Home Sweet Home!

It's not a mansion, but it's our home.51

On Tuesday, June 20^th there are roughly 264 homes for sale in within Seattle Eastside (MLS 500-600), if using the most sought after search criteria of single family home, 3+ beds, price $650,000 to $999,000.  Considering that according to U.S. Census Bureau there are approximately 1,100 people moving to King County every single week, it’s not much. One could say the market is competitive for buyers at very least.

https://www.census.gov/

The absorption for this market combining both residential and condo was 162.6% in May, comparing to 165.2% in April, or looking a year back 128.4% in May of 2016. What it means, is that things are happening awfully fast with the inventory being low. In May of 2016 the residential and condo inventory aka homes for sale was 1,130, as this year, in May of 2017 the number was 882 equaling 248 homes less. I know, a lot of numbers, but the math here is simple, more people, less homes equals a competitive market with high rents and home prices on the climb.

So, how do you buy a home in this market? How will you make the seller pick your offer? What do you have to do, in order to stand out? To be the one chosen, when you could have tens of people competing with you.

There is no lying, this market is a sellers’ market at its purest. The seller gets to pick, but what does the seller want?

The quick answer is money, but money as important as it is, is not everything. Yes, you do have to have your financing figured out, and the days of prequalifying for a loan being good enough are long gone. In this market, being prequalified won’t take you anywhere, I mean for reals, not even inside the realtor’s car to go look. Your first step is to get pre-qualified or to show that you are really, really serious, pre-underwritten. This may sound backwards to you, but this is how it works right now.

After the money part, we get to everything else around the deal. First of all, most sellers want a clean cut deal, fast, easy and painless. This is where your broker, and the brokerage steps in big time as the question here is, what is the reputation of the brokerage? Are they going to be able to take the transaction to closing without any bumps in the road as a seller do not want to hear about having to extend the closing date by a day nor two or even worse for a week. Even if I am new and somewhat inexperienced, I have a team highly experienced professionals standing behind me, the ones that have been in this business for decades, and also as a new broker my reputation is as great as the way I do business, and if I want to make it in this industry, I better be good at what I do.

So, money first and a great broker second. A great broker can make your offer stand out, by making it at least intriguing even if someone is able to offer more money. What else can you do? Before we step on the slippery slope of hard core decisions of getting out of your comfort zone, and taking risks of possibly losing your earnest money, there are softer values too. Does the seller want to lease back until a later date? What is important to the seller, without getting into the stuff that could be violating the Washington State discrimination laws? What can you give to them?

We have all heard stories of those all cash buyers, Yes, they do exist but there is a way around it and most buyers are taking a detour to compete with them, because there is a way. The question is, are you comfortable with giving away your contingencies, are you as a buyer willing to take a risk?

Should you give up your right for inspection, or should you maybe do a pre-inspection prior to offering? It all depends as there is a part in the inspection that helps protect the seller too, even if living in a “buyer beware state”.

Then comes the title. Legally the seller has to be able to provide a clean title at closing, so giving up your right to preview the title will affect you most when it comes to the CC&Rs, the rules, regulations and restrictions of the community you are moving into.

For most buyers, it takes a hit or two, before being ready to take it up a notch, to be ready to risk it for getting the home you like. It also might take settling with something less than perfect, being able to accept a home without that extra bedroom, or acreage, and my first question to you after the financing part are:

1. What are the things you must have?
2. What would you like to have?
3. What would be awesome, but you would be willing to give up?

Think about everything; school, neighborhood, commute, condition and size of the home. Do you really need that 18 foot foyer when you walk in?

Most importantly, never get discouraged. We will find your perfect home!