Everyone wants a great deal these days and…. there are some great ones! Compared to the boom in 2006 they are all great deals! In South Snohomish County I have been witnessing homes going very quickly and sometimes even faster than you can say “Let’s see it”
I have a few clients looking in the Bothell area and have been for a few months now. We find a home they want to see and get in as soon as their schedule allows. The problem I have been seeing is once my clients can get in, there are already several offers. This can be very frustrating and just goes to show that here in Snohomish County; mainly, Bothell, Mill Creek, Lynnwood, Mukilteo, Snohomish and South Everett you have to move fast! Recession? What Recession??
If you are actively searching in the South Snohomish county area or are going to be in the next few months here are some tips.
Have your agent sign you up on the Realtor system and see if they can get an upcoming list of bank owned homes that are going to be coming on the market. We get all the hot new listings in real time and can get them to you ASAP. With my clients I call those if there is a home I know meets their criteria and let them know that we need to go see quickly. I also call the Listing agent and make sure there are no other offers on the table. Nothing more frustrating than seeing a house you love and it already has an offer.
Make sure your agent is readily available to you if you are actively searching and have been pre-approved. I believe very strongly in making myself available for my home buyers as I don’t want them to miss that great deal.
Be prepared to go up in price. This one gets a bit tricky. It’s hard for us agents to let clients know they are dealing with a multiple offer situation. Realistically, however, they have to think of what the highest price they are willing to go to for the home. It doesn’t mean you need to stick the full offer in at first but, you need to be prepared if you are in the running and being asked for your highest and best offer. I am noticing, and it has been in everyone one of the last 4 transactions I have done, the home goes for more than the listed price. In my personal opinion I think homes right now are being priced a bit lower which in turns creates a bidding frenzy and they sell for more. I see this mainly at the price point of 250K and less.
And finally have patience. It can take 3-6 months to find a home and have an offer accepted. Inventory is also low and consist mostly of short-sales and bank owned. Why you ask? Because a home-owner that does not need to sell and purchased in the 2004-2007 realizes that now is not the time to sell or they could be taking a big loss. Patience is the most important. Short sales can be a good deal but it is a waiting game and unless their an approved short-sale that someone else lost patience with you can be waiting for 6-8 months. The average I see is at least 4 months. With Bank owned depending on the seller your dealing with the bank or HUD and believe me they can be slow. If you think your going to close on time be prepared for a few extra weeks of possible delays.
Yes, there are great deals and I am here to assist in any way I can. For example here is a home that is currently listed at $248K in Bothell. In a great neighborhood and price. By the time you have read this it might be gone. If you are looking for a great home in the South Snohomish Area and an agent to assist you that focuses on your needs send me an e-mail or give me a call.
There really are going fast!