Seattle Real Estate Up Over 20% From A Year Ago According to Latest NWMLS Press Release.

Like divorce stats, etc. (ask me about my theory on Elvis Vegas weddings sometime if you want a different discussion altogether), I think all numbers are skewed, but the latest NWMLS report from the close of the 2011 December Seattle real estate market would suggest otherwise.  Without me going into the fact that I disagree with my friend OB (who happens to be the President of Windermere) on whether or not we have already turned a corner as he says we have in this latest report, here is a piece of the NWMLS news release:

“Healthy marketplaces” emerging with shrinking inventory, favorable financing

KIRKLAND, Wash. (Jan. 4, 2012) – Home sales finished the year much stronger than they started, with 

pending sales for the fourth quarter outgaining the first quarter by more than 3,000 transactions for a 21 

percent increase, according to new figures from Northwest Multiple Listing Service.

A year-over-year comparison shows December’s pending sales (mutually accepted offers) rose more than 

20 percent from a year ago. Northwest MLS brokers reported 5,237 pending sales last month, up from the 

previous year when they recorded 4,359 transactions.

Last month’s pending volume exceeded the number of new listings (4,604) for the second consecutive 

month. The last time such an imbalance occurred was November 2006."

As I have stated before, you all know I am a highly positive person, but this is hardly turning a corner.  I agree that we are heading in the right direction, but we haven't gotten far enough to have turned a corner.  Less inventory just makes it appear this way temporarily.  The banks have been holding off on plenty of REO inventory and we still have that mountain to get over before we can truly be out of this latest Seattle real estate market shift.

So what do you do if you want to sell your house?

Sell it now!!! Not to sound like a typical real estate agent who just wants the listing, I swear.  Here is why: 

There is a historical low amount of inventory (especially in neighborhoods like Queen Anne or Magnolia!!!!)  and also ridiculously low interest rates, but even that is not my reason why if you want or need to sell you need to do it ASAP.

There are buyers waiting for your homes to buy them. This is not my reason either.  

Here is the real reason - the dirty little secret no one is telling you:

 If you think prices will go up in Spring 2012 and you are waiting for that, then I highly suggest you sell now because when those foreclosures start truly being released rather than just the trickle we have seen so far, the prices will reflect it and there will be far more competition to deal with. In short, you will have waited too long.  

Call me or email me if you want to talk further about it.  It merits a discussion if you need to sell, otherwise hang back and wait for the Seattle real estate market to absorb the floodgate of foreclosures and make another shift towards the positive. It will be a couple years at least, but it will happen. 

Seattle Real Estate:  Superbowl Sunday or not, the buyers were out in full force yesterday!  I figured yesterday would be a loss as far as getting any traffic into the houses that our company held open, but wanted to give it a shot anyway.  Molly held open 9042 6th Ave NW, which is a great Greenwood home for sale on the edge of Crown Hill and had quite a few interested buyers through.  Morgan held open the Seattle houseboat for sale that we listed this last week - lots of great people through and some very strong interest.

The one recurring Seattle real estate theme that we have heard for weeks now is that the inventory is so low that there are not as many choices.  We keep hearing form potential sellers that they think their home won't sell in this market, but the truth is that priced right and presented well, it could sell faster than you think!  It is just a matter of finding the right buyers for the right houses and lack of inventory is contributing towards lower than possible sales for right now more than most anything else - maybe even more than tighter lending guidelines. Let us know if you want a current martket analysis and opinion for your Seattle home.

Seattle still has an incredible real estate market in 2009, but....

 It is different than it has been in the last ten years or so. Many first time home buyers like to ask their friends and family a lot of questions along the way and tend to rely at times on these lifelines. 

Unfortunately, new Seattle buyers might find that asking all the questions in the world might not get them the right answers for this new Seattle market.  Buying a house any time is a huge task, but being a first time Seattle home buyer on top of that makes it ridiculously intimidating for many.

These are some of the things an A + First Time Home buyer has already done:

Do you need info on being a first time home buyer in Seattle?  Need a free home buying guide? Want info on the $8000 tax credit?  courtney@cooperjacobs.com  Cooper Jacobs Real Estate, Seattle real estate, @CourtneyCooper