Monday Meme. Dedicated to all the home buyers out there! Today we put in an offer for a home $85,000 over list and made all the details sweet, simple and easy for the seller. Did we get it NO!
Trying something a bit unconventional! If you do not know how the Real estate market is right now I am going to take a quote from the MLS “The economics of scarcity are driving prices up at an unsustainable pace,” said Dick Beeson, managing broker at RE/MAX Northwest. “What will happen this spring and summer will likely be more of the same. The real estate vortex we’re in of depleted inventory and high prices is real and unrelenting.” “If interest rates weren’t historically low, buyers would be unable to afford the escalating cost of housing,” suggested Beeson. “We’re feeling nervous about where this market is headed,” he said, adding, “Help is not on the way. Sellers are almost as rare as the dodo bird.” Although he noted the number of new listings coming onto the market has kept pace or even exceeded last year’s totals in some areas, (Not Snoho county) “new listings are immediately devoured by a plethora of waiting buyers.” The situation has buyers asking, “Am I paying too much?” and sellers asking, “Can we ask more?” That answer for both is “Yes,” says Beeson
Do you know Snohomish county does not even have 2 weeks of inventory? I listed a home in Marysville a few weeks ago and within 2 days I had 18 offers! Many waived everything and, I mean everything. The offer my sellers decided to accept? 140k over asking and covering the difference of a low appraisal! So why am I bothering you with this?We have 5 home buyers that we have been working to find homes and one family that currently has 7 family members living in the same townhome as they have special needs and we want to find them homes! We were just beat out of an offer that we put in for them. Our offer was 50k over asking and waiving all we could plus they would cover a 25k low appraisal. The offer that got it was $80k over listIn almost 11 years in Real Estate I have never experienced anything like what is happening. I rarely do not get my clients the home they want on the first try but, right now there are to many buyers, low interest rates and not enough homes on the market to sell. So I am trying to think outside the box. If you happen to know of anyone thinking of selling within these parameters can you PLEASE consider having them contact me? Believe me I have scoped out everything online, even FSBO, and so I am reaching out.
Local firefighterVeteran wanting to use his VA loan for the first time. They are approved for up to 500k. They would love a small rambler w/garage and a bit of a yard. Flexible on area. Currently looking in Lake Stevens, Marysville and Arlington. 3-bed, 1.5 bath. Home does need to be in good condition for VA financing but if something is called out and if a little something is needed to push I will do it!
Family of seven. Multigenerational family with one of the parents being confined to bed permanently. We are trying to find a home that has 2, or potentially 2, living arrangements. A split maybe for parents to live downstairs and the younger families up? They have 2 small pet goats so no HOA neighborhood. Underwritten approved to 675k.
First time home buyer with 2 small kids and need a home they can keep their laying hens with them. No HOA against chickens. 3 bed/ 1.5 bath with a garage detached or attached. Like homes with a bit of lot. Looking in Marysville, Granite falls, Arlington area. Underwritten approved to 500k.
First time home buyer couple. No kids yet but want to have a couple fur babies soon as they lost there two older ones in the last year. Underwritten approved to 570k, 3 bed, 2 bath. Like newer modern homes but not the zero lot line ones.
First time home buyer expecting their first baby in May. Underwritten approved to 425k. Flexible on location but prefer Everett and going east or north is okay. At least a 2 bedroom, 1 bath.
This is not something I would normally do or ask but I want to do the best for my clients and never hurts to try right?
Please reach out if you know of anyone, wanting or thinking, about selling. That could help my buyers or another family that is looking for a home.
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.
Fill in the blank…
“I have a _________…”
It doesn’t take a psychic to know what word you chose.
Was it “dream”?
Good chance it was. We all know this line from Martin Luther King, Jr.’s famous speech. So when we hear those first three words, it sort of naturally comes to mind.
But what many people aren’t aware of is how much he affected the lives of real estate agents, buyers, and sellers.
It was his death that gave Congress the last push needed to pass the Fair Housing Act, back in 1968. It’s pretty involved, but to put it simply…
This was put in place to ban racial discrimination in housing. You can’t be refused the rental or purchase of a house, based upon your race.
Seems simple enough to most people now. A given, if you will. But it didn’t happen overnight. And believe it or not, it still can and does come up.
But guess who’s a big part of making sure this Act is followed…
On the front lines, it’s real estate agents. We’re tasked with making people aware that discrimination based upon race (and many other things) are not acceptable, and they must refuse to work with anyone who wants to do so.
Real estate agents are proud to be a part of this ongoing history.
Today is the day where we take a moment to reflect and pay him respect. It’s also a good day to share some insight into how much more responsibility real estate agents have than meets the eye.
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Yeah, summer 🌞 is here and some hot days are coming! Finally!! But you know what is hotter?🔥 This real estate market!! 🔥
In 2015, after working with one of my favorite families 👨👩👧👦👨👩👦👦👨👩👧👧👩👩👦 for a few years. (they were in no hurry) I found them their first home. 🏠Fast forward to 2020 we listed their home in Lake Stevens and officially just sold on 7/31/2020. 💯 Now we wait as they hold up with family for a few months and watch the contruction of their new home. 🔑🔑 I am so blessed to have this amazing family in my life and had so much fun and laughter with them again. The hardest part of my job is when we close and I don’t see them anymore but, I always will stay in touch and I will see them again soon.
You know what happens when the market is so HOT🔥🔥🏠 you barely have any down time? You forget to get the monthly newsletter out! Sorry!! Welcome to August and your home connection. 🌞
I would love some feedback on the virtual “experience this” that has taken place of local events (😢) for now. Some of them look 👀 really intriguing and while I know they are not the same I would love to know your thoughts?