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Recession? Yes. Housing Crash? No.

Recession? Yes. Housing Crash? No. | MyKCM

With over 90% of Americans now under a shelter-in-place order, many experts are warning that the American economy is heading toward a recession, if it’s not in one already. What does that mean to the residential real estate market?

What is a recession?

According to the National Bureau of Economic Research:

“A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.”

COVID-19 hit the pause button on the American economy in the middle of March. Goldman Sachs, JP Morgan, and Morgan Stanley are all calling for a deep dive in the

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Yes, Yes and Absolutely Yes!!

It seems like most sellers like to wait until spring to put their houses on the market. My advice is get your house on the market ASAP.

 

 

 

Here are the reason you should sell now:

  • Historically low inventory levels (less than one month of inventory in King County)

  • There is a large pool of ready, willing and approved buyers flooding the market

 

What does it mean for you:

  • Recently listed houses are getting upwards of 6 offers and going for 10's of $1,000's (sometimes more than $100,000) over asking price
  • Less competition will get more buyers through your house

 

 

 

If you are looking to sell your house, let me show you my full service 1% (+buyer

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This graph shows the medium sales price in 98074 in the dark color and 98075 in the green color. The median price increased in 2017 by 11.1% (98074)and 11.7% (98075) showing a strong increase in prices. The median home price in 98075 is $1.050.000 and in 98074 is $900.000 for all residential sales.

 

This graph shows the amount of inventory in months which decreased in 98074 (1.3 to 1.1 ) and stayed the same in 98075 (1.3). This statistic shows that we are still in a sellers market. If no more inventory came on the market, there would be less than a month and half of inventory. A balanced market is when there is 4-6 months of inventory, which is not something we will be seeing anytime soon.

 

What does this all mean for you?

It is even more

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