Where are all of the Sellers? Typically this time of year there is a lot more inventory than we do at the moment. Currently, there are 159 homesΒ ποΈ available in all of NW Seattle, which is the lowestΒ πΒ weβve had for a few months, and then we only had 44 new listings come on this last week.
While there is opportunity out there for Buyers, with the lower inventory numbers, Buyers are still feeling the competition. We had 44 homes go pending and 77% were on the market 9 days or less, which means Buyers need to make decisions quickly and if they are moving forward with an offer, that offer will need to be as competitive as possible.
Sandra talks more about the decisions Buyers must make to get the house they want, reviewing both the risks and rewards.
-Steve & SandraΒ
π΄ππΒ ππ Β πππ€ππ¦π ,Β ππΒ π¦ππ’Β βππ£πΒ πππ¦Β πππππ‘πππππΒ ππππΒ ππ π‘ππ‘πΒ ππ’ππ π‘ππππ ,Β ππππΒ ππππΒ π‘πΒ ππππ/π‘ππ₯π‘Β π’π Β πππ¦Β π‘πππ!Β ππβππΒ πππ€ππ¦π βπππΒ π‘πΒ βπππ!Β
SteveΒ π²Β (c) 206-769-9577Β π§stevehill@windermere.comΒ
SandraΒ π²Β (c) 206-271-7100Β π§sbrenner@windermere.comΒ
Video Transcript:
Where are all of the Sellers? Typically this time of year, we have a lot more inventory than we do at the moment. Currently we have 159 homes available in Northwest Seattle, which is the lowest that weβve had in a few months. And then we only had 44 new listings come on the market last week.
Hey everybody, welcome to week 75 of our Monday market update. And while there is opportunity out there for Buyers, with the lower inventory numbers, Buyers are still feeling the competition. We had 44 homes go pending and 77% were on the market for nine days or less, which means Buyers need to make decisions quickly, and if they are moving forward with an offer, that offer needs to be as competitive as possible. And in order to be competitive, Buyers need to make their offers as in tasting as possible to the Seller.
This has been going on pretty much all year, but one of the more risky, but also potentially carries the most reward, meaning that the Buyer has a higher likelihood of being the winning offer is for Buyers to release their earnest money to the Sellers a few days after going under contract. When weβre representing the Sellers, obviously we love it when Buyers release their earnest money. This tells us that Buyers are super motivated to close.
When weβre representing Sellers, of course, we love this because we know that the Buyer really wants the house. And this tells us that they are super motivated to close. When weβre representing Buyers, I have a really hard time suggesting this tactic to Buyers because of the inherent risk. There are lots of things that can happen along the way to closing on a home that are completely out of the control of a Buyer.
You could lose your job. You could be a victim of identity theft, and then your credit score tanks or what happened last week. We represent the Seller and the Buyers released their $30,000 earnest money to the Seller shortly after going under contract. Now, keep in mind that money per the contract is the Sellers and remains the property of the Sellers, regardless of whether the home closes or not. The only way the Seller loses that money is if the Seller defaults, meaning that the Seller doesnβt close.
So last week, the Buyers tested positive for COVID and they couldnβt sign their loan docs in front of a notary. Honestly, I have to say, Iβm really surprised we havenβt had this happen before in a transaction. Luckily for the Buyers, the Seller did agree to extend the closing date. Letβs face it, Sellers want to sell, Buyers want to buy, but the Seller didnβt actually have to agree to extend the closing date. They could have said, βNope,β And just kept the $30,000. The Buyer would have been completely out of luck and of course, out of their $30,000. So my point isnβt a blanket, donβt release your earnest money, but really a cautionary tale that Buyers, you need to be fully aware of all of the ramifications of elements in your offer, such as removing contingencies, letting the Seller occupy the home after closing, and of course releasing earnest money. And you need to be okay with the worst case scenario for each of these elements.So on that happy note, have an awesome week. Steve will be back next Monday and donβt forget to like this video and please subscribe to our channel.
