Yun

“Trying to purchase a home and get the deal done is far safer than visiting grocery stores.” – Dr. Yun

“When we survey potential buyers and potential sellers, they are indicating that they are not out of the market, but simply delaying the entry point. They just want an all-clear signal from the Governor before reentering the market.” – Dr. Yun

“I think that home prices will not decline because of the inventory shortage that we have. There is no expectation by the buyers for any big discount.” – Dr. Yun

“For the current nationwide housing situation, we had a housing shortage before the pandemic and we have even acute shortage today because of not enough listings.” – Dr. Yun

*****

“What I am seeing in recent weeks, the past couple of weeks, is that buyers are slowly coming back to the market. They’re a little disappointed on the lack of inventory, but 70 percent of the workforce with secure employment they’re looking at historically low mortgage rates and they’re just looking for the right home that meets their needs.” – Dr. Yun

"I anticipate, for the year as a whole in 2020, the sales activity will be down about 10 percent to 15 percent.” – Dr. Yun

“Going into 2021, we have all this pent-up demand. I think the sales will increase about 15 percent and the price is rising 3 to 5 percent.” – Dr. Yun

*****

In the meantime stay safe, and I hope you find ways to enjoy some quality time at home!

Mary P. Smith

Real Estate Advisor: MCNE, ABR, ASPRE

RE/MAX  Realty South          Phone | (206) 953-5090

Web| www.marypsmith.remaxagent.com        

Oh and by the way, I'm never too busy for your referrals.


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Phone: 206-953-5090
Dated: May 8th 2020
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About Mary: Hello, my name is Mary Smith with RE/MAX Realty South and I serve in King County. I was awarded Re...

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