The real estate market in Olympia WA and surrounding areas is in need of sellers!
In January 2017, we are breaking records. This January is the best start of any year!
Here's a quick recap in this video below. Check it out!
In January 2017, we closed more sales than ever with 308 sales. And you wouldn't consider January to be the peak of any real estate market. Neither do we, and we are expecting much higher numbers in the coming months.
Buyers: buckle up and hang on!
Seller: get your homes ready to list!
This high number of sales is a combination effect of sellers who have been waiting to sell, can now sell. And buyers who are experiencing continued low interest rates, strong buying power and the confidence to invest in real estate.
Sellers are realizing strong gains and healthy prices due to the lack of inventory available for buyers. We are at record lows for inventory in Thurston County with just 1.5 months of supply (a balanced market is 4-6 months of supply).
Many sellers are receiving multiple offers, which is putting buyers in a bidding war.
As you can see from this chart, we are at a historic low for inventory since 2000.
Advice for Buyers
Buyers, as always but this is even more important now, you must be ready to buy. That means you must be pre-qualified with a strong, local lender or you must have your cash funds ready and available.
Gone are the days where you can expect a seller to pay for your closing costs. Be prepare to pay your own costs. Also be prepared to be in a bidding situation where you may offer over the asking price, eliminate contingencies or offer other terms and conditions. If you are looking to invest in real estate, start saving now for your closing costs and down payment.
Advice for Sellers
All the basics of listing and selling your home still apply:
- Price appropriately - an over-priced listing will sit on the market just like it did in the worst of the market.
- Present a clean and organized home - if you don't care to present your home well, how can you expect a buyer to offer you top dollar? Unprepared homes will only get you low-ball offers or none at all.
- Professional representation - now more than ever, Realtors' experience is needed. Some of the issues we are seeing in this fast-paced market are dealing properly and legally with multiple offers. Some buyers get caught up in the bidding process and then end up backing out. Make sure you have a qualified Realtor on your side (such as myself!) who can help sort out the stronger buyers, and keep buyers on track to close the deal.
- Professional presentation - enough said on this topic but we are still seeing very poor and sloppy marketing. Don't let your listing be one of these - call me to represent you!
Call me today and I can advise you on how you can be a successful buyer or seller in this very fast-paced market.
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