The financial news of late has been anything but rosy, and it is the last of my intentions to add fuel to the fire. The housing market is where I butter my bread, after all.
But I would like to point out how this mess that originated with the housing market, is affecting our housing market here in Lake Forest Park and North Seattle in general. I think at one point we felt immune to what the rest of the Nation was dealing with, but that tune is slowly changing.
Did you know that in August there were 270 active residential listings (single family and condos) on the market in Lake Forest Park? And guess how many sold properties there were?
Hazard to make a guess?
3. That's right, 3. That's about a 1% absorption rate, which the percentage of houses sold vs. active listings.
In just East Shoreline (not counting West Shoreline and Aurora Village), there were 441 active listings(!), with 20 sales, for a slightly better 4.% absorption rate.
In West Shoreline, it was similar to the East, with 443 active, and 20 sold.
Now, we are seeing more activity here in September and my guess is that we will end up with slightly better numbers than August, in spite of the Wall Street doing it's best to crumble into oblivion and take the rest of us (and our wallets) down with it.
So, really, my advice to you is if you don't absolutely have to sell your house, then for your own sake and the sake of the housing market, please don't.
This situation will not turn around until a good chunk of this inventory is sold off, and that likely will not happen very soon.
On the other hand, if you are a buyer and you are interested in buying a home and stay in it for years and not months, then the deals out there are plentiful.
In my next post, I will tell you where I think the deals are, and why. I'll give you a hint:
What 80's band had the hit album "You can tune a piano, but you can't tuna fish?". If you can remember their name (or able to Google), then you are halfway there.
I will explain in my next post.
My best,
LFM
re: Housing Market
LFM,
I'm a buyer that's been looking to buy for 6 months but everyone still thinks their house is worth what it was 2 years ago. Seller's need to realize that and reduce prices if they really want to sell or as you said, don't sell in this market.
Looking forward to reading the next blog about where the deals are.