The Cascade Team Blog - Keenan Porter

Housing Crisis 2021: Lack of Inventory

Certainly exacerbated by the pandemic, this housing crisis is all about one thing: supply

A harbinger of the 2021 market is tight listing inventory, low interest rates, and high buyer demand continuing to drive momentum.

“Insatiable buyer demand” is keeping inventory scarce as house hunters try to outmaneuver and outbid each other, according to reports from Northwest Multiple Listing Service (NWMLS). Its statistical summary for the end of 2020 showed strong activity throughout the holiday season with double-digit increases in new listings, pending sales, closed sales, and prices.

Measured by months of inventory, there is only about two weeks of supply (0.53 months) overall. Only five counties had more than a month of supply, well below the…

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2020 Real Estate Recap and 2021 Predictions For Klahanie

Klahanie was one of the hottest markets on the Eastside for 2020. Overall, there were substantial increases in price coupled with declining days on market and bidding wars often driving homes sales well above asking price.

One example detailed below listed at $1.1 million and sold for $1,220,005 in only 6 Days on Market which equates to 110.91% of Asking Price!

So, What’s in store for 2021?

•        All indications are continued price growth estimated to be at least 10% or higher.
•        Bidding Wars and multiple offers on homes.
•        Low inventory
•        Low but slightly increasing interest rates

Take a look at the stats below for a full breakdown. Please remember that each home is different as are the motivations of each…

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Insatiable Buyer Demand Fueling Extraordinary Market Conditions in Western Washington

KIRKLAND, Washington (January 6, 2021) – “Insatiable buyer demand” is keeping inventory scarce as house hunters try to outmaneuver and outbid each other, according to reports from Northwest Multiple Listing Service (NWMLS). Its statistical summary for December showed strong activity throughout the holiday season with double-digit increases in new listings, pending sales, closed sales, and prices.

Northwest MLS brokers added 5,260 new listings to inventory during December, a hefty 39.3% increase over the same month a year ago. Last month’s additions fell short of meeting demand as members reported 6,883 pending sales (mutually accepted offers). That number surpassed the year-ago volume by 940 transactions for an increase of 15.8%.

Pending sales…

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Buyer letters are risky business, more importantly, that letter could be a violation of the federal Fair Housing Act.

Brokers/Agents working at The Cascade Team are asked to NOT include any Buyer letters or allow them to be received with offers on properties they represent:

The Fair Housing Act provides, in part, that sellers cannot refuse to sell a house based on race, religion, color, national origin, sex, family status or disability. Furthermore, the law further protects homebuyers from discrimination based on age, sexual orientation, marital status, veteran status, ancestry or source of income.

Homebuyers ask all the time about buyer letters. You know the letters I mean: the ones where the buyers write about how much they love the house and why they or their family or their kids will love living there and why the sellers should pick their offer.

That…

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2021 Real Estate Predictions

2020 was a unique one for real estate. Though the pandemic slowed the majority of the economy down, the housing sector boomed.

In fact, it saw almost unprecedented success. Buyer demand soared (up 40% at one point), bidding wars were a constant presence, and mortgage rates bottomed out — hitting a new record low more than a dozen times over, according to Freddie Mac.

The market even bucked the traditional fall slowdown, with unseasonably strong demand well into the cooler months. All this, despite an ever-worsening pandemic.

But now that 2020 is (finally) at its end. Will it be the end of the current housing boom as well?

Probably not!

According to experts, we can expect more low rates, still-rising prices, and a continued exodus to the…

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The Science of Buying in a Low Inventory Housing Market and Negotiating Bidding Wars

Understanding the Numbers When Buying in a Low Inventory Real Estate Market

As a homebuyer in today’s market, you’re no doubt at your wit’s end trying to find your dream home.

And when you find a home you love,  you’re competing with all cash offers and bidding wars driving the sales price above what it’s listed for, and many times, even above what the home is actually worth!

While there is nothing you can do to create more homes for sale, you can certainly arm yourself by understanding the trends and patterns in the areas you’re trying to buy in.

While it’s not quite rocket science, there is definitely a significant competitive advantage to those that understand the trends of a real estate market.

Sometimes, being competitive means not…

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Housing Market Update: 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!

Northwest MLS brokers say real estate activity across Washington remains strong

 KIRKLAND, Washington (December 7, 2020) – Some real estate brokers expect the competition for homes to ease somewhat over the holidays, but the latest statistics from Northwest Multiple Listing Service indicate activity is unusually strong heading into December.

 “The rush is on for housing,” exclaimed J. Lennox Scott, chairman and CEO at John L. Scott Real Estate. “Real estate activity typically chills as temperatures drop but buyer demand remains high. “With low unsold inventory, all eyes will be on each new home that comes on the market,” he suggested, adding, “This strong demand is present in the more affordable mid-price ranges and extends into high-end…

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Name Your Selling Price As More than 50% of Home Sales See Bidding Wars

For the sixth consecutive month bidding-wars have exceeded 50 percent for all home sales, reaching nearly 57% for the previous month alone.

Despite the ongoing pandemic and in many ways because of it, 2020 has been a record setting year for home prices and sales in and around the greater NW. Some sections of the housing market increased by nearly 30%.

With record low inventory literally causing a Housing Shortage Crisis We have many buyers out there looking and with a lack of inventory, we may just have a buyer for your home.  All it takes is 30 seconds to fill out the form below. Let us know what price you would take for your home, and if we have a buyer, we'll let you know! To learn more about what we offer our home seller clients, CLICK HERE.…

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30 Fun Thanksgiving Facts to Share Over The Holiday

Before we fill our stomachs with delicious food this Thanksgiving, let's fill our brains with some fun trivia we can share with family and friends!

Thanksgiving is a special holiday for many popular reasons—the food, the family, and the football are just a few. Less well known, however, are the many fascinating facts behind the holiday's history, traditions, and myths. The truth is, for many of us, there's a lot we don't know about the holiday we celebrate every fourth Thursday in November. So before carving up your family's turkey this year, take the time to learn some of the most interesting Thanksgiving facts we could find. At the very least, you'll have some fun (and harmless) dinner conversation to contribute. And for what not do to this…

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Despite Covid restrictions on open houses, brokers, buyers, and sellers employ array of virtual tools to stay safe and fulfill housing needs

KIRKLAND, Washington (November 18, 2020) - Even though in-person open houses are not currently allowed under new and reinstated pandemic-related restrictions, broker-members of Northwest Multiple Listing Service (NWMLS) continue to provide services to home buyers and sellers using several contactless and virtual tools.

Feedback from NWMLS representatives include reports of sales by purchasers who made offers to buy based on virtual and live stream open houses without an in-person tour. One manager noted sellers appreciate being directly involved with their listing broker in establishing limits on the number of visits to their home and the strict use of CDC guidelines for post-showing cleaning/sanitizing.

On November 15, when Governor Jay…

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