Multiple Offers Notification – Just might cost your sellers money

Who would have thought that in this buyer’s market you might find yourself in a multiple offer situation. Times have changed and I can honestly say that I have not been in this situation for the last 18 months.  Sure there have been homes that one of my buyers might have wanted to put an offer in on but after being told there was already one being presented they would just move to the next home because the inventory has been so high.

But, last week I did receive a “Multiple Offers Notification” from a local agent who had listed a bank owned property. Here is what the instructions are:

Crap, is what I thought!  This property which had been on the market for months now was the “Homecoming Queen” in her price range. I so hate multiple offers, I so hate a bid war, hate the thought of an escalation clause and all the broken dreams that go along with these situation.

I was thankful that the seller had made the stipulation that there was to be no offer submitted with an escalation clause.  One frustration gone.  So I called my buyer and gave the information.  We talked about the property and my buyer decided after looking at all the facts to actually withdraw their offer.  My buyer just didn’t want to play the game.  There was another house in our line up.  The following was the choices we had to choose from:

You can see where I have checked the box – The buyer has rescinded his offer to purchase. Yep, that is what we did.

The next day I thought nothing of this transaction. Maybe, it was because it was my birthday and I was taking the day off – well, off as much as a real estate agent selling homes can.  I spent the day in Seattle with my sweetie.  On my return to my home office I had a voice-mail from the Listing agent of this property. He wanted my to call him ASAP.

I thought how strange and I did.  We played phone tag and finally we caught up to each other and he proceeded to tell me that my buyer’s offer was the best – yep you read that right, the BEST.  Funny!  I reminded the agent that my buyers had rescinded their offer but that I would call them and give them the information. I did and my buyers decided to proceed on a different home.

All fine with me, after all it is their purchase.  The agent apologized to me because I am sure he thought I had lost a transaction. Not the case. In reality it was his seller that lost a transaction – the BEST transaction. I just kept thinking about this. Sometimes wanting to get more can cost you more. It would have been better for this seller to just take the best the first go, because if he did he would have received more for the property than what he will now receive.

Bremerton | Good Time To Sell Your Home?

What was the market like when you bought your current home? Was it a buyer’s market or a seller’s market? Most “move-up buyers” have lived in their current residence for about 5-7 years. Think of what the market was like 5-7 years ago. Here are some statistics to remind you.

If you bought in a buyer’s market you’re in an excellent position to sell in a buyers’ market. Not only are you in a position to still turn a profit on the sell of your current residence, but most likely you can undercut your competition that is already sitting on the market.

Remember, you will be buying in a buyer’s market so you will be able to look at homes that you might not have been able to a year or so ago because they were out of your price range. You will also be able to have control in your buying process, gone are the days of multiple offers and buyers having to settle when it comes to negotiation and terms.

Bremerton WA Real Estate Market Report Recap |December 2008

Here is the Real Estate Market Activity for January – December 2008.  This is the last Market Activity Report for 2008!  I have put a link to all of the others at the end of this post.  In the year 2009 I am going to come up with something a little more fun.

On December 31st there were 460 homes for sale with 2 of those homes listed as a contingent sale and 14 homes listed as Pending Inspection (new NWMLS term STI was replaced) which means there is a contract that has been presented and accepted by the seller with the condition of the home inspection or a feasibility study.

Once the home inspection has taken place these 14 homes will either go back on the market or be listed as pending. These homes are not available for public view and will not show in the active section of the Northwest Multiple Listing Service. (NWMLS) – this will be changing in December.  You will be able to go to broker websites and see the status. Ie:

Public Display of Pending Listings

In response to the request from the membership, effective Monday, December 15^th, listings in the Pending, Pending Inspection, Pending Feasibility, and Pending BU Requested status will be available for public display on broker websites.

During the Month of December 55  homes were new to the Bremerton area Real Estate Market.

During the Month of December 40 homes went under contract and were removed from the active Bremerton homes data base. The median price for Bremerton area homes was $199,950 with a market time of 109 days (median).

During the Month of December 45 homes sold – which means that ownership changed hands and there are new owners listed on the tax records recorded at the Kitsap County courthouse. These Bremerton area homes were on the market 94 days (median) and sold for a median price of $199,500.

An absorption rate is the mathematical relationship of supply and demand. The absorption rate is the number of months it would take to sell the entire inventory of homes in the Bremerton area of Kitsap County if the pace were to stay constant.

