Friday, June 10, 2011

Is it still a buyer's market?

Is it still a buyers' market? The answer to that question depends upon where you live and what type of home you want to buy.

While there are a lot of Short Sale and Foreclosure properties on the market, not everyone who is shopping for a new home is in a position to take advantage of such properties. Short Sales, in particular, require a great deal of time, patience, flexibility and luck to come to fruition.  Also, these homes typically require some repair, so they are fine for buyers who don't mind putting some time and money into the home, but not so good for buyers who want "move-in-ready."

There are still great bargains to be had in higher end homes (let's say $700K and up) as well, because the pool of potential buyers is smaller. Buyers in this price range are still able to negotiate fairly aggressively.
But what about the more modestly price homes (i.e. $300-$400K)? Especially those that have strong curb appeal (i.e. they are cute as a button) and ARE move-in-ready? Those homes, if priced appropriately, are often getting multiple offers in the first few days or weeks on the market. Once again, buyers are finding themselves competing for the better, well-priced homes.

You may be surprised to learn that of the 489 homes sold in West Seattle since the beginning of this year, 73 sold in 7 days or less. That's 15%. While that is not a huge percentage, it is proof that not all houses are languishing on the market, and buyers are not always in control.

What is the moral of the story? When it comes to real estate sales, there are no absolutes. There are always pockets that favor buyers and pockets that favor sellers. If you are buying or selling your home, you need to know the facts about what is happening in your specific area. Any good agent can research that information for you if they don't already know.

Want more information or a free, no-pressure consultation? Give me a call: 206-708-9800.

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