As a home inspector in the Seattle area, I have a unique perspective on what the real estate market looks like in a given month. Usually an offer has already been made and accepted, and I am called out to verify the condition of the home. But Seattle proper has spun into a frenzy this spring and almost every inspection I’ve been doing in Seattle has been what is called a pre-inspection; where I am called in before an offer is made so that the buyer can waive their inspection clause and compete in a multiple offer situation. In many cases, I’m doing 3 or 4 inspections for one client before they finally have the winning bid.
Why is the Seattle market so crazy? The word of the day is: Inventory.
Over the last 50 years, typically there is over a 6 month supply of homes on the market. Right now there is less than a 4 month supply. Here are 3 things this means to you:
- If you are planning to sell your home, it will probably sell faster and for significantly more money than in the last few years.
- If you are planning to buy, you are more likely to have to compete with other buyers, so act quickly on that house you love.
- If you want to stay in your current home, you are most likely building excellent equity in your home.
It will be interesting to see what happens once inventory catches up with demand again. Most likely, the principle of economics will take effect, and the market will settle back down to the normal levels of the last 50 years.
