JULY 2020 BP NEWSLETTER
Historically low interest rates and lifestyle changes are fueling housing activity around Washington state. Multiple offers are common “especially in the median price range.” A shortage of homes is the key factor in the bidding wars. At the end of June, there was only 1.16 months of supply system-wide, which is the second lowest level in the past decade. Not surprisingly, the supply/demand imbalance is causing prices to ratchet up.
Multiple offers are back with a vengeance as buyers are handicapped by having only about half the inventory of a year ago. If a buyer finds a home they like, it’s likely 20 other people will be vying for it, and the battle is on. A major increase in sales activity intensity was noticed, which measures the percentage of homes that sell within the first 30 days of going on the market. It’s almost as if the cupboards were bare in the more affordable to mid-price ranges where the majority of sales take place.
The shortage of inventory is resulting in higher prices and rising demand in places that are more rural and popular with older people trading down. Extraordinarily low month’s supply indicates that prices may have more room to move in areas popular with people trading down or seeking more space but still close to Seattle. The pre-pandemic migration patterns to outer suburbs or more rural areas appear to have accelerated now that lockdowns have eased.
So you found a new place! It's all wonderful and exciting until you start to think about how much stuff you have.
There are many things you need to remember to take care of when moving from one home to another. One of these is forwarding your mail to your new address, which begins with changing your address with the United States Postal Service (USPS).
Everyone wants to live in a safe and worry free environment with their families, spouse, and children. However, most people are closer to a disaster waiting to happen than they think. Safety may not be an issue that comes to mind as you go about your daily routine.
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