Check out some very interesting graphics from the housing market. Overall in the United States, home prices are up 5.76% but in Thurston County they are up over 12% from February last year. The National Association of Realtors report revealed that home prices are continuing to rise and not only that, but accelerating.
What It Means For Sellers
Obviously rising home prices are a sellers best friend. At just under 3 months total inventory for Thurston County, it is definitely considered a sellers market. This also means if priced at market value, home-owners are likely to receive full or above asking price for their homes
What It Means For Buyers
In a sellers market and rising prices, buyers should definitely consider the cost of waiting. The median priced home in Thurston County last year Feb. 2015 was $219,000, this year in Feb. 2016 the median home price is $248,000 for an increase of 12.07%. That's an increase of nearly $30,000 in one year. Buyers purchasing power has significantly diminished.
Bottom Line
If you've been on the fence about selling and down sizing, you could potentially net more later, but also can take advantage of low inventory. Obviously, waiting to buy doesn't make much sense, as home prices continue to rise.