People Making Offers Please Stand In Line

Who Says It’s a Buyer’s Market?

Yes, I know. The media is still saying it is a buyer’s market. Who is saying it is a buyer’s market who is actually in a position to know? NOT ME!

Certain price points in our Vancouver Wa Real Estate Market have been bombarded with multiple offer lately. Homes for sale VancouverWa at list prices under $200,000 have been flying off the shelves. The average days on market has dropped to 41 days as opposed to 109 days for the same period last year. Why?

The Perfect Storm. That’s why!

Prices are low – Prices are lower than they have been in the past 6 or 7 years. The banks are holding a large inventory of REO’s and are forced to get them off the books. They are selling them at severely discounted prices. In some areas, experts are saying that they have dropped to 1999 prices. It is like resetting the clock and being able to buy a home that you could never afford before.

Interest rates are low – Interest rates are at a historic low. Buyers are routinely getting mortgages with rates at less than 4%. Investors are getting rates for their rental homes in the low 4% range. It is like free money.

Confidence is high – Buyers feel like the time is right. I have been working with a big pool of buyers lately and they are very confident that now is the right time to buy. They have been watching the market and waiting for their time to jump in to a new home. They are confident that prices will not go much lower. AND guess what? They are probably correct. We have actually seen small areas where prices are going up!

All of this activity has made it difficult to get in on the deal when it presents itself. I am working with a couple who has written 5 offers in the past two weeks and have been out bid on every one. I am not talking “Low Ball” offers either. We have written full price offers only to be beaten by someone willing to pay more.

How do you get a deal in this kind of market?

Get a good agent and listen to them. A good agent can get you on the deals as soon as they hit the market and can guide you on how to write the winning offer. Find one and trust them to do their job. You will soon be moving into your new home and can rest easy knowing that you got a great deal in a competitive real estate market.