Uncertainty – Will tax reform affect real estate market
Traditionally, buyers and sellers try to avoid moving during the holiday season. Snow, family commitments and other factors contribute to this trend. This season, however, we have some new issues that may affect our market. The new tax plans could have a negative impact on real estate. Most people rely on their mortgage deductions to help offset income. The jury is out on if this will ever become law, so let’s focus on the statistics from October 2017.
According to the NWMLS, pending sales rose nearly 8 percent from a year ago, closed sales were up 5.2 percent, and prices jumped about 8.2 percent, with 14 counties reporting double-digit gains. Even the number of new listings improved on the year-ago total. Buyers may have more choices but with the fast paced market, they are forced to make quick decisions. This is not always in the best interest of the buyer.
In Snohomish county, multiple offer situations are decreasing. Buyers are not as willing to compete if sellers price their homes too high. The result is longer marketing time, less multiple offers and more price reductions.
Here are the stats from October 2017 for houses and condo’s:
Skagit County: 175 new listings, 462 total active listings, 207 pending sales, 201 closings, $358,304 average price, 2.30 months of inventory
Snohomish County: 1284 new listings, 1476 total active listings, 1710 pending sales, 1428 closings, $450,057 average price, 1.03 months of inventory
Whatcom County: 313 new listings, 782 active listings, 407 pending sales, 342 closings, $357,623 average price, 2.29 months of inventory
We are here to help you navigate the real estate process, whether you are a buyer or seller. Let us know how we can help.