Serhiy Onyshchuk / Realty One Group Preview – Northwest WA Real Estate, Call 425.610.SOLD (7653)

From the blog:

Buyers waiting in lineThe other day I was showing a home to a nice young couple. This Marysville home has just been listed for sale a day earlier. There was nothing extremely special about the home. About 20 years old and needs some cosmetic touches here and there… But overall, a decent 4 bedroom Marysville home listed just under 200K.

When we arrived, there was a car already parked in the driveway. Another agent was showing a home. Well, just a coincidence. It had happened before…

Well, not really… About 15 minutes later, it was our turn.

As soon as I opened the home for my buyers, I noticed another car pulling in right behind us. Wow! Another agent was bringing their buyers for a showing!

Three showings in a row for this Marysville home? Wrong! By the time my buyers checked the home (it didn’t take them too much time knowing that the other couple was waiting), there was one more real estate agent waiting with their clients!

We have been seeing a considerable uptick in buyers activity in the last two months. There are quite a few reasons for that:

  • Local economy stabilizes (Boeing and other companies are hiring)
  • Mortgage interest rates still remain low (4.0%)
  • For those who qualify for a home loan, renting is more expensive

What this means for the buyers (and their agents) that are currently looking for homes? Well, there are a few things I’m seeing:

  • The inventory of homes listed for sale is shrinking. There are less homes to choose from than last year. This means it’s more difficult to find the home that fits the most of your needs and wants.
  • We see multiple offers on most decent homes that appear on the market. More buyers and less homes drive the competition.

Does that mean that the real estate prices in Snohomish county will start rising. Well, we don’t know that yet. But since real estate market is highly seasonal, in most cases the stats go back an entire year to compare the data. (For example, sales in April 2012 would be compared to the sales in April 2011).

So, by the time you read or hear that real estate is appreciating again, the prices will have already risen.

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