19 November 2010

From the Realtor ~ Observations from the Field

From time to time, I report on the trends we are seeing both in the body of statistical infomation on hand and in what is currently happening "on the ground" with buyers and sellers.  Here are some of my latest observations.

October and November Bump.  The feeling on the street is that both buyers and sellers got a little more serious and decisive as we moved towards year’s end.

More Old Inventory, Less New Inventory.  It’s true:  we have more total inventory in Seattle than we did last year at this time. Diminished sales since the expiration of the tax credit certainly plays a role in our increased stock of homes. Conversely, we are seeing less new inventory come on the market in the same time period, and desirable new listings can sell fast, leaving the same, tired old listings to languish longer.

Low Balls and Multiple Offers.  With lengthy market time comes low ball offers, though not all of the time.  While some buyers choose to go this route, many will simply dismiss an overpriced home or wait and watch to see what happens—sometimes only to lose the home. Conversely, nice new listings at fare prices are selling every day in 2, 3, 7, 9, 13, and 24 days. A strange dichotomy, yes, but it makes perfect sense when considering the importance of a good value today.