Market Insights: November 2020
Typically the real estate market cools off in the winter and holiday months, but 2020 has decided to take a different route! All home price points are seeing low inventory and increased prices, creating a strong sellers market. Below you will see that Bellevue and its surrounding areas average 1 month of inventory. Seattle is currently No.2 (right behind Phoenix) for the fastest growth in the nation with a 10.1% year-over-year increase (Seattle Times). This may seem exhausting and challenging for many families, but there may be a few additional options to consider.
- Purchase a Presale - The real estate market tends to kick up in the spring, but usually comes with its own hurdles including more competition and bidding wars. A presale opportunity allows you to purchase a home before it is complete. Benefits of this program are locking in a price early, no competition with other buyers and there may be selections you can still personalize.
- Build a Custom Home on Your Current Property - A big reason why we move (other than a job relocation) is because we have either outgrown space or need to downsize in space or our home needs major updates. If you love where you live, but need to refresh your home to fit your current lifestyle, building a custom home may be the right decision for you.
JayMarc has programs for both Presale and Custom Homes. If you would like to learn more, please contact our team below.
Presale: Daniel Sessoms | firstname.lastname@example.org | 206.779.9662
Custom: Rob de Clerk | email@example.com | 425.902.7938
"Mortgage rates remain at record lows and while that has fueled a refinance boom, it's been driven mainly by higher income borrowers. With about 20 million borrowers eligible to refinance, lower-and middle-income borrowers are leaving money on the table by not taking advantage of low rates. On the homebuying side, demand continues to surge, and it has created a seller's market where inventory is at a record low and home prices are rising, beginning to offset the benefits of low rates." (Freddie Mac)