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Buyer Frustration Builds as Inventory Shrinks, Prices Rise
Here's what they're saying in the Puget Sound area...Home prices in the Puget Sound area hit new highs in February as buyers tried to outbid each other for the sparse inventory in much of Western Washington. With the number of single family homes for sale in King County down nearly 30 percent from a year ago, prices on last month's sales surged 19.8 percent, jumping from $429,900 to $514,975. Ten other counties in the 23-county area served by Northwest Multiple Listing Service also reported double-digit price gains for single family homes that sold last month, according to its latest statistics. Condo prices surged 19.6 percent. What's this mean for you?... It's suggested by some Real estate brokers that.."Buyers who are looking for houses cannot start looking at the top of their affordability range -- they should look 15 or 20 percent below their limit and be prepared to go over list price if they have any hope of success," The reason for this one might ask?
Current levels of inventory translate to 2.4 months of supply, well below the four-to-six months that industry experts use to indicate a balanced market. In the four-county Puget Sound region, supply is hovering near or below two months, with King County having the lowest level at only 1.3 months of supply. Snohomish County reported about 1.5 months, Pierce had slightly more than 2.1 months, and Kitsap County was at about 2.3 months.
"Buyer frustration continues to build as inventory levels drop and a mixed quality of homes comes on market," are the thoughts of several brokers. The spring forecast? Buyers will still see a lack of inventory and multiple offers are still a common occurence on properly priced properties through the spring time and into summer.
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HUD / VA / Bank Owned Properties
Are you a buyer or investor looking to buy any of these types of properties? Did you know that if your not using a HUD registered Brokerage then you cannot even submit an offer on a HUD owned property? If your purchasing certain types of other properties and fail to use the right forms your offer won't be submitted either! Let the Asset Listing team simplify the process for you. Call 253-254-6684 or request info on how the process can be easier for you at email@example.com. We have skilled brokers with over 20+ years that understand the buying process. Don't lose out on the property you want for something as simple as that! Start your property search here.....
Sellers - Markets have changed! Shortages and low inventory in most area's where 90 percent of the sales occur are still creating multiple offers on great properties. Do you know how to take advantage this? We do! This is a great time to sell but.. You need to understand how to fully benefit from it. Area housing inventory has been shrinking and prices rising and you need to know how this can work for against you. Do you as a seller really know where to begin? What's your home worth? Click image below:
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With over 90 percent of property searches now being conducted online using social media sites, the internet and search engines, good properties are bought or sold before they are even advertised in magazines or newspapers. You can receive all of the newest listings on the market (including short sales, Government, bank owned, preforeclosure or foreclosure properties). Whether they're listed for sale in the Tacoma, Olympia, Seattle or surrounding Puget Sound Area's use our Listings Notification software that's updated in real time and get notified as soon as they hit the market. Free for you and emailed directly to you! Sign up today!
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