The inventory of available homes in east King County is at such
low levels that it's driving up home prices and frustrating buyers alike. If you
have been looking for a home lately, you may have notice two things: The good homes sell quickly and the really
low bank owned homes are next to impossible to get.
Those bank owned deals, the ones that are so under priced, are just getting eaten up by investors and
buyers looking for a great deal. Buyer
frenzy is common and the prices get driven up and you have to put in an offer
way over asking price to even have a chance.
However, during Thanksgiving week, I showed and put in a bid
for a client for one. The home had just
come out this week and was in very excellent condition and should go quickly
but there wasn’t a lot of activity on it even though the bid ended the day
after Thanksgiving. Still waiting back
on it, but I didn’t get a sense of any frenzy.
I was talking with another agent in the office today and
they had put in an offer almost $25,000 over asking price, expecting a frenzy
and didn’t want to be outbid again. The
listing agent asked why they put in such a high offer and after they explained
about other missed deals, she said…”Not this week” it’s Thanksgiving, not very
many offers came in”.
Moral of the story: A
great deal doesn’t take a holiday or a vacation but your competition does!
