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Tuesday, March 15, 2016

Basic Economics

In February, median single-family home prices in Seattle jumped 24% over February 2015 to $644,950 and King County’s median single-family home price increased 20% from a year ago to $514,975. These prices are well in excess of the median single-family home prices prior to the economic meltdown nearly a decade ago. The dramatically increasing housing prices are only a symptom of the affordability crisis. The underlying cause is a lack of supply. Some people believe that housing markets are not driven by supply and demand – they are wrong. When demand exists and supply is scarce, prices go up. When there is demand and very scarce supply, prices go up a lot. Basic economics.

Are you ready to sell your home?  Call me today at 360-870-5191.

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