Since October of 2011, the average sale price for newly-built homes has risen by 6% nationwide. This trend is expected to continue in Seattle home prices through 2012 and into 2013. More buyers are entering the market due to low mortgage rates and the ease of current home affordability, but prices are expected to rise to meet this increase in demand.
The number of new homes being constructed has been decreasing in the past year and the home tally fell short of recent Wall Street expectations. At the current nationwide sales pace, the current stock of new homes would sell in approximately 4.9 months. As a 6 month supply of homes marks a market in balance, the current market is defined as a “seller’s market” and sellers have more negotiation and home pricing power.
As more people are looking to buy homes and fewer homes are being built, you may find that the best time to find an affordable new home is right now, rather than later on. Sammamish Mortgage, a trusted Seattle mortgage lender, can help you on your way to becoming a new home owner!
Check out our useful Home Buyer Checklist to learn which important factors to consider when choosing a new house. Easily compare your top choices side-by-side to find the perfect home for you and your family.