Being new to blogging, I am not sure how to go about this but, I will say after reading through some of the posted blogs I have to agree "REAL ESTATE IS LOCAL".
We happen to have a very steady Real Estate Market, slower than normal but the median price is still between $160k- $180k. Our woes are coming from the national lenders that are tightening down the restrictions on underwriters and appraisers because of California, Arizona, Nevada and Florida. Because those markets prices have been decreasing, when those same lenders are underwriting and sending appraisers out our homes aren't appraising for market value. Some appraisals are coming in $5,000 below list price and we are having a tough time getting a home sold because of that. Sellers are either having to come to the table with money or aren't able to sell, because we are in a market of a steady 2%-5% increase of value a year.
This area is one of the most affordable places in the country to live with a fairly mild climate, 3 rivers, and several golf courses. It's a great place to raise a family so we are seeing a lot of families and retirees coming here. Because they can sell their homes in Seattle or Portland, California and pay cash for a home here and have money left in the bank.
I am not sure if this is a Washington state law or if this went into effect for all realtors nationally, but as of June 12, we now have a distressed property law that when we go to list a home we have to ask the seller if they have missed a payment in the last 30 days or if they believe they may in the next four months, if they do we now have a seperate Listing agreement that they fill out, Realtors are no longer allowed to call the banks and negotiate on behalf of the sellers. If they haven't missed a payment or believe they won't be in the next 4 months we have them sign an addendum to that fact and we have to have them in every file. This is to supposedly to keep people in the process of foreclosure from being taken advantage of. Basically flippers and investors that have offered to come in and save them from foreclosure no longer can. It has more detail than that but it is a law that has a lot of us Realtors concerned. Because how does anyone know what their future is going to hold, let alone 4 months down the road. Does that mean we are going to be held liable if something happens? We have a lot to learn about this law, and how it is going to effect our listing presentations.