As predicted during last month's radio show, market activity has definitely ticked up, and yes--we are even seeing multiple offers again!
Buyers are Back, But ...
•Inventory is incredibly low. Many homeowners are currently sitting on mortgage rates in the high 2's or 3's. Their motivation to list and "move up" is quite low as mortgage rates have risen this month in response to inflationary pressures and job reports.
•Buyers aren't in a rush. Buyers are taking a little more time with the process. In fact, some of the multiple offer situations occur in the second or third week of a listing instead of within just days as we witnessed during the pandemic.
•Many offers are slightly above list. We are not seeing 30 offers on a home, but a well-priced property in good condition can easily garner four or five offers in the current market. Anecdotally, the pending price is often slightly above the list price in many of these multiple-offer scenarios.
Tips for Sellers
•Details Matter. Sellers have to pay much greater attention to details. It's no longer acceptable for an agent to post iPhone photos or write insufficient listing copy.
•Inspections. Sellers need to get pre-listing home inspections to have a successful well-priced sale. Take care of as many items as possible to increase the desirability of the listing.
Tune in Now!
If you missed the radio show live, tune in now for more great real estate information specifically targeted to the Pacific Northwest! Questions about buying or selling? Call me today. I want to be your Seattle Realtor! (206) 261-2068