The new Zillow predictions for the 2014 housing market show Seattle as the second hottest market in 2014.
They also predict only 3% increase in prices overall, so “hottest” could be kind of cool. 🙂
Personally I think it all depends on how many sellers come out to play this year. You will have your same average turnover for must sell reasons. Relocations as example. But with most sources predicting a slower increase in home prices and possibly a slight turn down, perhaps those sellers waiting for a better housing market will succumb to the fear that it might not get any better than this.
No one knows how “hot” the market will be, but the more sellers there are the “better” it will be whether there is growth or not. Zillow is also predicting rates will get to 5% by year end, but that looks more like someone trying to create a sense of urgency where
there really isn’t one.
It seems like the general “problem” with the housing market right now is a lack of inventory or supply. From what I have pieced together, it looks like the average is only about a 2 month supply. How is the Seattle market? I believe as homeowners see market stability and increasing prices, they will be more likely to list their homes for sale.
I think that the market is stable enough to stimulate the homeowners to list their properties. From what I’ve seen in Florida and especially in Fort Lauderdale, the supply of condominiums and houses is very good.