Market Update: Are prices finally starting to come down?
With so few houses and so much demand prices have nowhere to go but up right? That is unless buyers have gotten fed up and started walking away. According to Black Knight Financial Services the housing market hit a peak last March, since then the price gains have been going down each month.
Although the Market still favors Sellers, more and more current renters are saying that now is a good time to buy, most hold back thinking that homeownership is out of their grasps simply because of down payment. In King County the average rent for a 4 bedroom house is over $2600..without rent increases you’ll be pay $187,200 in just 6 years..in RENT.
The buyer competition may be finally cooling as well. A recent report from real estate brokerage Redfin showed that even while the annual price gains were still on the high side, the monthly gains over the summer have become flat. This is more than likely the result of fewer bidding wars.
A simple phone call is all it takes, just 10 minutes of your time to see where you realistically stand in the world of home ownership..Is 10 minutes worth $180,000 to you?
Source : CNBC