CYBER WEEK REAL ESTATE SPECIAL – CONDOMINIUMS ALMOST EVERYWHERE!

CONDO CRICE DROP

Short term buying opportunity – Buy now!!

Renters, Investors, First Time buyers – Read This!

An unexpected outcome of owners and renters fleeing urban areas in search of more space has emerged in the recent dropping of condominium prices. As quickly as houses in the suburbs and exurbs have shot up in price, the condominiums they have left have dropped in price. Even 30 to 45 days ago,

Continue reading “CYBER WEEK REAL ESTATE SPECIAL – CONDOMINIUMS ALMOST EVERYWHERE!”

Bellevue Buyer Success

After over 60 years living in this house, the sellers decided it was time for a new chapter for this Bellevue rambler.  Located near the newly renovated Lake Hills Library, Samena Swim Club and all that Bellevue has to offer, the competition was very strong.  After establishing a good working relationship with the agent represented the seller, we made a good offer.  Others buyers did the same, causing the price to go over asking.  We were faced with pulling out our trump card, my buyers lucky numbers.  They worked, $627,280 was the price we settled on and our offer was accepted.  Two short weeks later my ‘lucky’ buyer took possession.   Even at a price slightly over asking my buyer is thrilled because he knows the value in Bellevue.  He has started a renovation, that will unlock unseen potential & return more value than the cost of doing it. 

15433 SE 8th St Bellevue, WA Purchased for $627,280

A true story of being prepared, realizing unseen value, and a touch of luck!!

The market is strong! Ignore the headlines and read why.

Those of you who read what I have written this year have heard me talk about inventory being the main driver of this market. More to the point, lack of inventory has been raising selling prices at a pace that was not sustainable. I have called it a ‘sellers premium’, not really value in the sense of the home being sold, but certainly money in the pocket of sellers.  Unfortunately all of those sellers had friends and or neighbors, all of whom, it seems, decided to jump on the ‘greedy seller’ bandwagon at once. As this inventory began to hit the market, we shifted from many offers and higher prices in most categories, to one or two good offers, at or near asking price. As the headlines began to come out, more sellers jumped in, giving buyers choices.  We again shifted – now longer days on markets, with below asking price offers and contingencies once again normal.

So, what about the market, you ask? My complete year end predictions will come out in January,  but the market is now strong due to the following:

  1. The return of inventory is bringing more buyers back into the market.  They got tired of fighting for properties, & stayed put or changed plans. They are now back!
  2. Interest rates, although rising, are still historically low.  
  3. The run up of prices over the last three years has prices high, the ‘price drops’  you read about in the papers, is like stock prices.  The perceived value is all on paper till the day you decide to sell.

My advice continues to be the following: Do not try to ‘Game the Market” – Buy or sell when you need to.  Buyers – 1. Get Pre-Approved   2. Get educated on where and what you want  3. Be prepared to move quick when you find ‘THE ONE!’.  Sellers – 1. Plan to list early – I predict March listings will do better than April – May listings. 2. Price realistically, it is better in this market to price right and let buyers bid it up than start high & retreat. 3. De-clutter & spruce up now. 4. Consider staging if selling vacant.

Finally, I recommend hiring an expert to buy or sell.  I know a good one, his name is Kurt. Look forward to hearing from you.