Here in the Seattle area, you may have heard that the real estate market is fast with prices escalating to unheard of heights. Buyers have made offers with some creative details to win the house, and those still looking have become tired since the same house they didn’t win last year is now priced $50k-$100k more.
Sellers have loved this market enjoying multiple offers and prices they never would have paid themselves. Review dates and multiple offers have become par for the listing process.
Well, guess what? Within the last 6 weeks, A LOT more inventory has popped up. What does that mean? More choices for Buyers and, therefore, less frenzy for the one house on the market because now there are three within blocks of each other.
I am stoked for my Buyers who have been searching for months. They are finally breathing a small breath of fresh air that maybe they won’t have to offer up their first born to gain the home of their dreams.
Sellers… sorry to say, your mind-set is going to have change a bit. While it is still a Seller’s market, and some areas this shift is not being felt, pricing will be an interesting process. I have been counseling my Sellers to price at market value and at a number they will be happy to get without the hopes of multiple escalations. I have found that those people are happy to get the one good offer at list price, but that they were sort of hoping I was wrong. 😃
So, Buyers, it is time to find your new home! Interest rates have risen, so the sooner the better. And now you have more choice. Yippee! I am ready to celebrate with you when we make an offer less than list price for a change.