The Absorption rate in the Bremerton area is 50.054 weeks or approximately 11.55 months of inventory if the current conditions remain unchanged. These figures have decreased this month by approximately 8 weeks. Less inventory is the reason.  Remember absorption rates track trends. Let’s hope that 2009 will see us in the normal market of between 5 and 6 months of inventory. Normal markets in my honest opinion are best for everyone.

Using absorption rates can help you define markets.  My definition breaks down like this…

Normal Market - Between 5 and 6 months of inventory.

Seller’s Market - Between 1 and 4 months of inventory.

Buyer’s Market – 7 months and higher.

If you would like to find out the value of your home please feel free to contact me via phone or email. I would be more than happy to supply you with a
FREE Market Analysis
.

If you would like to purchase a home in the Bremerton WA Real Estate Area please give me a call or contact me via email. We can discuss your future plans and I can set you up on an email campaign to receive the hot new listings quicker than YOU can find them.

The Year 2008 Bremerton WA Real Estate Market Report Recap

• Bremerton WA Real Estate Market Report Recap | January 2008
• Bremerton WA Real Estate Market Report Recap | February 2008
• Bremerton WA Real Estate Market Report Recap | March 2008
• Bremerton WA Real Estate Market Report Recap | April 2008
• Bremerton WA Real Estate Market Report Recap | May 2008
• Bremerton WA Real Estate Market Report Recap | June 2008
• Bremerton WA Real Estate Market Report Recap | July 2008
• Bremerton WA Real Estate Market Report Recap | August 2008
• Bremerton WA Real Estate Market Report Recap | September 2008
• Bremerton WA Real Estate Market Report Recap | October 2008
• Bremerton WA Real Estate Market Report Recap | November 2008
  

“Statistics not compiled or published by NWMLS.”
Equal Opportunity Housing
All information deemed reliable, but not guaranteed

Bremerton WA Real Estate Market Report Recap |November 2008

Here is the Real Estate Market Activity for January – November 2008.  Check back each month to see the monthly 2008 trend for Bremerton WA.

On November 30th there were 591 homes for sale with 6 of those homes listed as a contingent sale and 58 homes listed as Pending Inspection (new NWMLS term STI was replaced) which means there is a contract that has been presented and accepted by the seller with the condition of the home inspection or a feasibility study.

Once the home inspection has taken place these 58 homes will either go back on the market or be listed as pending. These homes are not available for public view and will not show in the active section of the Northwest Multiple Listing Service. (NWMLS) – this will be changing in December.  You will be able to go to broker websites and see the status. Ie:

Public Display of Pending Listings

In response to the request from the membership, effective Monday, December 15^th, listings in the Pending, Pending Inspection, Pending Feasibility, and Pending BU Requested status will be available for public display on broker websites.

During the Month of November  96 homes were new to the Bremerton area Real Estate Market.

During the Month of November 58 homes went under contract and were removed from the active Bremerton homes data base. The median price for Bremerton area homes was $199,725 with a market time of 111 days (median).

During the Month of November 44 homes sold – which means that ownership changed hands and there are new owners listed on the tax records recorded at the Kitsap County courthouse. These Bremerton area homes were on the market 94 days (median) and sold for a median price of $225,500.

An absorption rate is the mathematical relationship of supply and demand. The absorption rate is the number of months it would take to sell the entire inventory of homes in the Bremerton area of Kitsap County if the pace were to stay constant.

The Absorption rate in the Bremerton area is 58.22 weeks or approximately 13.43 months of inventory if the current conditions remain unchanged. These figures have increased.Wow! This figure sure jumped – with only 44 homes sold that is the reason.  Remember absorption rates track trends. Hope this trend reverses it’s self!

Using absorption rates can help you define markets.  My definition breaks down like this…

Normal Market - Between 5 and 6 months of inventory.

Seller’s Market - Between 1 and 4 months of inventory.

Buyer’s Market – 7 months and higher.

If you would like to find out the value of your home please feel free to contact me via phone or email. I would be more than happy to supply you with a
FREE Market Analysis
.

If you would like to purchase a home in the Bremerton WA Real Estate Area please give me a call or contact me via email. We can discuss your future plans and I can set you up on an email campaign to receive the hot new listings quicker than YOU can find them.

