Why is this Autumn especially favorable for Seattle Home Buyers?
I have 3 reasons:
1) This Aug/Sept Mortgage Meltdown has caused many loan programs (jumbo loans and alternative loan types) to either disappear or their guidelines have become tighter. While the Mortgage contraction is now loosening up, some Home Buyers are having to wait while they improve their credit score, save for a higher down payment, or save more to pay closing costs. Some Home Buyers who were planning on buying a Seattle Home this Autumn are now waiting until later (spring?) to buy a home.
2) The media reports of declining home prices in many parts of the US are causing some hesitation in our local Seattle real estate market as buyers consider waiting until later (spring?) to buy a Seattle home. While Seattle is not immune to the problems that our country is having with the sub-prime loan mess, and high housing prices, we have a very strong economy and continue to have increasing population growth as more people continue to move to Washington and the Seattle area adding upward pressure to housing prices.
3) Autumn is typically a more favorable time for buyers as there is carry over of inventory from the summer market. The carry over is caused by some homeowners being late listing their homes on the market, some homes were over priced to begin with and are still sitting on the market, and homes that are more "unique" and appeal to fewer buyers. This carry over is added to the general housing inventory that would have gone on the market anyway. These combined cause higher inventory which out-paces the number of buyers and causes downward pressure on housing prices and making Autumn generally a more favorable time for Seattle Home Buyers.
These 3 reasons combined make this particular Autumn the best time to buy a Seattle Home since 2001
If many of the the Autumn home buyers wait until spring to buy, that means that even more buyers will be competing to buy a Seattle Home, causing upward pressure on home prices again.
So the question I have for Seattle Home Buyers: Are You ready to Harvest this Autumn windfall?
UPDATE:
Dec. 7 2007 Seattle Times article "Home Prices Slip..." on recent trends in Seattle area home prices.
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Deborah Burns
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BRIO Realty
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