1. It’s still a seller’s market
The housing market in Washington has gone through a lot of changes in the last 10 years. Chances are you’ve heard more about the housing market then you’d care to, especially if you are considering selling or buying a house.
So here’s the bottom line it’s still a seller’s market!
You may have heard that the market is cooling off, and it did, but that is only part of the story. The last half of 2018 was quiet which caused a lot of uncertainty. But, 2019 is a different story.
Roughly the same number of houses are being sold now as this time last year. The difference between this year and last year is a larger inventory which means buyers have more options than they did last year. This is reflected in the increased number of days on market.
What this means is that homes will sit on the market longer and you won’t get multiple offers thousands over list price after the first weekend. Don’t be alarmed. The market is still in favor of the seller. Houses are being sold, and buyers are paying market value.
2. Property Taxes
Property taxes typically lag behind the actual market value and are starting to catch up to the actual home value. Our housing market has exploded over the last 3 years.
As Home values climbed, property values went up too, but not as fast. Now that the market has slowed down values will level off. Property taxes will be in line and will more accurately reflect your home’s value.
Tax changes from 2018 to 2019
- Issaquah 3.9%
- Snoqualmie 3.39%
- Seattle -1.16%
- Bellevue 6.25%
- Kirkland 7.5%
These numbers are according to the King County Assessors Office. See the full lists of cities here.
3. Not an Election year
Typically, major election will affect the housing market. Why, you wonder? There is always uncertainty in an election year.
Buyer’s and Seller’s feel less confident especially during a presidential election. For those the are concerned and want certainty, 2019 is the year to sell.
If you are seriously considering selling your house this year it can be helpful to get an idea of what your home is worth. An estimate is just a few clicks away with our free home estimator.