“Statistics not compiled or published by NWMLS.”
Equal Opportunity Housing
All information deemed reliable, but not guaranteed

Jo Soss-Olson · WestSoundLive · Copyright © 2008 · All Rights Reserved

Bremerton WA Real Estate Market Report Recap | October 2008

Authored By: Jo Soss : WestSoundLive.com

Here is the Real Estate Market Activity for January – October 2008. Check back each month to see the monthly 2008 trend for Bremerton WA.

On October 31st there were 570 homes for sale with 5 of those homes listed as a contingent sale and 34 homes listed as Pending Inspection (new NWMLS term STI was replaced) which means there is a contract that has been presented and accepted by the seller with the condition of the home inspection or a feasibility study.

Once the home inspection has taken place these x homes will either go back on the market or be listed as pending. These homes are not available for public view and will not show in the active section of the Northwest Multiple Listing Service. (NWMLS)

During the Month of October 91 homes were new to the Bremerton area Real Estate Market with a median price of $226,000.

During the Month of October 40 homes went under contract and were removed from the active Bremerton homes data base. The median price for Bremerton area homes was $208,400 with a market time of 97 days (median).

During the Month of October 78 homes sold – which means that ownership changed hands and there are new owners listed on the tax records recorded at the Kitsap County courthouse. These Bremerton area homes were on the market 110 days (median) and sold for a median price of $224,000.

 

An absorption rate is the mathematical relationship of supply and demand. The absorption rate is the number of months it would take to sell the entire inventory of homes in the Bremerton area of Kitsap County if the pace were to stay constant.

The Absorption rate in the Bremerton area is 31.67 weeks or approximately 7.30 months of inventory if the current conditions remain unchanged. These figures have increased. Remember absorption rates track trends.

Using absorption rates can help you define markets. My definition breaks down like this…

Normal Market - Between 5 and 6 months of inventory.

Seller’s Market - Between 1 and 4 months of inventory.

Buyer’s Market – 7 months and higher.

If you would like to find out the value of your home please feel free to contact me via phone or email. I would be more than happy to supply you with a
FREE Market Analysis
.

If you would like to purchase a home in the Bremerton WA Real Estate Area please give me a call or contact me via email. We can discuss your future plans and I can set you up on an email campaign to receive the hot new listings quicker than YOU can find them.

“Statistics not compiled or published by NWMLS.”
Equal Opportunity Housing
All information deemed reliable, but not guaranteed

Jo Soss-Olson · WestSoundLive · Copyright © 2008 · All Rights Reserved

 

Buyers don’t want to Buy Repairs

If you want to speed up the sale of your home in this semi-slow market, you must make sure your home is in top-notch shape.  The days of throwing a “for sale” sign up, attaching a lock box, and entering your home on the internet are long gone.  Buyer’s are in charge now and they are more educated than ever. The internet has allowed buyers to learn and become experts in the home buying process.

You as a home seller must now educate your self to what a “buyer’s market” is and what it means to you as a home seller.  You are going to have to work hard and team up with many professionals to be the shining star on your block – where in reality there is a constellation of homes on the market.

I am sure you have read all of these tips before and now you need to implement them.

1.  You will not be living here anymore – so take down your personality.  Remove all of your “do dads”, “trinkets” and photos of Aunt Carolyn’s last birthday.  You want your home to look like a new construction model home.  Bring a real estate home-staging professional on board your team.

2.  Pack it up. You will be moving so rent a storage locker and move some of the crap family’s belongings out.  Buyers want to see how spacious your home is.  They want to imagine their crap possessions in your home.

3.  Get it fixed! The title says it all, “Buyer’s don’t want to buy repairs”, and they don’t!  I know several of you have a few of those small little projects you have been meaning to finish.

• Replace the cracked bathroom tile
• Re-caulk the Kitchen sink area
• Stain the back deck
• Patch the holes where Jason hung his CD collection
• Touch-up paint the baseboard molding
• Re-attach the end gutter piece
• Put that one electrical plate cover back on
• Replace the vinyl in the laundry room where you ripped it while trying to move the washer
• Install a new toilet in the kids bathroom

4.  Do everything you are told. You are going to be hiring professionals to assist you in selling your home. Did you see that word “assist”?  You need to remember you are a part of this team and you will have to pull your weight with the home selling plan.  Your real estate agent, your home stagger and others will have precise instructions on what your roll is and what their roll is. Listen and Implement!

