There was time when the Totem Lake Mall was a thriving shopping center. Those days are gone and so is the mall. Although currently Totem Lake have rather average scores from Walkscore.com (just 48
Bidding Wars And A Seattle Market Update
Additionally, there is some useful advice if you are a potential buyer looking to make an offer. First, put your best foot forward by putting forth a strong offer. This may mean a cash offer or an offer with no contingencies (like waiving the financing or inspection). You might have also noticed that many buyers are including personalized letters with their offers, often with photographs and a short biography, to make their case to the sellers.
Is Seattle really as "red hot" as these areas featured in the story? According to the latest figures, multiple offers on a property are the "norm" for new listings, with about two-thirds of homes near job centers selling in 30 days or less. This is about twice the normal rate.
While there about 8% more listings on the market right now as compared to this time last year, inventory is still very low (King: 1.74 months, Snohomish: 2.47 months). This is bolstering home prices, but it's also resulting in a bit of a Catch-22. Sellers who may want to move up are reluctant to list their home for fear that they won't be able to find something on the market that they would want to purchase. Unfortunately, this is exacerbating the market imbalance as they hold on to their property waiting for the "perfect time."
There are options out there if you are in this situation and looking to move up. This is one of Team Troy's specialties - whether it means helping you secure bridge financing, conducting an expert home valuation on your current home, helping you find your new home, and/or navigating the bidding war process, we've seen it all. Call us today to review your specific situation: 206-745-3457.
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