Receiving multiple offers for “Homes for sale“ is still happening all around the country, although this trend may be slowing down in some states. Multiple offers are usual when real estate markets substantially favor home sellers. In rare situations, it can even be odd to not have multiple offers.
How robust is Seattle’s real estate market? Consider these recent stats.
Is that robust enough?
However, this chaotic real estate market has softened a bit in recent weeks. It is taking a little longer for a house to sell. There are also more price reductions. BTW, we now use more exotic words like refreshed pricing or improved price rather than a good old price reduction.
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If you pay any attention to the housing market news, you know that we are currently amidst one of the strongest sellers’ markets. It has slowed down a bit in recent weeks. It is difficult to determine if it is the usual summer slowdown or if the market has run out of steam. This article is about how to get your house ready to sell, regardless of the market demands. Seller’s or buyer’s market, you must present your home as best as possible to get the highest price.
The optimum lead time to start preparing your house to sell is three to six months, depending upon repairs and improvements that might be needed. The more time you allow yourself to prepare, the easier and more cost-effective it will be for you.
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What is my home worth? This question is the first step when people start to think about selling their house. Having the most current and up-to-date data about recent activity is crucial to answering this question. This blog post is unique. It includes live graphs that show you the last twelve months’ data for Redmond, Sammamish, Kirkland, and Bellevue. If you require more extensive data, please reach out and we will get you what you seek. A broader picture shows that the demand for homes increased significantly starting in the summer, while the supply went down a lot, mostly due to homeowners are not eager to sell during COVID-19 unless there is a dire need to do so.
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I originally wrote this blog post about buying real estate on Eastside in March 2017 – exactly four years ago today. There was a general feeling back then that the market will slow down. About a year ago, when Covid19 hit us like a tsunami, there was a great deal of uncertainty about what was in store. Given all the restrictions and limitations, it appeared to be likely that things will slow down. That did not happen. We saw solid numbers in 2020, and buying real estate on Eastside became even more challenging. The first three months have seen that trend continue. It is not just buying real estate on Eastside. Now it is exceptionally competitive just about everywhere. From Tacoma to Bellingham and Spokane, at the eastern edge of Washington State, just about every new home on the market sells quickly and fetches more than the asking price. Thus I am reposting this blog.
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Savvy buyers and sellers know that our real estate market is vibrant, complex, and nuanced.
At BN Real Estate, we follow a nine-point home-buying system to serve our “buyer clients.” You can learn more specifics about this extremely effective approach here. For an in-depth understanding of the buying process and to be equipped to jump into today’s highly competitive market, pick up Broker Nadir’s book at Amazon.
Being in a seller’s market, like the one we have now, having several buyers clamoring to get their offer accepted makes things even more complex for the home sellers.
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The current sentiment that the real estate market is crazy is the aptest description. Buying a home in 2021 has become a very different experience. It does not serve homebuyers very well, who feel helpless as the market demands compel them to give up their legal protections. There is no way to predict when the market conditions might improve.
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The real estate market is currently considered a seller’s market almost throughout the country – especially in Washington State. Seller’s markets create additional demands on homebuyers in general and first-time homebuyers in particular. Most people don’t realize that it also creates unique challenges for home sellers.
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The demand for homes remains on the rise. There was a substantial 39.3% increase in new homes coming on the market during December 2020, compared to the same month a year ago, for the entire NWMLS system. King County had more than a 60% increase in new listings compared to a year ago. Buyers eager to own homes quickly absorbed this added to inventory.
A total of 5,260 new listings came on the market. This was the most extensive new-listing activity since 2010 when the number was 5,460. Yet, demand is even higher. Across the NWMLS, for single-family homes and condos that closed last month, prices jumped nearly 12.2% from a year ago, increasing from $435,000 to $488,000. The averages are different on the Eastside. In Kirkland, the average home price is $1,031,089. In Redmond, the 98052 zip code average home price is $841,592 and in the 98053 zip code, this number is $895,671. In Sammamish, 98074 zip code the average home price is $922,461 and in the 98075 zip code, this number is $1,057,799.
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Having a pre-qualification letter just indicates that you discussed your financial situation with someone at the mortgage lender’s office. It indicates that you did not provide any documentation. And the lender didn’t verify any of the verbal information that you gave them.
It indicates that the lender merely considered the broader guidelines. And concluded that you are likely to be approved for a loan of up to a certain amount. Then the lender issued you a letter stating that they have pre-qualified your loan application.
