CNN Money Report: The Best Real Estate Market in Five Years

For most buyers and sellers, timing is everything. Buyers want to buy when prices are at their lowest – sellers want to sell when prices have shifted back into higher territory. In the past year we’ve often been asked if the market has hit bottom yet; given the economic challenges of the past few years that’s a very valid question.

Have we seen the bottom? It depends on a large number of factors – including mortgage rates and the availability of real estate loans, employment/unemployment numbers, inventory, and new construction housing starts. According to a recent CNN Money magazine article, steady sales at the end of 2012 capped the best real estate market in five years.

From all of the news we hear, and in examining our local Whidbey Island real estate data, it’s clear that the market has turned the corner and we’re seeing an upswing. If you were waiting for the ‘absolute bottom’ before you jumped into the market, you may be a bit late. Whidbey Island’s real estate trends usually follow a three to five month lag behind the greater Seattle market; while we don’t expect the multiple offers that Seattle is now seeing, we do expect to have a shortage of inventory very shortly … and Spring is historically the best time to put a home on the market.

Whether you’re a buyer or a seller now is the time to get back into the real estate market. Whether you’re interested in North Whidbey, Central Whidbey, South Whidbey or a waterfront retreat, inventory levels are low, prices are going up, and with historically low interest rates still available we think we’re past the bottom of the market curve and well on our way back up.

Give us a call and let’s talk about how you can take advantage of our rising real estate market.