Going, Going, Gone

With the $8,000 tax credit deadline quickly approaching, November 30th 2009, homes are flying off the market. What’s there one day is locked up in a contract the next and most of the times in a multiple bid situation. With all the economic indicators pointing in the direction that the recession is starting to rebound now is the time to take advantage of the opportunities and deals available. No one knows if the same type of conditions- rock bottom prices, tax credit and low interest rates, will exists- my opinion you might have one or two but not all three.
Out of the 61 homes that I have looked at with various clients from Seattle to Federal Way there are only 3 that are still available. I will say out of the 20 contracts that I’ve out in over the past three months 15 of them had multiple bid offers and a large number of those had competing offers that included ALL CASH offers. This factor let me know that there are several investors out there that have been waiting for a time like this to recoup some of the losses that they may have taken in other investments. I have a feeling that there will be a last minute surge as we approach the November 2009- sales must be closed by November 30th.
Charles McMillan, the president of the National Association of Realtors, recently announced the third straight month of pending home sales increases. According to McMillan, “This hopeful sign doesn’t mean our economy is out of the woods, but it does mean we’re moving in the right direction.” Also a new report that just came out shows that sales in King County were up 4% from June sales in 2008 and on top of that King County hasn’t recorded that many sales since October 2007. There is no doubt in my mind why-deals, deals and more deals. According to CNNMoney.com Best Places to Live three cities in King County ranked in the top 25 of the top 100. Having such desirable locations to live within King County and these prices how can you say no. Will we ever see the prices this low in King County again, I doubt it.

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