The Cascade Team Blog - Market Conditions

2021 Real Estate Predictions

2020 was a unique one for real estate. Though the pandemic slowed the majority of the economy down, the housing sector boomed.

In fact, it saw almost unprecedented success. Buyer demand soared (up 40% at one point), bidding wars were a constant presence, and mortgage rates bottomed out — hitting a new record low more than a dozen times over, according to Freddie Mac.

The market even bucked the traditional fall slowdown, with unseasonably strong demand well into the cooler months. All this, despite an ever-worsening pandemic.

But now that 2020 is (finally) at its end. Will it be the end of the current housing boom as well?

Probably not!

According to experts, we can expect more low rates, still-rising prices, and a continued exodus to the…

4501 Views, 0 Comments

Real Estate Broker Version: ‘Twas The Night Before Christmas

‘Twas the night before Christmas, and all through the house
Not a creature was stirring, not even a mouse

My signs were all out and brochure boxes loaded
The ad copy in and the lock boxes coded

I just wrote an offer with that one perfect buyer
eeghads its so low…they say they won’t go any higher

So I call up my seller with the not so good news
And they agree to meet with me…what have they got to lose?

So we sit at the table and I do what I do best
Crunch numbers, talk deadlines and give it a rest

So the sellers agree and get ready to sign
And then they exclaim… “We’ve got an equity line!”

More crunching and digging to find extra money
The sellers are smiling…but this really isn’t funny

Three months on the market with nary a…

2706 Views, 0 Comments

The Science of Buying in a Low Inventory Housing Market and Negotiating Bidding Wars

Understanding the Numbers When Buying in a Low Inventory Real Estate Market

As a homebuyer in today’s market, you’re no doubt at your wit’s end trying to find your dream home.

And when you find a home you love,  you’re competing with all cash offers and bidding wars driving the sales price above what it’s listed for, and many times, even above what the home is actually worth!

While there is nothing you can do to create more homes for sale, you can certainly arm yourself by understanding the trends and patterns in the areas you’re trying to buy in.

While it’s not quite rocket science, there is definitely a significant competitive advantage to those that understand the trends of a real estate market.

Sometimes, being competitive means not…

3429 Views, 0 Comments

Housing Market Update: With listings down 42.8%, record low interest rates, and demand very high in outer suburban areas, it seems like the perfect price storm has hit!

Northwest MLS brokers say real estate activity across Washington remains strong

 KIRKLAND, Washington (December 7, 2020) – Some real estate brokers expect the competition for homes to ease somewhat over the holidays, but the latest statistics from Northwest Multiple Listing Service indicate activity is unusually strong heading into December.

 “The rush is on for housing,” exclaimed J. Lennox Scott, chairman and CEO at John L. Scott Real Estate. “Real estate activity typically chills as temperatures drop but buyer demand remains high. “With low unsold inventory, all eyes will be on each new home that comes on the market,” he suggested, adding, “This strong demand is present in the more affordable mid-price ranges and extends into high-end…

3113 Views, 0 Comments

Name Your Selling Price As More than 50% of Home Sales See Bidding Wars

For the sixth consecutive month bidding-wars have exceeded 50 percent for all home sales, reaching nearly 57% for the previous month alone.

Despite the ongoing pandemic and in many ways because of it, 2020 has been a record setting year for home prices and sales in and around the greater NW. Some sections of the housing market increased by nearly 30%.

With record low inventory literally causing a Housing Shortage Crisis We have many buyers out there looking and with a lack of inventory, we may just have a buyer for your home.  All it takes is 30 seconds to fill out the form below. Let us know what price you would take for your home, and if we have a buyer, we'll let you know! To learn more about what we offer our home seller clients, CLICK HERE.…

7329 Views, 0 Comments

Despite Covid restrictions on open houses, brokers, buyers, and sellers employ array of virtual tools to stay safe and fulfill housing needs

KIRKLAND, Washington (November 18, 2020) - Even though in-person open houses are not currently allowed under new and reinstated pandemic-related restrictions, broker-members of Northwest Multiple Listing Service (NWMLS) continue to provide services to home buyers and sellers using several contactless and virtual tools.

Feedback from NWMLS representatives include reports of sales by purchasers who made offers to buy based on virtual and live stream open houses without an in-person tour. One manager noted sellers appreciate being directly involved with their listing broker in establishing limits on the number of visits to their home and the strict use of CDC guidelines for post-showing cleaning/sanitizing.

On November 15, when Governor Jay…

2870 Views, 0 Comments

13 House Selling Superstitions for Friday 13th!

Friday the 13th is an unlucky day if you’re superstitious. And in case you haven’t noticed, it’s here! But we like to think we are people who see the glass as half-full. We prefer to look at the doomed day as an opportunity to reflect upon some unexpected nuggets of—you guessed it—real estate wisdom.

Do you salute a Magpie? Are you afraid of walking over three drains but will happily walk across two? Cultures are full of superstitions, with many finding their way into the world of Estate Agency. Seeing as it’s Friday 13th today, we thought we’d investigate further and take a look at 13 house selling superstitions from all around the world and through the ages.

The number 13 

The country as a whole appears to be increasingly superstitious, and…

4831 Views, 0 Comments

The 2020 Holiday season may be an even better time than usual to list your home!

During the crazy year that is 2020 the Holiday season may be an even better time than usual to list your home. As we careen at warp speed from Thanksgiving, Christmas, and all of the joyous (read: stressful) festivities in between, you might be tempted to take your home off the market—or hold off on listing it—until after the new year. After all, you’re swamped with cooking, shopping, and decorating, and the last thing you need is a bunch of potential buyers traipsing through your house, right?

Wrong!

Conventional wisdom says people should wait until the spring to get the most from a home sale. After all, inventory normally picks up in the spring when the weather starts to get warmer. This often leads to price wars breaking out in coveted…

2686 Views, 0 Comments

This Winter's 'Slow' Home-Selling Season May Be Hotter Than Ever

Winter is traditionally real estate's slow season. Between the cold weather and the holidays, the housing market typically plunges into a hibernation of sorts, with both buyers and sellers shelving any major real estate moves until spring.

This winter's real estate market, however, is shaping up to be unlike any other before it—and, contrary to what some may have feared, is slated to be an excellent time to sell a home. In fact, Lawrence Yun, chief economist at the National Association of Realtors, predicts “it will be one of the best winter sales years ever.”

Why? Chalk it up to a perfect storm of low mortgage interest rates, sparse housing inventory, plus a pandemic that's fundamentally changed how, when, and where buyers are shopping for…

3722 Views, 0 Comments

Anxiety among home buyers “incredibly high” as they vie for unpreceded shortage of homes across Washington state

KIRKLAND, Washington (November 5, 2020) – “Finding and buying a home today is more difficult than at any time in the past 40 years of my career,” was how broker Dick Beeson summed up the latest statistics from Northwest Multiple Listing Service.

The Northwest MLS report recapping October activity showed a 40% drop in active listings compared to the same month a year ago, an increase of 16% in pending sales (mutually accepted offers), and a year over-year (YOY) jump of nearly 30% in closed sales. The median price of single-family homes and condominiums that sold last month was $500,000, up 19% from the same period a year ago, according to the MLS summary, which encompasses 23 counties, mostly in Western and Central Washington.

Beeson, the…

2985 Views, 0 Comments