❓What does the housing market look like right now currently in Auburn and Lake Tapps, WA? Is now a good time to buy or sell? Is it a buyer’s or seller’s market? Check it out…. #getsood #auburnwa #laketappswa Your Local Market Update for July 2020 for Auburn & Lake Tapps, Washington. What exactly is happening right now and is now a good time to buy or sell a home in Auburn Wa or Lake Tapps, Washington? Currently, there are 110 Residential homes for sale and 141 pending in Auburn. The median sales price is $438,000 and average days on the market were only 13. Currently in Lake Tapps, there are 20 active listings & 20 homes pending. The median sales price was $640,000 and average days on the market were 21 days. So as you can see, we are still considered to be a “Sellers Market.” How do we know it’s a sellers market? We find that out by calculating the Absorbtion Rate. The Absorption Rate is the rate at which homes sell in a specific market over a given period of time, usually a month. The absorption rate is calculated by dividing the number of homes that sold over the given period of time by the total number of homes still for sale. If an area contains homes in two different price ranges, you can calculate the absorption rate just for homes in your price range. The HIGHER the absorption rate, the faster homes are selling. For Auburn the rate is currently 39 days of inventory and for Lake Tapps it is 30 days. Experts believe that anything less than a 6 month inventory level would be considered a sellers market and anything over would be considered a Buyers Market. I personally feel that in our current market here locally, once we start to see homes sitting for longer than 30-40 days on the market, that it means that a price reduction is warranted. We haven’t seen inventory levels above 3 months in a VERY long time. So my friends, don’t believe what I think, look at the facts and data. The facts show that here locally in Auburn and Lake Tapps that we are still in a very, very strong sellers market. If your home isn’t selling there could be several reasons why: Price, Condition, Location and of course Marketing. Now, more than ever, proper exposure and properly using online digital marketing are absolutely essential. I am Gaurav Sood with GETSOOD, Skyline Properties, your local Digital Community Market Leader. Feel free to reach out to me or Lennaea to ask questions, or if you just need some advice about what to do in regards to buying or selling your home . We are always here to help. #Marketupdate #Auburn #LakeTapps
