What Kind Of Market Is It Anyway? Buyer's? Seller's?
In the past few weeks, I have noticed an interesting trend starting to develop. Multiple offers! I have some buyers who are trying to buy homes in the $200k and lower range and we have been encountering some serious competition. Aren't we in a buyer's market?
The simple answer is "Yes and No." Not so simple, is it?
Certain price ranges are definitely in a buyer's market while others are transitioning to a more even market. The buyers who are able to see this trend will do very well for themselves. The ones who don't? Well, they will be frustrated while their first homes of choice are stolen out from under them.
In Vancouver Washington, the $200,000 and less market is transitioning to a seller's market. The $8000 first time home buyer's tax credit is fueling this market and prices are rising. The higher dollar markets are not being affected by the tax credit and are still foundering.
What does that mean? First time home buyers need to get aggressive to get into the homes that they want. Don't be afraid of over paying (within reason) because these properties have probably bottomed for the time being and will stabilize for the next year or so. The bottom of the market will stay consistent but the quality of homes in that range will go down.
Are you shopping in a higher price range? There is still a huge inventory of the higher priced homes and the sellers still need to move them. Offers that wouldn't have been considered two years ago are now being gladly accepted.
Either way, it is a great time to be a buyer! The right agent can get you on the right deal and negotiate it to the end. Here are two testimonials from clients who we helped to buy homes are HUGE discounts:
We helped Aoife buy her home at $40,000 below market value!
Emily saved about $20,000!
We can do the same for you. Give is a call.
When you choose us to handle your Vancouver Washington real estate needs, you choose a team of realtors® who care about you and your family. Buying or selling a home is always more enjoyable when you work with professionals who will listen to your needs and who will work together with you to achieve your objective. We are very familiar with all types a real estate in Clark Countyand we specialize in Vancouver, Ridgefield and Battle Ground. We are also very experienced with new home and custom home construction having assisted several local builders in selling new neighborhoods in the Vancouver Washington area. Additionally, we have helped numerous families build their own dream homes. We are dedicated to helping you make intelligent, informed decisions and to providing you with exceptional service. What Kind Of Market Is It Anyway? Buyer's? Seller's? Vancouver Wa Real Estate
When you choose us to handle your Vancouver Washington real estate needs, you choose a team of realtors® who care about you and your family. Buying or selling a home is always more enjoyable when you work with professionals who will listen to your needs and who will work together with you to achieve your objective. We are very familiar with all types a real estate in Clark Countyand we specialize in Vancouver, Ridgefield and Battle Ground. We are also very experienced with new home and custom home construction having assisted several local builders in selling new neighborhoods in the Vancouver Washington area. Additionally, we have helped numerous families build their own dream homes. We are dedicated to helping you make intelligent, informed decisions and to providing you with exceptional service.
Sounds like a pretty smart analysis. Thanks for sharing it Mark!
It is definitely not a buyers market when new properties come on the market in the better areas and with the right pricing. All those are going into multiples and over asking here too. Buyers should definitely ot be waiting until the present conditions change - possibly higher interests rates and pricing at or near the bottom.
Things are surely looking better. We work with some spec builders in the 200k-300k market and they are selling very well. One builder is enrolling about 6-10 homes per month over the last few months.
You are very correct in that the bottom market is seeing some serious activity, we clearly have more buyers that are looking for a first home than we have inventory and that create almost a sellers market, but not to the point they can ask too much for their property. (They still need to appraise)
Mark, nice perspective on the market. In contrast, the commercial market has come to a sudden halt with the lack of available financing and money that is sitting on the side lines. Commercial investors are waiting for the distressed properties to come on the market so they can get that smokin' deal.
Hey Joe - Welcome to Active Rain! The commercial is a whole different animal. I am glad to have you in the office to refer those deals to.