Would-be buyers in Bellevue and other Eastside communities are going above list prices, waiving inspection and writing flowery letters to sellers. And if they can pay in cash, all the better.
Tag Archives: housing market
Housing Market Righting Itself – Buyers, Brokers Get Creative to Compete
Housing around Western Washington is on an upward trajectory, but inadequate inventory “in the right prices and locations” makes for a “very difficult market for purchasers and brokers,” according to an executive with one multi-office real estate company.
New figures from Northwest Multiple Listing Service show inventory increased in May compared to a year ago, but brokers say competition is keen. “Multiple offers and escalation clauses occur on a regular basis for properties that are extremely well priced and in great condition,” reports Dick Beeson, principal managing broker at RE/MAX Professionals in Tacoma.
Mike Gain, a former chairman of the Northwest MLS board of directors, also commented on the bidding wars. “We are experiencing more multiple offers than I have experienced in my 35 years of practicing real estate in this marketplace,” stated Gain, the president and CEO of Berkshire Hathaway HomeServices Northwest Real Estate. “This is a very difficult market for purchasers, our agents and brokers. If we had inventory to handle the demand our pending and sold numbers would be greatly increased,” he believes, adding, “We desperately need good quality inventory.”
Last month’s pending sales topped the 10,000 mark for the first time in twelve months. The number of mutually accepted offers totaled 10,373, outgaining a year ago by 328 transactions for an increase of almost 3.3 percent. Last month’s total was the highest volume of pending sales since June 2006 when brokers tallied 10,448 transactions.
With demand outpacing supply in many parts of the region, brokers are noticing more creativity among competing parties. “Offer review deadlines have become pretty commonplace in this market, as have pre-inspections,” said OB Jacobi, president of Windermere Real Estate. He said some agents and buyers are getting even more aggressive by submitting their offer prior to the deadline.
Jacobi said there’s also an increase in the number of cash buyers, and buyers willing to waive their financing contingency, “making it even more difficult for the vast majority who don’t have this option.” With ongoing competition likely to continue, Jacobi expects agents and buyers to be “increasingly creative until the market becomes more balanced, which probably isn’t going to happen any time soon.”
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10 Markets Where Homes Are Selling the Fastest
Denver tops the list of more than 140 metros where homes are on the market for the fewest number of days, unseating Oakland, Calif., for that top spot, according to realtor.com’s National Housing Trend Report for March. Oakland had occupied the top spot for the fewest days on the market on realtor.com’s report since November 2013.
The national average for days on the market is 102 days, but in some markets, listings are typically on the market for a month or even less.
Realtor.com’s report shows the following 10 metro areas with the lowest median days on the market…
And see where Seattle is on the list!
US Foreclosures Fall to Lowest Quarterly Level Since mid-2007
The U.S. housing market is back on its feet, aided by rising home prices, steady job growth and fewer troubled loans.
More U.S. homeowners are also keeping up with their mortgage payments. March was the 42nd straight month where U.S. foreclosure activity dropped from year-ago levels.
6 Seller Secrets for this Spring’s Real Estate Market
Each year, it seems the housing market takes on a different tone – and whether it’s going to be a sellers’ market with inflated prices and bidding wars, or a buyers’ market with tons of choices and low prices – there’s no denying that the 2014 spring housing season is upon us. So what does it have in store? Well, if you’re thinking of listing your home, that’s an important question.
Here are 6 market insights that will give you a head start!
Short Sales: Why They Can Take So Long
When buyers hear the term “short sale,” they typically think about distressed sellers and good deals — especially in markets where prices have ticked upwards. But the word “sale” can be misleading. In fact, many real estate agents have renamed “short sales” as “long-and-drawn-out sales.” Here’s why short sales often take a long time to complete.
Why 2014 is a Good Year to Buy a Home
If you didn’t buy a home in 2013, you may be kicking yourself now. Home prices climbed nationally an average of 13.6 percent in the past 12 months, according to Tuesday’s release of the Standard & Poor’s/Case-Shiller 20-city home price index.
Don’t make the same mistake in 2014, suggests Benjamin Weinstock, real estate attorney and partner at the firm Ruskin Moscou Faltischek in Uniondale, N.Y.
Market forecasters predict that 2014 will be another year of gains for the real estate market, even though the rapid pace of sales in 2013 cooled off a bit at the end of the year. On Dec. 30, The National Association of Realtors said its pending home sales index, based on contracts signed last month, rose 0.2 percent in November, below the 1 percent rise forecast.
Home prices are expected to rise about 5 percent next year, says Weinstock. Higher mortgage rates will dampen the pace of both sales and price gains, but not bring them to a halt. The average rate on a 30-year fixed mortgage is expected to rise from 4.5 percent to 5 percent in the next year.
Even aside from expected price gains, buying a home is almost always a good investment in the long run, says Weinstock. Tax benefits are not to be overlooked.
Nearly Every U.S. City Can Expect a Good 2014
Nearly every city in the U.S. is expected to see economic growth in 2014, according to a new report by the U.S. Conference of Mayors. The city expected to lead the country in economic growth and job gains is Naples, Fla.
Other large cities expected to see big growth this year: Raleigh, N.C.; Atlanta; and Austin, Texas, according to the report, which was conducted by IHS Global Insight.
In Housing, Big Is Back (not counting the extras)
The bursting of the housing bubble didn’t deter affluent buyers for long.
After the recession, the market for large, expensive homes slowed sharply. Yet despite the bursting of the housing bubble, the ensuing recession and the slow recovery, buyers have not abandoned luxury homes. It turns out that they just took a break. In July 2013, sales of homes costing more than $1 million were up 46.6 percent from the previous July. When it comes to new homes, bigger is again better.
Housing Recovery Sparks Pickup in Home Seizures
Though the housing market continues its halting recovery, thousands of homeowners are still struggling in the aftermath of the worst financial collapse since the Great Depression. Even as the overall foreclosure level has retreated to pre-2006 levels, the average length of cases already in the pipeline has increased.
But that may be changing.
Managing The Real Estate Details 