Inventory is still tight, Buyers are still cautious

Inventory remains very tight in the bottom half of the market. In general these kinds of inventory restrictions create a mad fury of bidding as frustrated buyers fight to get an opportunity to own a home. This market however has a caveat in that the buyers remain cautious. They will bid up a nice move-in ready home in a great neighborhood but they are avoiding homes that are not pristine or that are located in less desirable neighborhoods.

Buyers will simply pass on a home that is overbuilt for the neighborhood or in need of a great deal of repair. Sellers need to be aware of this and cleaning up a new listing and making it look as good as possible could be the difference between a quick sale with multiple offers and a lingering slow sale scenario.

Builders have reemerged with a strong presence and have dozens of new home communities being built. In general these communities seem to be selling well. The market is strong but buyers remain selective and bordering on picky, so sellers need to step up their game to get top dollar for their listing.

This is going to be an interesting summer.

Real Estate is Like an Evergreen Tree

Was that a tree analogy in the headline? Yep, this is Washington after all. Real estate is more evergreen then deciduous. It does not drop its leaves and go dormant for the winter like many of the beautiful deciduous trees in the area. Rather, real estate is like an evergreen, it remains green and lush all year long. People continue to buy and sell homes year round. The volume of activity slows down but the sales remain just a little below the summer peak. There is roughly a 25% seasonal curve here in Southwest Washington and the Metro Portland, OR area.

I have found that the people who are out looking in the cooler months are "the real deal". These folks could be inside sipping on a latte by the fire, yet they are out in the cold rain, snow, and sleet to look at houses. They are serious buyers. Sellers looking to get a leg up on the spring market would do well to keep their home listed through the winter.

Should you decide to list in the winter, be certain keep your walkways free of leaves, debris and snow. When showing the home a warm fire in the fireplace if you have one adds to the charm. No fireplace? Light a candle with a vanilla or smokey aroma.  

Winter can be a good time to sell your home and is can be equally favorable for buyers. Don't let the clouds and cool air discourage you. Real estate is like an evergreen tree, it doesn't hibernate in the winter.

Halloween Home Marketing

by Rod Sager

As pretty as this is, clear a path through the leaves :)

In six days all the neighborhood kids will be plying the streets dressed as zombies, goblins, super-heroes or maybe even a princess. Trick or Treat! If a seller has their home listed during Halloween there is a great marketing opportunity lurking beneath the veil of candy and costumes.

Typically there are two sets of trick or treaters. The first set which likely begins the annual suger pilgrimage just after dark are the little kids. Toddlers and grade schoolers. These adorable little monsters are almost always accompanied by the parents. Mom and or Dad often wait out front while the little goblins run up to the door smiling and holding out their little plastic jack-o-lantern. This is a great marketing opportunity. If the seller feels chatty they might consider having someone in the family hand out treats while they go talk it up with the neighbors. Know anyone interested in living in this neighborhood? Have a flyer available a give it to them. If the seller is shy, then they should ask their real estate professional to make a half page flyer that can be folded to a 1/4 size and toss it in with the candy. Maybe tell the kid that the paper is for mommy and daddy. The second wave is usually the teenagers. They show up with a king sized pillow case looking for the holy grail of sugerdom. Give them the same flyer and ask them to give it to their folks.

I like to present the idea to people in the neighborhood that they can choose their next neighbor. If they know someone that would like to live in this area, this house represents an opportunity. Your real estate professional should be more than happy to provide flyers for this purpose. During Halloween sellers should make the home bright and inviting despite the dark and creepy nature of the event. This is one time to go for fun and spunky rather than the haunted theme.

Even though sellers hire a real estate agent to help them sell their home, their own participation can help to yield a higher price and or a faster close. It does not matter whether the market is hot or cold, sellers need to make their home stand out against the rest and never miss an opportunity to put it in front of people.

So now I'll say so long and in my best Vincent Price voice a diabolical laugh fades to silence. Buahaha.

Buying Cosmetic Fixers

by Rod Sager

Locally our real estate market has transitioned into a seller's market save for the higher price ranges. Coping with increasing prices is often a challenge for buyers as they watch the value of their dollar erode. One thing they need to realize is that the turn key, move in ready homes spike first and cosmetic fixers can remain a value in a moderately appreciating market like we have right now. Please refer to this blog post for some valuable information on cosmetic fixers.

Don't Overlook a Home's Potential