Multiple Offers are not Gone...

Well the old rule that a well priced house will get offers in any market holds true. Conditions have moved into neutral territory but a nice little 1400 foot ranch style came up a few days ago and got four competing offers within a day or two. This house is situated right in the thick of the hot spot in the market at around 300k. Clean and tidy, doesn't need a lot of work, move right in. These are the properties that are selling, these are the types that still get multiple offers.

Although buyers in general are taking their time, these types of move in ready sub-median homes are hard to find, and when a nice one pops on the MLS the Realtors® swarm about. Buyers looking for a "deal" will need to look at properties with some special needs. Light fixers are not getting snatched up lie they were at this time last year.

Sellers are wise to spend a few pre-sale dollars to spiff up the house before listing it. Fresh paint and a minimalist look inside will go a long ways in this market. Sellers however ought to be careful not to overspend or over improve their home. One should never be too much better than the rest of the homes in the neighborhood. That is sound advice in any market.

The market continues to favor one level homes or master on the main and tidy homes with a bright look and feel as well as tidy and well kept. These are the properties do the best.

Although most listings are likely to sit around for a few weeks, properties that hit the "spot". Clean, well kept, light and bright, open and minimalist decor, under the median will go quick.

Winter Inventory a bit thin.

I have several buying clients across a variety of house types and price ranges and things are a bit tight out there. There hasn't been a whole lot of inventory this winter which is a bit normal, but buyers are out there looking and I'm waiting for an early spring listing session.

We have some winter weather however and that may just leave us a bit thin for the next few weeks. Buyer should be ready for some slim picking in the sub $400k range. Above $400 things are bit better but even for that middle range the number of available listings is below what I'd expect, even for mid winter.

Sellers, if you are willing to list in the snow, now could be a great time to get out in front of the spring market by exposing your home to the frustrated but ready to buy crowd currently looking for homes. Spring is right around the corner and early birds may in fact get the worm!

Urban Condos and Appraisal

Urban condos have some unique qualities that can make one identical unit in the same building have a broad range of price discrepancy. Now differences in similar units are certainly not exclusive to urban condos; homes on corner lots, homes with a view, backing to open space, etc can all add or detract for the market value. But urban condos add additional dynamic and not all appraisers are in the "know". Simple concepts like interior facing units versus exterior facing units might seem simple enough, but does the appraiser know that one is exterior and the other is interior. Maybe, maybe not. Appraisers do not go inside the comps they use, rather relying on data from the local MLS and tax records.

It is important that Realtors® make these differences clear when listing a unit with favorable conditions. There are other items that carry some weight in suburban housing but much more importance in an urban setting. Walk scores are used by a variety of websites to determine how well a property fares when the resident is walking rather than driving. In suburbia this is not as pressing as most suburbanites expect to do a fair bit of driving to get things done. But in an urban condo people often choose to either not own a car of share a car between them. Walkable scores and easy access to public transit are critical. Realtors® should not assume that appraisers get these dynamics. Putting that info in the remarks, which most appraisers WILL read can help that appraiser understand why a buyer offered X for a unit that "seems" similar to another that sold for Y.

Different buildings may be very close to one another yet have dramatically different prices and quality levels. In suburban developments neighborhoods vary wildly in quality and desirability. In urban areas the "neighborhood" can be as small as a single block. In a secure urban building you can have units selling for seven figures because the building has super high end facilities and the units are up high with great views and a building literally right next door has similar sized units for 1/3 the price. It's all good in the neighborhood 'downtown'.

Locally Vancouver USA is rising up with a lot of mid-rise and high rise development going in downtown and along the new waterfront. It's a very exciting time, but we Realtors® still have to stay sharp and frosty and be sure to help both the buying public and appraisers understand the intrinsic value proposition of their listed units ;)