Spike in home values could lead to increased inventory soon

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by KING 5 News

KING5.com

Posted on March 8, 2013 at 11:31 AM

Updated Tuesday, Nov 12 at 10:47 PM

The Seattle housing market is facing an inventory crunch. This is good news for sellers and home values, but could make things tough for anyone looking for a new home.

With fewer homes on the market, prices are going up. Because of that people who have been waiting to list their house may try to sell soon.

Local Realtor Eric Mehr said many neighborhoods only have a month of inventory, which is a big change from the past few years.

"Buyers need to react quickly," Mehr said. "Time is not on their side."

The current market has a record low inventory of homes for sale, with decreased listings for all types of properties.

According to numbers released by Zillow this morning. Top tier properties, the most expensive homes we have, are down 19.5 percent, middle tier properties are down 13.2 percent, and the lowest price homes have dropped a huge amount, 31.7 percent.

Mehr said he expects a spike in house prices in the next few months, and that now is the time for sellers to put their houses on the market.

And while there isn't much inventory now, that jump in prices could mean there will be many more houses listed in the coming months.

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