Like my meme? I could say its meme Monday but really, it’s to “mask” my frustration.
We have 5 very qualified first-time home buyers that we are desperately trying to find homes for and inventory is so low, over 40% from last year, there are too many competing for the same home! We have put in 8 offers for our clients in the first 2 weeks of 2021. Britt has been so busy showing the homes as soon as they come on the market, our buyers are being so flexible and I am writing offers at all hours of the day! We are busy and blessed to be representing some wonderful families but, like I said, so frustrated to keep getting the call of rejection and the words “I am so sorry there were to many offers and the seller chose to go with.” We want our buyers to understand we are doing EVERYTHING within our experience to get them a home. This is just not normal!!
Last night I put in an offer for home buyers that are qualified in the mid 500k range. The home was in Marysville I used every negotiation technique that I have learned over my long real estate career and built a great rapport with the listing agent. My buyers are underwritten approved, which I am advising all our buyers to do, as it shows financial strength and security to a seller that the buyers have done everything to secure the transaction will not fall apart due to financing. We shortened every timeline and waived what my buyers felt comfortable with. We did a preinspection and then waived an inspection after contract too! So, like I said every timeline shortened, everything fast and quick and we could close in 2 weeks if needed.
I got the call…. “Jen, your clients offer was amazing, and you were in the top few, however, I am sorry we had 11 offers and the sellers chose another that they just could not pass it up. The next day the same thing, 19 offers, the day after that 24 offers. Are you seeing a pattern here?
As one that lists a lot of homes, I understand this call. I know what I want to see as a listing agent for my seller and in turn make sure to submit complete, streamlined offers for our buyers giving them the best opportunity to get a home. Normally, I am successful and my track record on securing homes has been strong. Until, that is, now and I am frustrated for my buyers. There has not, at any time, that I can remember this many buyers with these low of interest rates and this reduction of homes on the Real Estate market.
This morning I have submitted 2 more offers. One of the offers is for a home that had a review period and wanted all offers in by Thursday, the 21st, but since they went on the market 3 days ago they already have had 30+ showings, currently have 5 amazing offers in hand so changed up everything and wanted all offers in today. This is what we are dealing with right now. I have crossed my fingers, toes, eyes, knees and elbows for them in hopes this evening we get a call of success. I don’t want to make another call to my clients telling them we didn’t get it.
I took this from the MLS so you can see a bit of numbers happening right now.
While overall inventory is down, a comparison of counties shows a wide range of deficits, according to NWMLS data. Perhaps surprisingly, King County’s supply declined “only” about 18% from a year ago, while five counties (Clallam, Clark, Island, Mason, and Snohomish) reported drops of at least 63%. A closer look at the MLS report for all counties shows the shortages are most acute for single family homes (off 50.6% area-wide), while the condo supply improved (up 7.1%).
“With listings down 42.8%, record low interest rates, and demand very high in outer suburban areas, it seems like the perfect price storm has hit,” suggested James Young, director of the Washington Center for Real Estate Research at the University of Washington.
Now you have a little bit of insight on what I am dealing with?
Are you thinking of selling? Want more information and a valuation? You may have thought of selling but saw Zillow had you at an amount that you feel is low? Remember, consumer sites are no competition for a real live agent that is out in the market every day. Contact me! I would feel pretty confident in saying I have a buyer for your home.