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During the last two months of the year, we typically see more homes go under contract than new resale listings, which are at the low point for the year. Come January 1, unsold inventory will be at the lowest point of the year – down about 50 percent from the peak in summer.
We are entering the winter phase of the yearly housing cycle, during which the winter clean-up of unsold inventory occurs. This clean-up is spurred by listings expiring and homes taken off the market by buyers who wish to reposition in the spring. These conditions, paired with extreme job growth and low interest rates in the threes, build up pressure and prime the housing market for a surge in the spring.
Normal
John L. Scott recently launched a home price valuation platform powered by Buyside that can help you understand what your home could be worth in today’s market. Simply plug in your address and receive up to three different computer-generated home price estimates. However, it takes more than an algorithm to determine your home’s worth. Contact your broker associate to learn more about this tool, along with today’s current market price and seller marketing strategies.
3.72%
50%
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Unbelievable Interest Rates
SCALE: MONTHS SUPPLY
Seattle Housing Update - Resale Only
5
30%
Pressure Starting to Build for Spring Housing Market
3
WHAT’S YOUR HOME WORTH?
Average % of
New Listings (Pending)
in the First 30 Days
2
Source: Mortgage News Daily
Key Market Indicators – October Recap
Current
4