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Sunday, October 01, 2006

This Wasn't The Way it Was Last Year

From Tacoma: Weekend article from The News Tribune

Home builders are advertising more incentives. "Price Reduced" placards hang below "For Sale" signs. And the house down the block that you'd thought would sell in a few days? It's been on the market for a few months. For buyers, it's great news. They can be more picky. They have an easier time negotiating prices. They can ask for – and probably get – the washer and dryer with the house or a few items knocked off the inspection report.

For sellers, now isn't the time to mess around.
Woo. Throw in a washer and dryer and we've got a deal! These people don't get it. It's not a buyer's nor a seller's market. There will be many GF who follow the market down - they'll get taken to the cleaners as well.

And ... what do they say is the cause?
A rash of condominium projects and new home developments have caused a spike in Pierce County's inventory, said Dick Beeson, a broker with Windermere/Commencement Associates in Tacoma and a director with the Northwest Multiple Listing Service. The county currently has 6,225 homes and condos for sale – a 53 percent increase from last year at this time and the highest inventory for at least the last five years, according to MLS data.

"If you drive through Tacoma now, you'll see a lot of 'For Sale' signs that you didn't see last year," Beeson said. "It slows everything down. It means buyers are taking their time."

Cathy Reed put her brick Tudor in North End Tacoma up for sale in May. In the two years she'd owned the home, Reed did a lot of work, including finishing the basement and painting several rooms. But the competitive market forced her to pay even more attention to details – and reduce her price three times, from an asking price of $479,000 to the sale price of $399,000.

"Every little detail had to be right," Reed said. "That wasn't the way it was last year."
Just give it a few months ;)

(Kelly Kearsley, Tacoma News Tribune, 09.30.2006)

4 comments:

Oddleif said...

I'm not sure if anyone has seen this, but Redfin has updated it's site to show days on the market and $/sqft. The number of homes in South King that have been on the market over 100 days is really surprising...

SeattleMoose said...

Interesting that the single biggest increase in listings was this last week. I have been keeping track of listings on the Bob Glover RE site since 5/7/06 and the last week in September is the biggest uptick?

Doesn't this seem strange?

Maybe it's because people are just starting to hear about the "bubble bursting" and are trying to get out with before their big gains go "poof".

Date / Listings / Delta / %
07-May / 7302 / /
15-May / 7486 / 184 / 3%
21-May / 7665 / 179 / 5%
11-Jun / 8099 / 434 / 11%
18-Jun / 8154 / 55 / 12%
24-Jun / 8352 / 198 / 14%
01-Jul / 8417 / 65 / 15%
08-Jul / 8758 / 341 / 20%
15-Jul / 9057 / 299 / 24%
22-Jul / 9139 / 82 / 25%
29-Jul / 9044 / -95 / 24%
05-Aug / 9059 / 15 / 24%
12-Aug / 9191 / 132 / 26%
19-Aug / 9348 / 157 / 28%
26-Aug / 9442 / 94 / 29%
02-Sep / 9363 / -79 / 28%
09-Sep / 9597 / 234 / 31%
16-Sep / 9959 / 362 / 36%
21-Sep / 10121 / 162 / 39%
28-Sep / 10639 / 518 / 46%

It is a GREAT time to be renting and watching this all come down from a safe distance....

Eleua said...

Orders from General E.,

"Don't buy until you see the whites of their eyes (or the stains in their shorts)."

stephen said...

I started putting in 250-300k, no condos (although many obviously lie) and a 1000+ sq ft on JLS virtual map about a year ago and pretty much daily spin around the area. Used to only show mobiles below Marysville or West of Monroe. Now the map is getting very cluttered in West Seattle, Edmond's/Mount Lake Terrace and South of the Airport.

It seems the prices have come down dramatically. Not sure why it's not showing up in the stats yet.

The MLS numbers showed an 18% drop in the latest numbers for the Woodinville area and I haven't heard a peep about it from any source, makes me wonder if it was a misprint...