It’s been a long time since we have had a rising inventory of houses. Here in King County the inventory has stayed fairly stable. Properties come, and go off the market. Since the tax credit has expired, and with what some people claim is a change in the North West Multiple Listing Service soft ware, about 400 residential properties came on the market this week.
400 residential properties is a lot, for one County, in a week. Now, no matter what the excuse, that makes a back log of housing units. I can address some of the other arguments, such as a housing tract, or a condo development coming on the market all at one time, but those are specific, in one kind of housing. Random, across the board, and a variety of housing, makes this week spectacular for buyers.
You have choices. Sellers also are going to be hearing from listing agaents that they will need to compete by lowering prices. Those properties that have been on the market for a while are especially vulnerable to an increase in inventory. My next post will be about how to structure an offer. This is different from what your agent will want you to do. There is a deeply entrenched idea that the seller is in control of the asking price. It has been that way for over a decade.
Even in the worst of markets there was a hopeful understanding that Real Estate was a solid investment. Today is much different with properties still over priced by at least 10% and possibly more. We’ll cover Real Estate values of the future, but right now I wanted to share that the time is coming to start making offers on property.
In the mean time get qualified for a mortgage from Scott Cunningham at Prime West Financial, 206-632-LOAN (5626). Scott’s a great guy and I have trusted him for over twenty years. He’s honest.
