King County housing market at its strongest in 5 years
By Kirsten Joyce, King5 News
Herman and Yvonne Man have spent six months searching for the perfect home.
“I am a little hesitant, don't know whether or not the market has hit rock bottom,” said Man. “As a buyer, you want to find right opportunity, and as a seller, thy opportunity as well.”
Across King County the median home/condo prices are up nearly ten percent since last year.
Last June the median price was $317,000 in King County. This June the price was $348,000.
“The real estate market, now coming back, and will be that stable part of our economy that's been missing for a couple of years,” E.J. Bowlds/Regional Leader - Coldwell Banker Bain.
But also noticeably missing is a huge selection of homes for buyers to choose from. There are 6500 residences and condos on the market in King County, compared with June of last year, when there were more than 11,000. That's nearly a 42 percent decrease.
There are several reasons why the inventory is low - there are not as many foreclosures and short sales on the market as there once were. And there are many homeowners who are underwater or who have little equity, forcing them to stay put.
“These people are waiting for prices to rise a bit further, before they come to market, that's what's holding a lot of people on the fence,” said Economist Matthew Gardner
Gardner says if they wait too long the market may not look as desirable.
“I am a little bit cautious, based on inventory out there if we don't see that coming up, all we are going to be left with, are houses that are overpriced or not that desirable,” he said.
And yet, real estate experts say that the continued appreciation of home values, will encourage, and enable more people to sell.
It’s a relief to the Mans, who are anxious to make a move now.
“Really want to find the right, home, so when we do, we can jump on it, and make a deal,” said Herman