Earlier this month, the NWMLS reported: Current market conditions — including rising mortgage rates, tight inventory and declining unemployment — are driving even more buyers into what is already an “extremely competitive housing market,” reported OB Jacobi, a member of the board of directors for Northwest Multiple Listing Service.
New figures from the MLS show pending sales during June jumped 10.6 percent from twelve months ago as buyers scrambled to lock in loan rates and bid on a limited supply of homes. Members in the 21 counties served by Northwest MLS reported 9,484 mutually accepted offers last month, outgaining the year-ago number of pending sales by 907 transactions.
“In June, our brokers reported anywhere from 2-to-7 offers on homes in the lower to mid-price ranges,” said Jacobi, president of Windermere Real Estate Company in Seattle. He noted interest rates for 2013 reached a new high in mid-June — “a result of improved confidence in the U.S. economy. And now, with Seattle’s jobless rate below 5 percent we expect even further pressure on housing as new workers move to the area,” he added.
“Multiple offers situations are almost old news,” remarked Frank Wilson, an officer on the Northwest MLS board. He recommends sellers prepare to deal with multiple offers by discussing a strategy with their broker when they list their home. Buyers should consider writing offers that may be above list price and contain an escalation clause, Wilson suggests.
While would-be purchasers jostled for acceptance of their offers during June, 7,318 newly-minted homeowners took possession of their home. That volume of closed sales compares to 6,214 completed transactions for the same month a year ago for a 17.8 percent increase.
Managing The Real Estate Details 