Homes are Like Hotcakes in Western Washington

"What's available and that looks at least 'pretty good' is selling," according to MLS director Dick Beeson, principal managing broker at RE/MAX Professionals in Tacoma. Commenting on the latest MLS statistics, he said, "What we have in the Greater Puget Sound real estate market is too many buyers chasing too few homes." 

Right now, the market is full of anxious buyers and a low inventory. It has been this way now for a few solid months- specifically in Western Washington. 

What is the cause?

Loans are at an all time low in terms of interest rate, and buyers are able to qualify for a mortgage even if they don't have the classic 20% down funds. There are many programs such as USDA, VA and FHA mortgages that allow 0% or no more than 3.5% down on a home. 

While this is happening, sellers are still hesitant- which has created "slim pickings". However, these buyers are eager and excited to pursue homeownership and take advantage of low interest rates, so what ever is decent is selling.

What does this mean?

As summer picks up, and even more buyers are going to pursue their dream (summer is the biggest moving season), inventory may still drop and homes are still going to go like hot cakes. Property values are projected to continue rising and interest rates for home loans are expected to stay low. 

If you have been thinking of selling your home, right now is a great time. The market is on the seller side, and your home will be able to sell at a great price! It may be intimidating to enter the competitive buyer's market after doing so, but the upside to that situation is that you may be able to purchase your next home with a ridiculously low interest rate, and may even qualify for 0-3.5% down program.

My advice (sellers):

-Prep your home for the market. Complete small repairs, declutter, and touch up appeal.
-Talk to a local lender about your options after your home sells
-Contact a realtor for a comparative market analysis (these are usually free) to get an idea of a listing price
-List your home, and start packing, because it will probably sell fast!

*We just sold our farmhouse a few weeks ago. It was listed on a Friday, shown on a Saturday, and had a signed around offer on Monday evening. Take it from me as a Realtor and homeowner- it is a smart move to sell during this strange market condition!



Contact me for more information, or to help you list and sell your home:

Kimberly Linson, Realtor/Broker
John L. Scott Centralia
253-343-3385
kimberlylinson@johnlscott.com
www.facebook.com/kimberlylinsonJLS 
www.kimberlylinson.johnlscott.com 
*proudly serving Thurston, Pierce and Lewis county, but happy to assist anyone in Western Washington. 


Quote source: NW REporter, May 2015 NWMLS*