This guest blog is courtesy of Laura Flodin. She is a friend, past neighbor and Snoqualmie real estate agent with The Cascade Team. There is finally some good news to report about the local real estate market. Read on…
Things are looking brighter in the Snoqualmie Real Estate Market. Over the past month or so, market activity is higher and more positive than it has been in several years. It is a combination of limited inventory, a good pool of buyers with a restored faith in the market and, of course, low interest rates.
Two weeks ago my neighbors sold their home in ONE day. In that one day they had two full price offers. Their 10-year-old home was meticulously maintained, staged well and most importantly, priced right. A year ago (or even a few months ago) they would have scrambled to get an offer – let alone a full price offer.
Last week I had my own listing sell in one day for full price as well. This time it was an $850,000 golf course home. In fact, in the past three weeks, ten Snoqualmie homes have sold in ten days or less. This isn’t to say we are heading back to the days of every listing receiving multiple offers, but it is a sign of hope that the real estate market is emerging after years in a slump.
So what’s going on in the market that points to this re-emergence?
- There are fewer homes on the market compared to the past three years. There are still an abundance of bank-owned and distressed listings (currently 45% on Snoqualmie Ridge) and until the bulk of these distressed properties are off of the market we likely will not see huge price increases. In spite of the distressed properties we are no longer seeing monthly decreases in list prices and are finally stabilizing. The market as a whole is recovering. Seattle and outlying areas are seeing multiple offers on almost all transactions. They are also experiencing a large percentage of cash buyers and a selling out of million dollar inventory.
- Interest rates continue to hover at or below 4%, combined with some really great buying programs – especially for 1st time home buyers.
- Buyers are more confident about stabilizing real estate prices and are finally feeling the time is right to buy.
- It’s spring time. Spring is a great buying time. Historically, February is the most popular home listing month. The bulk of home sales also happen in the spring.
About Laura: Laura has been with The Cascade Team for several years. The Cascade Team is one of the only full service, 4% real estate teams around. She says she is truly impressed with her team and their willingness to sacrifice some profits in order to accommodate people in this changing market. Laura’s been a licensed Washington State Real Estate Agent for over 5 years and holds a B.S. in Finance from the University of Connecticut. As a finance major, she has over 15 years of experience in high level sales and financial negotiations. She took 5 years off to raise her son and has now combined her financial background and a love of working with people to forge a successful real estate career. She lives and works on Snoqualmie Ridge, but has also done a lot business in Issaquah, Redmond, Bellevue, Sammamish and North Bend. She has a commitment and passion to help clients achieve the absolute best in their buying/selling experience. When Laura isn’t working she is proud mother of a very spirited 9-year old boy, a marathon runner (Boston Marathon 2010), a skydiver (2000 jumps out of a perfectly good airplane), and a private pilot. You can find out more about Laura and the local real estate market by visiting her website at www.lauraflodinre.com