The Puget Sound Business Journal recently posted an article about a 1,100 square foot home in Ballard that sold $158,000 over list price. There is no denying that Seattle’s real estate market is hot largely due to lack of inventory and rising rents. (A’ hem…if you have been considering selling your Seattle area home, now could be the time).
You just “won” the highest bid on a hot Seattle home… now what?
Filed Under: Home Buying Tagged With: appraisal, bidding war, home purchase, low appraisal
A Strategy for Seattle Home Buyers: I Love Your Home Letters
The Wall Street Journal writes about a strategy home buyers in hot housing markets are using to get their offers accepted in hotter housing markets. From WSJ:
“In an echo of the last housing boom, ardent pitch letters from eager home buyers are popping up again in hot U.S. real-estate markets like Silicon Valley, Seattle, San Diego, suburban Chicago and Washington, D.C., housing economists and real-estate brokers say.
The heartfelt missives, often accompanied by personal photos, aim to create an emotional bond that can give their writers an edge—especially in situations where multiple bidders are vying for the same house. And the reappearance of buyer pitches, also known as love letters, offers further evidence that the housing market is rebounding after a five-year slump.”
Filed Under: Home Buying Tagged With: bidding war, home buyer, love letter, multiple offer, pitch, preapproval, seattle, wsj
Seattle Bidding Wars: What You Need to Know to Help “Win” Your Home
I’m noticing more “bidding wars” on new listings in the greater Seattle-Bellevue area. Because of the lack of non-distressed inventory and current low interest rates, multiple offers may occur driving the sales price higher than the original offered price. Sellers and listing agents may try to create an environment for a bidding war by slightly delaying the review of offers and by pricing the home either at or slighltly under what may considered “market value”.
Here are a few tips to remember should you find yourself in a possible “bidding war”. [Read more…]
Filed Under: Home Buying Tagged With: bidding war, home purchase, preapproval, real estate agents
