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Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,563 posts, read 81,131,933 times
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Like normal for this time of year there is a little more inventory here, but they are still selling in 3-4 days with multiple offers over asking. The latest sale a few blocks away sold on the "offer presentation day" after 4 days on the market for $1.35 million. There are still many more buyers than homes available, the interest rate seems to be a non-issue.
I'm starting to see listings hit the market in larger numbers but conditions here for buyers are worse than ever. It's going to take A LOT more listings to quell the levels of demand I'm seeing.
The support for continued high prices that too many overlook is the huge number of buyers who have gone to the sidelines frustrated with not getting a house in numerous attempts in multiple offer situations.
When one buys a house, and there were 31 offers, that means that there are 30 buyers still in the chase, still with limited inventory, and with people gearing up for spring/summer seasons.
Followup post: What do you consider "realistic"? That's such a subjective word. If it normally takes a takes a price and terms that favor a seller, is that not "realistic" based on market conditions?
The support for continued high prices that too many overlook is the huge number of buyers who have gone to the sidelines frustrated with not getting a house in numerous attempts in multiple offer situations.
When one buys a house, and there were 31 offers, that means that there are 30 buyers still in the chase, still with limited inventory, and with people gearing up for spring/summer seasons.
I've been explaining it just like this to several clients (including a family member) who are convinced that the gradual uptick in inventory in the spring is going to make the market somehow less competitive in the near future. I tell them for every house you've missed out on; at least 10 other people also missed out on. Until there are about 10x as many houses for sale as there are currently; don't expect the ratio of buyers to homes to decrease by any appreciable amount.
My market on the Virginia Outer Banks there doesn't appear to be any lessening of demand.
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