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Nov 16

Seattle Homeowners Waiting Longer to Sell

Homeowners in the Seattle area wait longer to sell than in all but four other metro area across the country, even though the average home-selling profit here is the third-highest in the nation   
 


There are lots of reasons why home prices keep surging higher and higher around the Puget Sound region. But there’s one pivotal cause that doesn’t get much attention: barely anyone is selling their home.

In the early 2000s, when we had something close to a “normal” housing market before the national housing bubble and the subsequent bust, the average home-seller in the Seattle metro area ditched their house after living in it for five to six years.

Today, people selling their homes in King, Pierce and Snohomish counties have lived in them for more than 10 years, nearly double the rate from a decade prior.

And, there aren’t many new single-family houses getting built, so about 90 percent of sales across the region come from resales. 

That’s why when people don’t sell their homes, the market gets clogged. Total for-sale inventory is at record lows dating back to 2000, while the number of interested buyers keeps growing. The result has been intense competition and prices rising more than 13 percent a year, faster than anywhere else in the country. Read more  Seattle Times, Nov 3, 2017

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