5-6-2022: See What I See!

Summary:

  • Mortgage interest rates are trending down.

  • Days on Market (DOM) are increasing.

  • The number of listings is increasing. For Sellers, this means that competition for buyers is increasing.

  • Prices are trending up.

  • Buyer activity (showings) is decreasing.

Source: Mortgage Rates per Zillow (click here)

Also, here are some reports I ran this morning for Vancouver, WA, and the suburbia surrounding, for what all of detached homes:

  • Also, see DOM in the reports below:

For this report

  • More homes are on the market.

  • DOM is increasing.

  • The average price point is about the same, yet the average square foot is going down, meaning that the prices are increasing on homes coming onto the market.

Last report on 5-6-2022 (for comparison):

For this report

  • Same trends as under $400,000 homes

Last report on 5-6-2022 (for comparison):

  • Detached homes between $501,000 to $600,000 that may be financed:

List of active properties (click here)

For this report

      • More homes on the market.

      • The price point is down a little bit and square footage is up a little bit, thus prices are not increasing.

Last report on 5-6-2022 (for comparison):

Let me know how I can help you, if you need a report ran surrounding your home, or area wanted, or you need to know what your home is worth now?

Some things I am reading:

Agent Chatter (these are topics of conversations and observations that we agents have amongst each other):

  • Buyers seem to be dropping off like flies.

  • Reductions of prices are between $10,000-$60,000, often averaging $30,000.

  • Many listings have rent-back requirements that are not listed within the listing documentation.

  • More and more homes seem to have 'AS IS' in the agent comments. (This doesn't help sellers.)

  • FSBO sellers often have a harder time because agents need to do more work and education. Plus most FSBO Sellers are unable to have a stand-off approach emotionally, which complicates communication.

  • Interest rate volatility is influencing Buyers by encouraging them to wait to see what the market will do. When the interest rates were more stable, all things being equal, prices were going to increase. We as agents know that prices, season over season usually increase, yet more buyers are "waiting to see what happens".

  • FHA Appraisals! Be aware! FHA appraisals attach to a property for six months. This can be remedied when released by the lender and processed by FHA, but this process, even when done quickly can take six weeks or more.

  • Open houses are prime opportunities to find un-represented buyers, more than anything else.

  • Sellers that can wait through the cross-over of a season are going to win if they have higher prices. Sellers that need to sell right now are having to endure price decreases and other buyer demands.

  • From another agent, "I used to be able to list a home just under nearby comps and get 40 showings and 4 offers, though now I get 10 showings and maybe 1 offer."

Contact me if you want to discuss anything here!?