Knowing the market will keep you ahead of the game, if you are only just thinking of selling or buying. We meet with people months in advance to talk about their plans. Here are some key updates we are currently seeing:
1. SELLERS BE PREPARED. The Seattle area market took a turn last summer. It has remained pretty stable after the turn. Winter often has a lull so that is expected. The spring will be very telling about where the market will land after it's shift. But overall, we have experienced more price drops in recent months than we have had in many years! Sellers, don't be surprised if you don't get your original asking price or expect to sit much longer on the market at your list price. We show you the statistics based on your neighborhood so you know what to expect. Schedule an appointment long before you need to sell as there can be lots to consider!
2. THE BIGGEST BUYER POOL TO COME. Statistics show that millennials are the most anxious to buy and will be in our next big boom in buyers. However, they are being held back by student debt - their loan amounts having increased drastically in recent years. Lending restrictions are more difficult now as well. But we have good news - we know some great lenders who have down payment assistance programs for those who've not purchased a home in the last three years. Ask us for more info!
3. BUYER INCENTIVES. Builders are finding buyers to be more demanding these days on what incentives they want. And the builders are listening. One thing the builders are offering, if the buyer uses the buiders' preferred lender, are buy-downs to help lower the buyers' mortgage rate. We have some warnings for buyers about going directly to builders of new construction, as they are looking out for themselves first, so don't think you are doing yourself a favor by having them write up your offer. You're not. Ask us why!
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4. WHAT DOES MORE INVENTORY MEAN? Depending on how hot your neighborhood is, if your home has three others like it on the market, don't expect buyers to be fighting over your home. They can afford to be more choosy - which affects your bottom line as well as their offer terms. Sellers have less negotiating power with high inventory. This graphic is not high, per say, in a January market, but when spring comes and inventory increases - as it normally does - you will have more competition. Want research done on your property and neighborhood market? Ask us!
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