As we are in mid-September the market is picking up again.
Not that there wasn’t movement over the summer, but in all reality, there
wasn’t that much to move around either, and what we had still sold in more or
less the same amount of time it did during the spring. The absorption rate went
down to 111.6 on Seattle Eastside in July, but bumped back up to 121.6 in
August. Just to compare, it was 165.2 in April, but also 128.4 at its highest
level of 2016 meaning the most likely the slowest, sluggish time of the year in
2017 is pretty close to the highest pace absorption of 2016. It’s hard to call
this a slow down.
The graph for pending sales crossed lines with the inventory
on Seattle Eastside in October of 2016, and has not gone back. Traditionally looking
the inventory should be higher than pending sales, but in our area, it is the
other way around and as of now, it does not look like it’s going to change.
This means, fast selling times and multiple offers, and it
shows. We are still trying to prepare our buyers for having to move quickly if they
want to have something. There really is no time to ponder. Last night I was
scheduling showings for a client of mine - yes, they did get a due forewarning
that this may well happen - and 2 requests out of 4 came back declined as the
homes were already pending. With one of them, the broker called me and asked if
we want to see it, and make an offer that evening as they already had 6 offers
and were about to review. Since we are just starting our journey, I politely
passed.
Buying a home in Seattle Eastside can be a battle, and you
will have to be prepared. Get your pre-approval. Consider what you are willing
to risk, and what not, as most likely you will end up battling against buyers
that have waived everything they can in order to get what they want. Is that
smart? Ummm… I would be crazy to encourage someone to blow all of their rights
up in the air, but there are times when it just comes down to that. I aim at
educating my clients on the market and how it works. I aim at educating them on
what it means to skip the inspection or your financing contingency. What is the
possible worst case scenario? It is not my decision and a well educated buyer
is able to make decisions they are okay with.
Talk to your broker, they should be able to help you
understand what’s at stake with each decision!
Good advice!
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