According to the NW MLS, members reported 9,126 pending sales during March, a year-over-year increase of nearly 21 percent. That total surpassed the previous month by 1,503 transactions (up 19.7 percent). Inventory is shrinking, mortgage rates are great and buyer confidence is on the rise. Compared to a year ago, inventory is down 25.6 percent. Buyers are becoming more aggressive with their offers due to lack of inventory. Homes close to the core of job opportunities are seeing short on-market time – about 45% of new listings are selling within the first month. Multiple offers are occurring regularly in some neighborhoods in the core of the city, in particular homes priced under $400,000 – like a Ballard home listed in the high $300,000?s that received 5 offers and sold for considerable more than it’s list price.
This is not to say that prices are not good because they are and values continue to drop in many communities. It is still the perfect storm for buyers but sellers do have more power than I have seen since the housing market crashed.
To sum it up in a few words: buyers – don’t wait too long to take advantage of the best market I have seen in many years. Sellers – start planning if a move is on the horizon. Get your home spruced up and ready for the market and price your home realistically. Buyers are very savvy and understand the market. Overpricing a home is not wise.