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It’s now a seller’s market for western Washington real estate

It’s now a seller’s market for western Washington real estate
It's a seller's real estate market in Mill Creek

The Snohomish County real estate market continues to improve and inventory continues to shrink resulting in a sellers market according to the Northwest Multiple Listing Service, “Brokers say that combination is resulting in disappointment for buyers who are slow to accept the reality of a recovering housing market.”

Real estate statistics released by the Northwest Multiple Listing Service show that the number of Snohomish County residential listings in September of this year is almost 50% lower than the number of listings in September of last year. Closed sales are up 5% and the median price is up 15% for the same period, but September sales numbers were not as fast paced as earlier in 2012.

Northwest Multiple Listing Service statistics for the Mill Creek-Everett-Lynnwood area show the number of residential listings is down almost 60% in September compared to the number a year ago. Closed sales in this specific area are up almost 30% and the median residential home price is up almost 25% for the same time frame.

George Moorhead, Northwest Multiple Listing Service director, believes that buyers have been slow to realize the real estate marker has changed and that “some sellers are lamenting missed opportunities.”

Moorhead remarked, “We are seeing clients’ views change from a home being a short-term investment vehicle to being a place where we raise and teach our families. Smart recovery is what everyone should be considering as we heal from the neglected financial actions of the past. Clients in general are united in debt reduction, building up savings and reserves, spending more wisely than they ever have, and have an optimistic outlook of the economy as a whole.”

Frank Wilson, Northwest Multiple Listing Service director, believes that the real estate market change is surprising some buyers. Wilson said buyers who make unrealistic offers and requests are “back on the street looking at their second choice home.”

Wilson said while the story of a few years ago has flipped, the path to ownership remains constant, “We used to say the seller who priced and staged their home the best would get buyers. Today we’re saying buyers who are most realistic with their offers and pre-approved with a lender, and who are the most aggressive might get the house they want.”

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