Good morning! If you're a consumer looking to buy a home in the Bellevue, WA. or surrounding tri-county area pay attention.
I just had a client make an offer on a Fannie Mae owned home in Renton, WA. The list price was $385,000 and it sold for more than $400,000. It was a nice home on almost an acre and went quickly. Six months ago this same home probably wouldn't have received any offers for $350,000 if that.
There is a feeding frenzy going on right now and if you're a homebuyer you need to understand that a lack of inventory and low interest rates are heating up the market. The days of an absolute deal are over for now and you should be prepared to listen to your realtor about a fair offer price potentially with escalation clauses.
Will we return to the days of the great deal? Perhaps as I've heard rumors of the banks possibly releasing more of their bank-owned properties onto the market. But don't count on it depending on your timetable. If you can move now get on it. You may be inclined to wait but be forewarned here. You may encounter higher prices and interest rates down the road.
By no means is this meant to be a sales pitch. I'm heartened it appears the market is picking up steam for now. It's been five tough years for a lot of us so it's nice to see a pickup. If you're bringing your home onto the market you may be pleasantly surprised if it's priced correctly. Be prepared to possibly look at more than one offer and to move sooner.
I hope this helps. Thanks for reading. If you have any further questions feel free to