Wow...where do I begin??? First, my apologies for not sharing as often as I should. It's been a crazy real estate market these past few months...still is, just thought I'd get some information out to you that would help both Buyers and Sellers.
If you are looking to buy a home, please be aware that there are more and more properties being sold above the asking price due to multiple offers being submitted. I have personally experienced this with a few of my clients. We are shopping under the $200,000 price range in Bellevue, WA. A good example: I've written 7 offers for 7 different properties for one client. All offers have been full price or above asking with an escalation clause to beat the highest offer up to $30,000 more than the list price. My client has also been willing to waive their inspection contingency in hopes to knock out a competitor...hasn't been enough thus far.
I am monitoring all of the properties we lost bids for. I'm an anxious to know how much over asking the properties sold for. I know the value is there for more than $200k, but I haven't seen this real estate trend since 2005-2007. It makes sense with inventory being so low and the amount of buyers who have been waiting for "the one" to snatch up. It helps that mortgage rates are still incredibly low.
If you are a homeowner thinking of selling, please call me. We can talk about pricing, strategedy, staging, all good stuff to help make the process easier and less cumbersome considering our day-to-day living.
Buying or selling, it's important to keep the communication lines open. What's important to you is what's important to me. Sharing helps identify potential hurdles and will most likely contribute to solutions and move towards a smooth closing in each transaction.