Give me a call if you need to chat about selling your home, I am always available to answer your questions and for FREE.

Bremerton WA Real Estate Market Report Recap | September 2008

Here is the Real Estate Market Activity for January – September 2008.  Check back each month to see the monthly 2008 trend for Bremerton WA.

On September 30th there were 643 homes for sale with 2 of those homes listed as a contingent sale and 67 homes listed as Pending Inspection (new NWMLS term STI was replaced) which means there is a contract that has been presented and accepted by the seller with the condition of the home inspection or a feasibility study.

Once the home inspection has taken place these 67 homes will either go back on the market or be listed as pending. These homes are not available for public view and will not show in the active section of the Northwest Multiple Listing Service. (NWMLS)

During the Month of September 116 homes were new to the Bremerton area Real Estate Market with a median price of $236,250

During the Month of September 108 homes went under contract and were removed from the active Bremerton homes data base. The median price for Bremerton area homes was $221,250 with a market time of 102 days (median).

During the Month of September 66 homes sold – which means that ownership changed hands and there are new owners listed on the tax records recorded at the Kitsap County courthouse. These Bremerton area homes were on the market 87 days (median) and sold for a median price of $227,275.

An absorption rate is the mathematical relationship of supply and demand. The absorption rate is the number of months it would take to sell the entire inventory of homes in the Bremerton area of Kitsap County if the pace were to stay constant.

The Absorption rate in the Bremerton area is 42.21 weeks or approximately 9.74 months of inventory if the current conditions remain unchanged. These figures have increased. We are now have 2 more months of inventory than what the stats showed in August.  Of course the sold count for September was down while the homes new to the market increased just slightly. Pending in September was a good healthy number and so next month the figures will reflect that data. Remember absorption rates tracks trends. 

Using absorption rates can help you define markets.  My definition breaks down like this…

Normal Market - Between 5 and 6 months of inventory.

Seller’s Market - Between 1 and 4 months of inventory.

Buyer’s Market – 7 months and higher.

If you would like to find out the value of your home please feel free to contact me via phone or email. I would be more than happy to supply you with a
FREE Market Analysis
.

If you would like to purchase a home in the Bremerton WA Real Estate Area please give me a call or contact me via email. We can discuss your future plans and I can set you up on an email campaign to receive the hot new listings quicker than YOU can find them.

“Statistics not compiled or published by NWMLS.”
Equal Opportunity Housing
All information deemed reliable, but not guaranteed

Jo Soss-Olson · WestSoundLive · Copyright © 2008 · All Rights Reserved

Bremerton WA Real Estate Market Report Recap | August 2008

Here is the Real Estate Market Activity for January – August 2008. Check back each month to see the monthly 2008 trend for Bremerton WA.

On August 31st there were 551 homes for sale with 4 of those homes listed as a contingent sale and 57 homes listed as Pending Inspection (new NWMLS term STI was replaced) which means there is a contract that has been presented and accepted by the seller with the condition of the home inspection. Once the home inspection has taken place these 57 homes will either go back on the market or be listed as pending.  These homes are not available for public view and will not show in the active section of the Northwest Multiple Listing Service. (NWMLS)

During the Month of August 114 homes were new to the Bremerton area Real Estate Market with a median price of $248,500

During the Month of August 78 homes went under contract and were removed from the active Bremerton homes data base.  The median price for Bremerton area homes was $223,600 with a market time of 114 days (median).

During the Month of August 75 homes sold – which means that ownership changed hands and there are new owners listed on the tax records recorded at the Kitsap County courthouse.  These Bremerton area homes were on the market 104 days (median) and sold for a median price of $226,600.

The Absorption rate in the Bremerton area is 32.41 weeks or approximately 7.35 months of inventory if the current conditions remain unchanged.

An absorption rate is the mathematical relationship of supply and demand.  The absorption rate is the number of months it would take to sell the entire inventory of homes in the Bremerton area of Kitsap County if the pace were to stay constant.

My definition breaks down like this…

Normal Market - Between 5 and 6 months of inventory.

Seller’s Market - Between 1 and 4 months of inventory.

Buyer’s Market – 7 months and higher.

