Is the market turning?

Asked by House6221, Kirkland, WA Thu May 3, 2012

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16
Jirius Isaac, Agent, Kenmore, WA
Mon May 7, 2012
As you have read below, it is for sure shifting. I have had multiple offer situations in the last 2 offers for my buyers & my most recent listing. I think we are mostly over the hump.

good luck to you.
1 vote
Phil Leng, Agent, Kirkland, WA
Fri May 4, 2012
The equation of who has the most power in a transaction is shifting.

It is not much fun being a buyers agent right now in our area of the country. Especially in the lower price ranges. I have several buyers where every single house they are interested in ends up being a multiple offer situation. It is no longer whether to offer full price or not, it is how much over full price we need to go to get the house.

The power in the transaction for a well cared for house that is realistically priced and in a good area has shifted from the buyer to the seller.
1 vote
Phil Rotondo, Agent, Melbourne, FL
Fri May 4, 2012
It used to be my stomach; it might just now be the market.
1 vote
Kary Krismer, Agent, Renton, WA
Thu May 3, 2012
For sellers, the market has turned, and it did so some time ago.

http://www.trulia.com/blog/kary_l_krismer/2012/04/significan…

What I mean by that is that you should be able to find a buyer for your house. The low inventory really helps sellers because there is very little selection right now. What I do not mean by that is you will not get 2007 prices, but the prices are probably higher than the recent lows. Part depends though upon your area and your house.

What it will do in the future is anyone's guess.
1 vote
Robin Stark, , Washington
Fri Jan 11, 2013
well I would say that this is the selling season and also the interest rates and lending rates from bank continue to remain low. Buyers know that this isn't going to last forever and have gotten off the fence - although sellers still are not excited about putting their homes on the market.

Sources:
http://www.toponesuccess.com/
0 votes
Phil Leng, Agent, Kirkland, WA
Tue Jun 26, 2012
Yes it is. In Kirkland listing inventory is 40% lower than it was this time last year, and sales are up 25%
Give me a call I will get your home sold quickly and for top dollar.
Thanks
PHil
0 votes
Anni Zilz, Agent, Mercer Island, WA
Tue Jun 26, 2012
If you were waiting for the bottom of the market you missed it. King county is seeing multiple offers in every price point.
0 votes
Ian Biggs, , Kirkland, WA
Tue Jun 26, 2012
In Kirkland and the surrounding areas, the market has turned. We have hit the bottom, and are heading upward. Being in an appreciating market, yet still not far from the bottom (price-wise) and with interest rates what they are, it's a great time to buy! If you've been waiting to sell your house, now may be good as well. Your home is not worth what it was in late 2006, but unlike the last 5 years, you won't have to give it away.
0 votes
Phil Leng, Agent, Kirkland, WA
Thu May 24, 2012
Home Prices Rise in Half of U.S. Cities as Markets Stabilize - 05/16/12 02:56 AM
Prices are going up for homes in half of the cities in all of the US! Laurie quotes a Bank of America representative that says just over half of metropolitan areas around the country had median price gains from a year ago.
We are finding the same results in our work pricing homes for owners and banks. Although prices fell throughout 2011 in most neighborhoods in the Puget Sound, now we are well into our second quarter of 2012, and year over year, prices are up!
0 votes
Julie Metteer, Agent, Bothell, WA
Thu May 24, 2012
Pretty much anywhere in the Kirkland area right now is pretty hot, and the surrounding areas as well. Short sales, unencumbered properties - you name it, if it's new on the market and in decent condition expect multiple offers and no "lowballing!" You have to have all of your ducks in a row (meaning get your pre-approval done before you go looking) otherwise you're in for disappointment.
That said, it is the "selling season" and interest rates continue to remain low. Buyers know that this isn't going to last forever and have gotten off the fence - yet sellers still aren't excited about putting their homes on the market - understandably they now want to "wait and see" if prices start going up... this means inventory is low.

(But if you want to sell - remember, money is CHEAP right now, and just because you decide to wait - interest rates WILL go up, and you're home buying power could go down if they do!)

There is still the issue of shadow inventory (foreclosures not yet on the market) that could change things later in the summer, but overall, things are definitely MOVING! :)
0 votes
Doug McKiern…, Agent, Mercer Island, WA
Fri May 4, 2012
It is basic supply and demand economics. Right now there is very high demand, a lot of it due to the season, and very low inventory. This is putting upward pressure on prices as many listings that are priced right are receiving multiple offers with the final price substantially above asking.
0 votes
Jennifer Oha…, Agent, Bothell, WA
Fri May 4, 2012
I would say we're experiencing a huge boom in Kirkland right now. Properties - especially under $400k are flying off the shelves. The only possible downturn or slowing I see to this is if rates increase or the shadow inventory from the robo signing fallout starts to come on the market here. In that case many of the bank owned homes are able to undercut traditional sellers on price and buyers find these properties really attractive because they are "good deals". I believe we're slowly but surely moving in the right direction. I;ve prayed for this moment for 4 years and now I'm so busy in KIrkland I can't beleive it. Be careful what you wish for!

If you're a buyer in this market, be prepared to put your best foot forward.

Jennifer Nilssen
TEC Real Estate
0 votes
Anni Zilz, Agent, Mercer Island, WA
Fri May 4, 2012
If you are a buyer and you were waiting for the bottom, you missed it. Kirkland is on fire right now and is most of the East Side and Seattle. Many sales are going for over asking price, or under contract within a few days. We are seeing multiple offers on most transactions including Short Sales. A home must be priced right (not too low), in good shape and ready to sell. Fresh paint works wonders. We will see our July lull however, so get your home ready and listed by June.
0 votes
Dan Tabit, Agent, Issaquah, WA
Thu May 3, 2012
House6221,
By all measures we are going through a busy period right now, whether it will continue or not remains to be seen. Well presented and properly priced homes are selling in days, often with multiple offers. Some of these may not be over list price, so don't get carried away, just price appropriately and make plans for your move.
Rates continue to be favorable and prices are seeing stabilization in many areas and even some modest increases. Again, this may not last, so tread carefully. If you are buying, you can't expect huge discounts on well priced homes. If you are selling, you still need to price to the market and be grateful for solid offers.
Election years tend to be volatile as moods and polls change. If you are thinking about getting into the market on either side, just be prepared as things can change quickly. Best of luck.
0 votes
Christine Le…, Agent, Kirkland, WA
Thu May 3, 2012
Yes it is! Inventory is down and there have been multiple offer situations in some locations when homes have been priced well. Let me know if I can provide more specific information - I am happy to help!
0 votes
House6221, Home Seller, Kirkland, WA
Thu May 3, 2012
yes i think it is and will be better by summer
0 votes
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