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10 tips for guiding sellers through the choppy waters of a market correction

 

https://www.inman.com/2018/09/19/are-your-sellers-ready-for-a-buyers-market/

 

 Carl Medford, REALTOR, CRS

 

This year’s market is not the same as it was last year at this time. Here in the Greater Seattle Area, a region renowned for extreme inventory shortages, short days on the market, multiple offers and contracts way over asking price, everything has suddenly changed.

 

Everything, that is, except seller expectations.

How do you manage clients when the market suddenly develops into something they had not anticipated? Here are our top 10 recommendations for managing seller expectations when the market enters a correction.

1. Memorize the…

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  • House-hunters in Western Washington can choose from the largest supply of homes in three years.
  • New statistics from the MLS show prices appear to be moderating.
  • King County Housing Inventory has a 74.3 percent increase.
  • Mutually accepted contracts drop 14.8% as buyers adjust to more options.
  • For Buyers: “This is the best time in three years to be aggressive in the marketplace”

KIRKLAND, Washington (September 7, 2018) – House-hunters in Western Washington can choose from the largest supply of homes in three years, and they are facing fewer bidding wars, according to officials from Northwest Multiple Listing Service.

New statistics from the MLS show prices appear to be moderating (up about 6.7 percent overall), but brokers…

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For the first time in nearly two years, the Seattle area no longer leads the nation in home price increases. The monthly Case-Shiller home price index, released Tuesday, showed Las Vegas now claims the title as the nation’s hottest housing market.

The Case-Shiller numbers don’t reflect the full scope of the slowdown however, do in large part to the fact that it includes a three-month moving average through June (things have cooled even more since then), and also because it reflects the entire metro area (Pierce and Snohomish counties haven’t slowed down quite as much as King).

A new analysis from Zillow, using more recent numbers, showed Seattle had the biggest slowdown in housing prices in the country, falling to the 12th hottest housing market…

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The Offer Countdown Timer:

When we at The Cascade Team receive an offer on your listing, we will now activate the offer countdown on your property website with just a couple clicks. The property website will prominently display the timer counting down second by second until the offer review deadline. This will help us promote your home and let potential buyers know that they have a limited amount of time to get an offer in if they would like to potentially purchase your home.

The property website is linked from all kinds of sites like Zillow, Trulia, Realtor.com, Yahoo Homes, Google and many more. We will also promote your listing and the countdown to make offer through social media such as Facebook, Pinterest, Google+, LinkedIn, Twitter, Etc..

…

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  • Home sellers throughout the Seattle region are experiencing a reality check and the days of multiple offers are days of the past.

  • In Seattle and King County supply is at the highest level since first quarter 2015.

  • Gone: Seller luxuries like offer review dates, pre-inspections, and escalation clauses.

  • King County Housing inventory has doubled since March!

  • Seattle is experiencing a self-corrective shift in the market.

  • Many sellers are reaching for their dictionaries to understand the words ‘price reduction’ and ‘increased market time.’”

 

KIRKLAND, Washington (August 6, 2018) – “Home sellers throughout the Seattle region are
experiencing a reality check and the days of multiple offers…

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Seattle has been arguably one of the hottest housing markets in America, with home prices rising annually by double digits fueled by scorching demand. There is, however, one outside force that is starting to throw cold water on all that heat: new weakness from once-intense Chinese buyers.

The Pacific Northwest city has been one of the greatest beneficiaries of the recent wave of Chinese buyers of U.S. real estate. Both Chinese investors and families hoping to send their kids to American universities have fueled demand for housing in Seattle, which has long enjoyed a strong Asian culture.

In just the last two years, that demand increased dramatically. In 2016, nearby Canadian city Vancouver slapped a 25 percent tax on international homebuyers in…

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Did you buy a home that could use a little touching up, but the projects are larger than your bank account?  Do you want to boost the curb appeal and value of your home, but are looking for simple ideas you can do yourself?

Here are 10 do-it-yourself home projects to boost your homes value! Paint. You can paint your entire house or you can paint just the trim, interior or exterior. Or, paint an accent wall inside. Can't afford new kitchen cabinets? Paint the old ones. The key to painting is in the preparation work, including taping around windows and cutting in around the ceiling. Keep that in mind when budgeting the time a project will take.
  Change your kitchen or bathroom hardware. This is one of the easiest projects you can do to…

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I personally remember moving to the Seattle area in the late 90’s and marveling at how the Summers NEVER got too hot! Who needs air conditioning out here in the Pacific NW? I was from the Southeast where it literally only cooled down to mid to high 80’s at night and the humidity made the air feel like a warm wet blanket most of the time…

Now flash forward and I freely admit that I have climatized and my wife and I have had A/C in our home for the past seven years and I use it all the time! 

Still, when it comes to A/C, most people living the Puget Sound area have the same almost reflexive response — “It only gets really hot for a few days, so who need air-conditioning?” — which is why as a whole homes in our area of the country only have A/C at…

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32 percent of homes across the greater Seattle region had price drops last month, up from 27 percent a year ago and the highest for any June since the end of the housing bust in 2011.

In a nut shell, what a difference a couple of months can make for the local housing market…. We have now gone from bidding wars to price reductions in what seems like the blink of an eye.

So, what’s changed?

The Seattle area and most of Western Washington as a whole has seen the largest home price increases in the country for the last 20 months in a row according to Case-Shiller data. Currently the median house price in Seattle is at $812,500 and on the Eastside the median home price has reached $978,000. All of this has lead to a point where record-high home…

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We are very happy to announce that The Cascade Team has now entered the Indianapolis area market. Indianapolis will be managed by Paul and Nancy Schulte. Paul and Nancy have worked for FC Tucker the largest Brokerage in Indiana for the past several years and have a wealth of experience. Our office will be located in Carmel Indiana which an affluent suburb of Indianapolis similar with “Eastside” around Seattle on Scottsdale in Phoenix.

We are very excited about this opportunity and happily welcome Paul and Nancy to The Cascade Team family

Indianapolis

Indianapolis is the capital and most populous city of the U.S. state of Indiana and the seat of Marion County. As of 2017, Indianapolis is the third most populous city in the American Midwest…

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