Some Interesting Facts About A 24 Hour Watch Of N.W.M.L.S Stats

Yesterday I viewed the 24 hour sales figures as reported by the Nortwest Multiple Listing Service and it demonstrated a trend that started one year ago and continues. Here are the sales figures from yesterday (includes all of western Washington)

Sales--595 new listings. 367 pending sales. But the amazing stat is that 124 properties came back on the market.

What this report says is that 34% of pending sales do not close. The sales failed, That is a staggering figure. In most markets maybe 5% of sales will fail. But in this market we have over 1/3 of sales failing to close escrow. What causes this phenomenon? Some of the sales fail because the buyer does not get approved for the loan due to tough lending standard. Another reason for sales failing to close is low appraisals due to tough appraisal standards. However, the biggest reason for sale failures is the lenders not agreeing to short sales. The underlying lender on short sale properties has to agree to sell for a loss and in many sales the listing agent and the seller do not provide the correct package to the lender to convince them to allow the sale. That is why-in my opinion- it is so important to list your property with a "Certified Distressed Property Expert". I have earned the designation of CDPE (Certified Distressed Property Expert)

To search all short sales and REO properties in the Seattle metropolitan area visit my website at www.seattle2edmonds.com Just set up your search parameters and you will be notified when new properties come on the market. You can also check my website www.davidsundquist.com to see the buyer bonuses my clients receive. There has never been a better time to buy residential real estate in the Seattle metropolitan area.