Figures for February and feedback from brokers indicate record-low inventory is spurring multiple offers on homes, rising prices, fewer sales, and frustrated house-hunters. Our robust market has created extreme conditions, and we’re seeing very hot activity on each new home coming on the market. All of this is pushing up home prices faster than anywhere else in the country and will continue to do so if we don’t see more homes come on the market this spring.
What you need to know:
There are 25% less homes on the market than a year ago.
Snohomish County prices spiked more than 18.2% from a year ago!
It's (almost) official: The Fed is raising rates this week by a quarter of a percent.
The spring bounce (more sellers on the market) is starting early but many sellers are preparing their properties for the more traditional listing time around April & May. Sellers are frustrated when they cannot find another home to match their current needs, or when a home goes off market so fast that the option of a contingent sale is not even considered.
What many don’t realize is that while a lack of inventory might help a seller get more for their home, it has a downside. It can cause potential sellers not to sell, appraisals to come in low, buyers to lose out to multiple offers, VA and FHA buyers to take second chair to cash or conventional loans, and a general frustration from lack of choice. A balanced market is always preferable to this unbalanced state of things.
Now is not the time to hire your neighbor's son's nephew who is new to real estate. Now more than ever, it is essential to work with an experienced broker who know how to negotiate price in a multiple-offer situation and who can help buyers be as competitive as possible with the right financing in place. Sellers don’t want to leave money on the table by pricing their property incorrectly. It is essential that you work with a broker who stays current and understands our dynamic, constantly shifting real estate market.
With over thirteen years of selling real estate full-time, I have helped tons of happy clients successfully navigate this tricky market. I would love to help you too. Call me, I'm in the office, working all week.
Prime Listings Group