The Phil Leng Team: October 2014

Seller's Market Insider Info

Seller’s Market Insider Info

or

What your Buyer’s Agent should know and be telling you…


Seller’s Market Insider Info

Real estate inventory is low.  That’s what “everyone” knows.  Did you know that in the King County area during the last week (+/-) there are 825 NEW LISTINGS on the market?  In seven days.  Mostly new construction.

 

During that same period 723 active listings (houses on the market now) REDUCED THEIR PRICES. Do you think those are part of the new construction boom?  Not.  Because existing housing is competing with new construction housing.   Hmmm.  A ten, twenty or thirty-plus year old home competing with a new home with warranty built to current construction requirements.

 

market statistics

 

Many people love “period” homes and/or architecture.  Many love environmentally friendly housing.  Most often the two are mutually exclusive.  How many Craftsman Bungalow houses have you seen that are eco-friendly?  How many over 25 years old that don’t have lead paint somewhere?

Seller’s Market Insider Info

More and more people are seeking a balance in where they live and how they live as well as what they live in - our homes also reflect who we are, from modest to ostentatious.  More of us seek homes that are eco-friendly, ergonomically friendly and efficient.  Again with the new versus the old!

Seller’s Market Insider Info

We are a status-quo species.  We grow accustomed to certain patterns or structures that seem consistent over a given period of time.  And we often overlook long-term patterns.  As in the real estate market.

 

Earlier this year it seemed there were bidding wars on every house we liked and the pricing was through the roof!  Selling for $20,000 to $50,000 over list price!  So more people (agents as well) pandered to pricing above market sustainability.  With it being a Seller’s Market it might have seemed almost any price could work.

Seller’s Market Insider Info

Then the reality of economics intervened.  Some people recognized it.  And shared the info with friends.  Thus fewer and fewer people were held hostage to the “limited inventory” fallacy. Accordingly the bidding wars ceased.  Buyers no longer make offers with Pac Man clauses.  Or strive to out-bid the next person.

 

And price reductions began.  New construction has become a major influence on the general real estate market.  And buyers have more options.  As the Buyer’s Agent knows (or should) and shares with the client.  Let’s hope.  Because none of us want another real estate bubble bursting with all our hopes and dreams.  

 

Our team has four dedicated Buyer’s Agents focused on your needs and dreams.  Contact us for more information.

 

 phillengteam.com

The Phil Leng Team

206-409-6600

philleng1@gmail.com

http://www.ilovekirkland.org

http://www.kirklandhomevalues.com

 
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www.kirklandhomevalues.comwww.kirklandhomevalues.com

 

 

 

 

 

Comment balloon 1 commentPhil Leng • October 10 2014 09:43AM
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