Could it be? Has the market "bottomed out" as news articles are reporting? It's hard to make this big of a projection or statement, but I will agree that
inventory is shrinking. I want to share what I am witnessing in our market as well as the data to substantiate this shift we're seeing.
Here are the statistics for both Residential and Condo properties for Whatcom Co. :
February/2011 February/2012
Active 1487 1232
Pending 384 428
Closed/Sold 219 246
Avg. Sale Price:
Residential $265723 $240930
Condo $225225 $189170
DOM ( time on market) 160 124
As you can see, our inventory is down for Whatcom Co. and with this reduction the amount of time houses are on the market is being reduced. There just is not enough of a selection for buyers to choose from and therefore, properties are going under contract quickly. Reduced prices and low interest rates are also helping this situation.
A year ago buyer's could be more selective as the inventory was greater so, a buyer had time to look around and wait, but that's not the case in today's market. If a buyer waits, the choices are gone.
Here are a few examples of what I experienced this past week:
Multiple Offers - I was just involved in one this past week on a Fantastic home in Edgemoor. It was dated but had good bones. Also, this was its first day out on the market. My buyers threw their hat into the ring with a full price offer. After learning there was another offer on the table higher than full price, my buyers upped their ante by $5000 dollars. By the next morning there were 3 other offers on the table and one substantially higher. My buyers chose not to increase their offer and bowed out.
I had a similar situation happen last weekend, showed a new listing ( 5 DOM) to clients and it too had already had an offer on the table. My clients did not want to " fight it out". So we are still looking.
Another good example, is a property I listed in early February. It is in a great price point( low 200's), is in very good condition and in a great location. We received a full price offer the first day on the market from a pre-approved, qualified buyer. I chose to follow through with my scheduled Open House that weekend and met 3 other qualified buyers.
The bottom line is DO NOT HESITATE . If you see something you like, grab it quickly because it will not last long. This is a different mindset than the last couple of years. It clearly is no longer a buyer's market.
For sellers, it couldn't be a better time to sell. First, as the data shows, there is not enough inventory for buyers. Second, low interest rates and many qualified buyers. Also, more good news, according to
USA TODAY, the US added 277,000 jobs in February. If you have been waiting to put your home on the market, I suggest get it prepped and ready now as the "selling season" is quickly upon us. You don't want to miss this opportunity.
For more information regarding Bellingham, WA real estate or
Bellingham, WA Homes for Sale, call Roberta at 360-303-3898 or
contact her direct to discuss the market, financing or how to prepare your home for selling.
I look forward to assisting you with your real estate goals whether you are a buyer or home owner.
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