If you would like to find out the value of your home please feel free to contact me via phone or email. I would be more than happy to supply you with a
FREE Market Analysis
.

If you would like to purchase a home in the Bremerton WA Real Estate Area please give me a call or contact me via email. We can discuss your future plans and I can set you up on an email campaign to receive the hot new listings quicker than YOU can find them.

“Statistics not compiled or published by NWMLS.”
Equal Opportunity Housing
All information deemed reliable, but not guaranteed

Jo Soss-Olson · WestSoundLive · Copyright © 2008 · All Rights Reserved

Bremerton WA Real Estate Market Report Recap | July 2008

Here is the Real Estate Market Activity for January – July 2008. Check back each month to see the monthly 2008 trend for Bremerton WA.

On July 31st there was 565 homes for sale with 1 of those homes listed as a contingent sale and 57 of homes listed as Pending Inspection (new NWMLS term STI was replaced) which means there is a contract that has been presented and excepted by the seller with the condition of the home inspection. Once the home inspection has taken place these 57 homes will either go back on the market or be listed as pending. These homes are not available for public view and will not show in the active section of the Northwest Multiple Listing Service. (NWMLS)

During the Month of July 113 homes were new to the Bremerton area Real Estate Market with a median price of $245,000

During the Month of July 33 homes went under contract and were removed from the active Bremerton homes data base. The median price for Bremerton area homes was $229,500 with a market time of 80 days (median).

During the Month of July 87 homes sold – which means that ownership changed hands and there are new owners listed on the tax records recorded at the Kitsap County courthouse. These Bremerton area homes were on the market 77 days (median) and sold for a median price of $229,950.

The Absorption rate in the Bremerton area is 31.03 weeks or approximately 7.14 months of inventory if the current conditions remain unchanged. This figure has really improved for the Bremerton area.

An absorption rate is the mathematical relationship of supply and demand. The absorption rate is the number of months it would take to sell the entire inventory of homes in the Bremerton area of Kitsap County if the pace were to stay constant.

My definition breaks down like this…

Normal Market - Between 5 and 6 months of inventory.

Seller’s Market - Between 1 and 4 months of inventory.

Buyer’s Market – 7 months and higher.

If you would like to find out the value of your home please feel free to contact me via phone or email. I would be more than happy to supply you with a FREE Market Analysis .

If you would like to purchase a home in the Bremerton WA Real Estate Area please give me a call or contact me via email. We can discuss your future plans and I can set you up on an email campaign to receive the hot new listings quicker than YOU can find them.

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“Statistics not compiled or published by NWMLS.”
Equal Opportunity Housing
All information deemed reliable, but not guaranteed

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Jo Soss-Olson · WestSoundLive · Copyright © 2008 · All Rights Reserved

Kitsap County HomeOwners | Did you end up in the DUMP?

I was doing some market research today and decided to really look and look hard at expired listings in my market area. I know the blah; blah; blah…if it isn’t priced right it won’t sell. I started to look at homes and really thought the price was right or in a range that with a little negotiation there would or should have been a buyer. So why didn’t some of these homes sale. I will tell you - BECAUSE THEIR AGENTS WERE LAZY!!! Now, that might sound strong and maybe not sound professional but it is the truth!!

In my market area the NWMLS allows us to upload 15 photos. You can also write a short description that for each photo. I did research on 42 homes in the West Bremerton area and there were only 5 listings with a total of 15 photos. Of those listings with 15 photos only 3 had descriptions entered. THAT JUST AIN’T RIGHT! The average for the 42 homes was 7 pictures.

Isn’t the NWMLS your FIRST IMPRESSION! Unless a person sees the home while driving by, then yes it is. The listing in the multiple usually is the first time most agents and most buyers see what your home looks like when you put it on the market. Wouldn’t it be best to have as many pictures as allowed with descriptions?

So Mr. / Ms Seller, did you see what your home looked like online? Did you like what you saw? If you didn’t did you have a conversation with your agent? What did they say?

The real estate market in the Bremerton area is off to a great 2008, so if you want to SELL your house this year and not just LIST it - Call me! I use all 15 pictures and they will be good pictures because I will not allow you to have your home on the market in sub par condition. I will make your home’s FIRST IMPRESSION one the real estate community and the buyers in the area will remember.

If I don’t hear from you now – you may hear from me later PROMISES MADE, PROMISES KEPT