Checking in on what’s up. Or checking up on what’s in.

| Monday, September 12th, 2011 | No Comments »

It’s always good to know what’s happening in the real estate market regardless of whether or not you’re in the market. As I’ve learned over the years, there is sometimes a very quick transition from being out of the market to being in. I’ve literally had clients that were on a drive, saw a neighborhood they liked and put their house on the market 2 weeks later. So this brings me back to my point that it’s always good to know what’s up in real estate.

Here are a couple facts that you might find interesting. In our area (King, Pierce and Snohomish County) 1 out of every 8 sales is a short sale. In King County, 1 out of 4 is a bank owned sale; slightly more in Snohomish and Pierce County (1 out of every 3). What does this mean? Well obviously it means you need to go back and read my post titled Pop Quiz for a great explanation of short sales and bank owned properties because the chances are great that you will come across one of the two during your home search. Are they bad? Not necessarily, just different.

You also need to know that there has been a drop in inventory; homes are selling faster. Don’t be surprised if you have your heart set on a home, think you have plenty of time to make the offer and the home goes pending while you are still hemming and hawing. Having to tell your clients that their dream home was already snatched up is on my list of top 5 worst things you can experience as an agent (that is going to make a great future post…stay tuned!) It also means that prices are stabilizing. I repeat, less inventory leads to price stability.

While of course there are other happenings in real estate, I felt these two were the least boring to the majority of people. If I get too real estate-specific, I will lose those in my audience who are definitely not in the market. I like to stick to the generic events in real estate so everyone can enjoy my blog!

If you are dying to know more real estate news or simply want more clarification on anything I’ve just shared, you know that I’m always available! And that friends, is what’s up. Or what’s in. Either way.

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