Is it a great real estate market, or what?

Well, I suppose your answer will vary greatly depending on whether you are a buyer or a seller! Low inventory in the Greater Seattle area is pushing prices to new highs. According to the NWMLS statistics released this week, median sales prices are up 13 percent.

Multiple offers are the rule rather than the exception in most urban communities. Good news for sellers! If you’ve been on the fence about listing your home for sale, now just might be the right time to consult with a Realtor.

Buyers, however, motivated by the low, low interest rates, are finding the situation to be a bit frustrating. The number of active listings in King County is down a whopping 45.3% from a year ago, stirring up bidding wars on many new listings. What can you, as a buyer do, to improve your chances of winning that bidding war?

Distressed Properties – Deals or Dumps?

Of the homes currently on the market in the greater Seattle area, about ¼ of them are “distressed” – either short sales or bank owned properties (commonly known as REO’s”. Most of these properties are in outlying suburbs.

If you’re a homeowner who was told over the past five years that you owe more than your house is worth, it may be a good time to have a professional Realtor help you re-examine your home’s value.  Maybe it’s not as dire of a situation as you once thought.  Priced right, your “short sale” might just bid up to a price you can sell it without being short.  Sellers are prioritizing cash offers ahead of those with financing, while many buyers are trying to improve their position by eliminating or minimizing contingencies.  The right strategy in marketing your “shortsale” may be just what you need!