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It's getting better, but 'soaring'?

By
Real Estate Agent with Keller Williams Premier Partners

I don't think so...

Market Snapshot 2009/04/13

market watch, vancouver washingtonFinally, the local news is printing good news about our market here. I worry though that they are getting a bit too ebullient. I will say, there is every evidence that the market is getting more active. Here's what I'm seeing in the Vancouver area that I work: active listings moved to 3071 from 3104, so the trend continues to fewer available listings. More homes are in pending status - 641 from 589 last week. That's a trend that has been going on since January. However, and here's where I think we need to pay attention - 31 closed sales (actual property transfer) last week, down from 51 from the previous week.

There is a backlog of property in the pending status. I'm hearing from lenders that part of the problem is the time it takes to get appraisals ordered and reviewed. There is also a crunch from the number of requests for re-financing. Plus, there are some agencies (and I will name names when I get my broker's okay) that are just sloppy and unprofessional that aren't doing their jobs and are mucking up the whole process.

In short, buyers, get cracking, because the market is moving! What I've learned is that a market shift happens quickly. I don't think we're there yet, but in case I'm wrong, don't be wasting opportunity. Sellers - buyers have their hands in their pockets - don't make it tough on them by holding onto unreasonable price expectations!

 

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