Seattle digging itself out of housing market mess

Earlier this week, Northwest Multiple Listing Service reported the average house for sale in King County is sitting on the market for 60 days. This time last year it was 75 days.

Tim Ellis, with Seattle Bubble, told Seattle’s Morning News he’s been doing some number crunching of his own and it appears the news is even more positive in Seattle.

“Eighty percent of homes in Seattle are getting multiple offers and about half are already off the market in just two weeks,” said Ellis.

So if you’re a seller and if you have a house in good condition that you can afford to sell at today’s market prices, now is the time. If the holidays seem like a hurdle, Ellis said January is actually ideal because it’s before the spring rush.

“You get a little bit ahead of the game,” he said.

While it is still very much a seller’s market, Ellis predicted next year will be better for buyers. He said he thinks we might see a little bit more inventory, but that of course, will mean higher prices.

“(Homes) are going up at a modest pace, roughly in line with inflation, 2-5 percent.”

While a buyer might pay more in 2013, Ellis said it won’t be drastic and you’ll have a much bigger pool to choose from.