FOR IMMEDIATE RELEASE: February 5, 2013 Don't Sit and Wait
Brokers report brisk sales, but rising frustration for home buyers.
Phil's prediction of an early spring is showing up in the latest housing activity report from the Northwest Multiple Listing Service. Its statistics for January showed a 14.4 percent year-over-year increase in pending sales and a 23.6 percent jump in closed sales amid a 31.3 percent decline in inventory.
The MLS reported 4,289 closed sales during January, surpassing the year ago total by 820 transactions.
Supply has dwindled to less than two months in some counties close to job centers, spurring bidding wars.
Even though buyers are flocking to newly listed homes, sellers must be smart about pricing, emphasized George Moorhead, branch manager at Bentley Properties. "In my area, a home that comes on the market that is well priced for the area, style and condition is usually under contract within a few days," Moorhead said, but he also noted homes that have been on the market for more than 20 days are subject to price reductions.
Moorhead, who is also a member of the Northwest MLS board of directors, said the current market defies basic economics for supply and demand. "Interesting factors include sellers who are still holding back for myriad reasons. Some do not have the confidence or equity to put their home in front of buyers, and that is creating even more pent-up demand."
"I personally have never seen the ratio between active buyers and available inventory in Seattle's close-in neighborhoods so out of balance," remarked Mike Skahen, owner/designated broker at Lake & Co. Real Estate in Seattle. Skahen, a real estate professional since 1976, said multiple offers and bids well over the list price are common. "Even homes that were hard to sell for various reasons are being snapped up so those sellers were wise to list," he added.
Lena Maul, a new member of the Northwest MLS board of directors, and the designated broker/owner at Windermere/North in Lynnwood, agreed now is a good time for sellers to list. "Sellers who are considering a spring or summer listing may want to consider listing now as demand is outweighing supply,"
she noted, adding, "This has given well priced sellers the advantage with the benefit of quick sales and multiple offers."
***** Buyer's Don't Despair the market will be in your Favor by June*****
The Influx of new Inventory (New construction, Foreclosures,Spring Sellers) will drive prices down, and you will have more homes to select from.