We’re seeing a very small amount of homes available in Puget Sound, and demand is sky-high right now. There is less than a month’s supply of homes! That means we’re operating in a heavy seller’s market. If no new homes come on the market in the next 27 days, we would be left without any homes to buy or sell.
So, what does this mean for buyers in Puget Sound? You’ll have to fight other buyers if you find a home that you like. On a recent showing with a buyer, we encountered another buyer completing an inspection even before they made an offer on the home. Of the five offers the agent received, four out of these five families opted to get pre-inspections done. Traditionally, this inspection happens after a seller accepts a buyer’s offer. This means that the other three families just spent $300-$400 on an inspection, and they didn’t even win the house. “Your home will sell before you can bat an eye.” So what advice are we giving buyers? We recommend that you don’t fall in love with a home when you walk in. Be realistic - this market is crazy and you might just have a home swept out from under you by a buyer that’s even more eager than you. If you’ve fallen in love and lost the home, then you will have a hard time acting when you have another opportunity. Also, you’re going to have to make some sacrifices if you want your dream home. Size, money, or finishes- you’re either paying more or getting less.
However, we have just helped two buyers win bidding wars on homes, so it is possible and we know how to win over sellers.
For sellers in Puget Sound, we have one simple question; what are you waiting for? Get your home on the market immediately if you want to sell! Your home will sell before you bat an eye.
If you’re looking to buy or sell in Puget Sound, please don’t hesitate to contact me. You deserve an expert at your side to navigate you through this tough market!