content, seo/smo, trend data and images by Jaymz SeoL for Phil Leng
@yourraindancer email@example.com message: 206-225-3218
What's Real with Real Estate in King County
Your monthly real-estate-info-in-a-can kind of update...based on experiential, interactive and researched information.
Everyone’s talking about real estate, even tenants. Talking about it being a
“Seller’s Market”, about the “bidding” on homes for sale, the “price spiking” in some areas. What does that mean?
A “Seller’s Market” is just a reflection of their being too few houses on the market and an abundance of people trying to buy them. How’s that happen?
Over the last several years many folks lost their homes to foreclosure or short sales (another topic). The remainder of the market watched their home values fall through the floor. More like a rock dropping in a lake. So they changed their plans and chose not to sell. Just plugging away, making their payments on time, watching the values go lower and lower. Well, this past winter things started to change. By spring it became a full-scale trend. Home values were moving UP. Mortgage rates plummeted, making it much cheaper to make a monthly home payment than ever before. So people on the fence decided to jump off and jump in.
And the least expensive homes went first. Like flash paper in a fireplace. First-time buyers were sometimes forced into a higher price range maxing out their resources. And the available inventory diminished. Fewer and fewer homes came on the market while more and more people got approved for mortgages to buy. So prices went up. And up. Then the bidding started. And multiple offers became the norm for awhile. Sellers market it is.
It appears right now that the Sellers have the most leverage in real estate transactions. As will be the case until the big banks holding millions of homes in foreclosure start to put their inventory on the market. So this is the best time in decades for people in good positions with their homes to market them. Or just folks waiting to get in less deep with their mortgages so they can get out without drowning in the depths of being underwater.
Any questions or concerns? Feel comfortable calling, emailing or visiting. Always glad to help, no strings unless you are a cat. (cats love to play with string)
With regards, respect and real estate,
Managing Broker, Team Leader
the Phil Leng Team
Real Estate Market Center
www.kirklandhomevalues.com (serving the entire King/Pierce/Snohomish County Area)