Puyallup Real Estate Update

Or you having a tough time keeping up with whats going on in Real Estate?

Whew! Your not alone. Don’t get me wrong I am a full time Real Estate Agent working in the market every day but the changes just keep coming. Yes, their are the usual lending changes which seem to come about once a month but that’s easy enough to keep up with by having a network of lenders who keep up with the market as I do with Real Estate.

Two months or so ago I felt like I had dropped into Never, Never land. I didn’t recognize the market I was working in I shook my head and starting researching the pending and sold numbers, days on the market, percentage of list price to sale price and to my amazement this is what I found.

Homes selling at an average on 77 days on the market, sold prices within 99% of list price. No wonder I was feeling the way I was, these numbers indicate that we have moved back into a “Sellers Market”. We now have only 4 months worth of inventory. Which means if noone listed any more homes in the next 4 months we would theoretically be out of homes to sell.

I currently work with roughly 5 buyers at a time, and what I am seeing is every time we find a house they want to write up an offer on and I call the listing agent to find out the status of offers on the home, their are 1 and 2 other offers we are competing with.  So what I started doing was educating my buyers on the market and putting together a game plan for tackling the problem.

1) As soon as a home in their search criteria comes available I shoot it out to them. I tell them to be available right away to go see anything they are vaguely interested in. The longer the home is available the more other offers we have to deal with.

2) Be prepared to offer your highest, best offer if you really want the house.

3) Make sure you have your preapproval in hand so we have no delays on making the offer.

4) Keep our ears and mind open because the changes just keep coming so you need to be prepared when I tell you the latest update and trends.

5) When your friends and family members tell you all they know about what they dealt with last year check with me first because last year and this year are very different. Let’s be clear last month is different from this month in this market. So stay tuned as I continue to update you on the changes.

Of course their are still some circumstances and homes that aren’t as susceptible to getting multiple offers and once I know my individual buyers criteria I can weigh those possibilities. Things like price range and type of financing play a big role in what we can expect out there.

If you need some help navigating this market. Give me a call I would love to work with you and strategize a game plan for getting you the best deal!

My Best,

Vanessa

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