King County Median Home Price Falls

For the second consecutive month, the median home price in King County dropped. This month it dropped to $450,000. The median home price means that half of the home sales were beneath this price and half were above this price. This is NOT the average home price.

What does this mean to buyers and sellers? Well, if you're attempting to sell your home, don't get greedy. You need to price it where it should be priced. Trust your realtor, that's what we're paid for. If you're feeling like you should 'try for more', then this isn't the time to sell your house. Buyers aren't dumb, they're going to come in offering less than what you're asking, unless it's priced right.

But don't forget to keep things in perspective. Our market is still very good. As a buyer, this might not be the time to purchase a flipper house that you want to sell in 6 months. But if you're going to be in your house for a couple years, don't let this stop you. One, it's better to own than rent as long as you can afford the payment. Don't get yourself into any overly risky loan programs at this time. Two, if you're at your home for two years, you won't lose. Even in our 'slower' market.

If anything, this is a great time to purchase. It's like they always say, 'buy low; sell high'. As an investor, I've always believed that you make your money on the front side of the purchase. If you can purchase something for under price, you've just made that much extra for when you sell it.

Good luck! Let me know if I can be of any help.
Aaron