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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…

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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…

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Before we fill our stomachs with delicious food this Thanksgiving, let's fill our brains with some fun trivia we can share with family and friends!

Thanksgiving is a special holiday for many popular reasons—the food, the family, and the football are just a few. Less well known, however, are the many fascinating facts behind the holiday's history, traditions, and myths. The truth is, for many of us, there's a lot we don't know about the holiday we celebrate every fourth Thursday in November. So before carving up your family's turkey this year, take the time to learn some of the most interesting Thanksgiving facts we could find. At the very least, you'll have some fun (and harmless) dinner conversation to contribute. And for what not do to this…

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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…

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The Thanksgiving real estate market falls squarely in the middle of, well, fall. And while it’s true the market is usually slower around the holidays; the current market trends of constrained inventory and desperate buyers have in fact made the Holidays an excellent time to put your house up for sale.

The Coronavirus appears to have delayed what is typically a busy summer selling season. Anyone who wasn’t able to buy in summer because of the pandemic is most likely looking to take action sooner rather than later. Pent-up demand, in association with historically low-interest rates, and a severe lack of inventory appears to be stirring up activity. More people are coming off the sidelines to buy with multiple offers and bidding wars becoming the norm…

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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…

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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…

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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…

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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…

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Some home sellers are requesting odd contingencies—from maintaining the wardrobe of a plastic skeleton at the front door to caring for their family pets—before they’ll accept an offer.

Contingencies typically involve obtaining financing or fixing issues discovered during the home inspection. However, The Wall Street Journal reports that sellers, who have the upper hand in the market, are feeling emboldened.

“I’m selling a house right now that is being sold with the cat,” Eli Karon, a real estate professional with Karon Properties in Santa Cruz, Calif., told the Journal. The cat has lived there for three years, and the owners don’t want to relocate him. The property attracted six offers and is currently under contract.

In…

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