Puyallup residential real estate pending sales were up from the previous week, which is a sign the real estate market in Puyallup is making the turn towards a sellers market, however it has a long climb to get there.
Buyers still have a significant advantage when purchasing in Puyallup. Oftentimes, sellers are paying the closing costs for buyers as an incentive to get a buyer to make the purchase. Some sellers are even providing downpayment assistance, in an FHA program such as Nehemiah or the Grant America Program. Several other grant programs are FHA and HUD approved and can be found on the FHA Grant website.
Many buyers are finding homes that are bank owned or in pre-foreclosure. These properties can typically be purchased for under market value as banks are trying to rid themselves of holding these properties and owners are trying to save their credit by selling before a foreclosure.
When looking to purchase these properties, buyers must be aware there are some risks involved. Banks usually have their own set of documents or addendums that the buyer must sign in order to purchase. In most cases, the bank documents weigh heavy on the side of protecting the bank in the transaction. When looking to purchase a short sale property, Washington State buyers need to be aware of the new Distressed Property Law that went into effect on June 12, 2008.
Generally, in Puyallup the real estate market is steady and showing signs of improvement. Talk to a real estate professional for more details about specific neighborhoods within Puyallup. Brian Solinsky studies Puyallup neighborhoods to know what is available and can help on pricing. Whether you are buying or selling in Puyallup, the Solinsky Home Team is a great place to start.
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