Homebuyer Tips for Success in Today’s Market
Hi Gina Madeya Windermere Yarrow bay with February’s Market Minute. Last month I recapped 2020’s record real estate market. Low mortgage rates combined with an unhealthy lack of supply and insatiable demand resulted in a market frenzy of bidding wars and offer tactics that surprised even the most experienced agents. The new year shows no signs of slowing down. This data set from January shows a whopping year over year increase in median sale prices, with 50% of all listings on the Eastside and Snohomish counties selling above their asking price, a majority of all homes in 3 areas selling in 15 days or less, and across the board record low inventory of less than a month.
Even if interest rates tick back up, experts don’t think it will have significant impact on housing. Supply in our area is extremely limited while demand continues to soar, due largely to the ever expanding tech footprint.
Consider this:
• Amazon secured a 1M square foot lease during the pandemic
• FB bought the former REI headquarters
• Google snatched up 10 acres in Rose Hill
• Microsoft continues it campus modernization
• And Even Apple is getting in on the action
• All this speaks to major employers anticipating their employees returning to the office
Buyers have it tough out there. Bidding wars will continue and inventory will move fast. Last month, 33% of new listings went pending before their offer review. I’ve seen homes go pending in a day or two for 10, 20, 30 % above asking price.
So what’s a buyer to do?
• First, It’s critical to align yourself with an agent experienced in this super competitive market
• 2) you must get fully pre-approved and asses your risk tolerance to determine the best search strategy
• 3) Act fast to see a home early in its lifecycle. Finally, consider taking advantage of Windermere East Inc’s exclusive Buyer Capital program. This unique program enables you to participate as a cash buyer, making a compelling cash offer with a quick close giving you a distinct advantage over the competition.
𝐓𝐨 𝐥𝐞𝐚𝐫𝐧 𝐦𝐨𝐫𝐞 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐞 𝐝𝐞𝐭𝐚𝐢𝐥𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐁𝐮𝐲𝐞𝐫 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐩𝐫𝐨𝐠𝐫𝐚𝐦 𝐚𝐧𝐝 𝐡𝐨𝐰 𝐈 𝐜𝐚𝐧 𝐡𝐞𝐥𝐩 𝐲𝐨𝐮 𝐮𝐬𝐞 𝐢𝐭 𝐭𝐨 𝐚𝐜𝐡𝐢𝐞𝐯𝐞 𝐲𝐨𝐮𝐫 𝐝𝐫𝐞𝐚𝐦 𝐨𝐟 𝐡𝐨𝐦𝐞 𝐨𝐰𝐧𝐞𝐫𝐬𝐡𝐢𝐩, 𝐫𝐞𝐚𝐜𝐡 𝐨𝐮𝐭 𝐭𝐨𝐝𝐚𝐲. 𝐈’𝐦 𝐡𝐚𝐩𝐩𝐲 𝐭𝐨 𝐝𝐢𝐬𝐜𝐮𝐬𝐬 𝐢𝐭 𝐟𝐮𝐫𝐭𝐡𝐞𝐫. 𝟒𝟐𝟓-𝟒𝟗𝟓-𝟎𝟗𝟐𝟔
Call/text or email me anytime! ginam@windermere.com.
