I believe we have started a slow rebound from the worst of things in the housing market. "Housing Starts", which are basically the number of applications for building permits and initial construction of single-family homes, has had a sharp increase in June. Here's an article with more info on CNN/Money.
This is usually a "heads-up" for where the general housing market is going. There is still a large supply of homes on the market, along with bank owned properties and foreclosures. Until that supply is absorbed by homebuyers, I think prices will continue to be very attractive.
My two-cents worth is that we'll see a great buyer's market until next Spring. I can't exactly shout the "Quick! Buy now before it's too late!" mantra you may be hearing from other professionals just yet. But if you want to take advantage of up to $8,000 worth of the first time homebuyer tax credit, you should start your search now. That deal only lasts until the end of November and it usually takes about 3-4 months from start to finish when buying a home.
Plus, Washington State Housing Finance Commission has some great programs for first time homebuyers including Down Payment Assistance and good interest rates.
If you have questions about buying or selling your Seattle home in this current market please don't hesitate to ask! Email me!
- Jay
Jay Silver | Northwest Realtor & People Connector | DiscoverNorthSeattle.com
Join the Burke Museum for this interactive game with familiar storybook characters, real museum specimens, puppets and prizes. For ages 10 and under.