Is it really that slow?
Since about mid-February the market seems to have picked up again quite a bit. Sure it's not the fast-paced, sell your house in a week, market that it was a couple years ago. (I once placed an offer for some clients where we were one of 16 offers! Ah, the days.) But it isn't quite the dire straits that everyone seems to think it is. Well, not in Seattle at least. Is it a buyer's market? Yes. Does it take longer to sell your house right now? Yes. But let's be honest, it was getting pretty ridiculous for a while. People paying $100,000 over the asking price. That was obsurd. So here we are in a market where buyers actually have choices again in what they purchase. It's actually much more fun to show buyers homes right now because there isn't as much of the pressure of having to decide that instant if they wanted to make an offer.
But, let me give you a little bit of a picture of what I see today. There are about twice as many homes on the market right now than there were this time last year. But keep in mind we're just coming off of the winter where less activity happens anyway. Between the winter months, the mortgage 'meltdown' of 6 months ago, and the national media telling us how bad everything is, it seems that up in Seattle we're recovering fairly well.
Where I see the major inventory right now is in condos. All of those people that were approved to by condos two years ago are wanting to sell to move up and take advantage of the great interest rates in buying their 'next step' house. Who wouldn't, right? Coupled with all of those on the market and so many apartments turned condo projects... there's just a lot of condos to choose from. But with the mortgage issues, less and less people can now afford to buy these entry level condos, which means the current owners aren't able to move up. Thus slowing us down quite a bit.
But it's picking up! Houses are selling. There are less conversion projects right now. Spring is coming. People want to move... and they're doing it.
Be encouraged my friends. If you're thinking long term in your real estate investment, you can't go wrong.
Good luck and have fun!
But, let me give you a little bit of a picture of what I see today. There are about twice as many homes on the market right now than there were this time last year. But keep in mind we're just coming off of the winter where less activity happens anyway. Between the winter months, the mortgage 'meltdown' of 6 months ago, and the national media telling us how bad everything is, it seems that up in Seattle we're recovering fairly well.
Where I see the major inventory right now is in condos. All of those people that were approved to by condos two years ago are wanting to sell to move up and take advantage of the great interest rates in buying their 'next step' house. Who wouldn't, right? Coupled with all of those on the market and so many apartments turned condo projects... there's just a lot of condos to choose from. But with the mortgage issues, less and less people can now afford to buy these entry level condos, which means the current owners aren't able to move up. Thus slowing us down quite a bit.
But it's picking up! Houses are selling. There are less conversion projects right now. Spring is coming. People want to move... and they're doing it.
Be encouraged my friends. If you're thinking long term in your real estate investment, you can't go wrong.
Good luck and have fun!
posted by Soderulnd Homes at
11:30 AM
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1 Comments
