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Well....We Haven't Seen THAT For a While!

By Nancy Conner

Industry Observer

May 29, 2012 09:55 AM

For the last several months, it has been evident that most days we are seeing more homes go pending than new ones being listed in the Olympia, WA area real estate market. And you know what they say about supply and demand....if demand exceeds supply, those prices are going to start going up.

Well, I have noticed a new pattern that I sure haven't seen for years - several builders are doing price INCREASES on the new homes they are building in a couple of different neighborhoods! So much for expecting prices to drop lower and lower - the builders have been pretty conservative, but obviously are feeling confident that the buyers are ready and willing to buy.

Sure haven't seen price increases for a while - but here they come!

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Drick Ward Property Management / Broker Assoc

NEPTUNE REALTY - Virginia Beach, VA

"RealtorDrick" - Experienced Representation

Nancy, in the Hampton Roads Virginia market we are also seeing multiple offer scenarios and escalation clauses for the properties that are top notch and enter the market with an attractive price. Properties in worse condition or with a fishing price are still sitting untouched for months and rarely see the activity of their more attractive cousins.

May 29, 2012 10:12 AM

Nancy Conner

Olympia, WA

Olympia/Thurston County WA

Isn't it interesting that multiple offer situations have returned to so many of our markets - though as you said, Drick, that's pretty much only when homes are in good condition and priced right.

May 29, 2012 12:48 PM

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL

708.921.6331 - 40+ yrs experience

Nancy: They say timing is everything. It's sounding more and more often as though the opportunity for perfect timing for buyers has passed in many markets. As always proven throughout history, our market is proving to be cyclical ...

Gene

May 30, 2012 12:44 PM

Hi Gene - yes I am finding that first time home buyers are almost always competing in multiple offer situations on the homes they want - and often getting beat out by investors with cash and quick close offers. We could sure use more inventory!!

May 31, 2012 04:50 AM

Well....We Haven't Seen THAT For a While!

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