New Short Sale Paradigm
Waiting for clients to show up at our office I read an amazing article that changed my Short Sale buying paradigm. Seattle Met ran an article that we have been forwarding to all of our friends and investor clients. The premise is to wait until someone else has submitted an offer and be the second or third offer in the door after a Short Sale has gone to “Pending Back-Up”. The first folks in typically have a lower than acceptable offer for the bank but has gotten the ball rolling in the approval process. You still get a deal and you are not waiting around for four months waiting for the bank to approve your offer. The Short Short Sale: Check out the story ->
Low inventory + rising rents = increase in home prices!
A couple of interesting notes coming out of the past couple of weeks of news. Seattle inventory is really low right now. We have been searching for good homes that are in decent condition for this years new crop of buyers. Its a little weird to see how minimal new fabulous homes coming to market. At the same time we have rents rising in Seattle and more and more folks moving into Seattle. Is anyone else seeing what we are seeing? Home sale gains seen: Economists see resale housing making gains this Spring. For those who want a deal buy before March!
Other News that is Diva Worthy
Straight talk from someone looking to buy a home in Seattle: A home shopper tells it like it isâ€¦and pretty much hits the mark. Personally the Divas loved this story. Lately we have been walking into homes with buyers where there are piles of pet fur and the shades are drawn. It makes it tough to promote the house that may have everything our clients wants in a home.
Housing starts expected to climb in 2011: A 21% increase over 2010 is predicted.
Economists become more upbeat: Economists are increasingly optimistic about the pace of the recovery, predicting better than a 3.2% annual rate in each quarter this year.
Seven mortgage trends to expect in 2011: While expected to continue their climb, interest rates are still near historic lows.
Zillow: Seattle’s one of the worst markets to invest in: A great example of â€œright story, wrong headlineâ€–since the Seattle market had less down side than other markets, Zillow sees less upside (thatâ€™s a good thing). Basically Seattle is a SAFE bet!
Parents investing in childâ€™s future mortgage: A once common way to get into a first home, this tactic is becoming popular again.
No McMansions for Millennials: We have seen this repeatedly that the new buyer is one who would rather live within walking distance of transit and a coffee shop than have a massive house.