Low Inventory in Seattle Area has created multiple offers

Multiple offers on new listings

Homes close to the city are getting multiple offers if they are in good condition, in good locations and priced right. Because of the low inventory of homes for sale, if sellers are meeting the above criteria, they are getting multiple offers on their listings. However, if they are overpriced or not in a good location, they are sitting on the market until they do lower the price.

Sellers Market

The low inventory and the fact that local companies are still hiring, has made for a strong sellers market. Most sellers are getting what they are asking and sometimes more than the asking price. Since there are still the pool of buyers from last year that haven't found homes and new people are moving in for Seattle jobs, this has created low inventory. Low inventory plus more buyers has created multiple offer situations.

Making strong offers

Buyers today need to be ready to make offers as soon as they like a home. They have to be preapproved (or show they have all cash) and sometimes they need to do preinspections. The less contingencies you have when making offers, the stronger your offer will be. However, you should consult your agent as to which addendums to include in your offer for your protection.

Preinspections

The preinspection is an inspection before you make an offer. It will show you if the house has any major issues and you can decide if you want to go ahead and make an offer. It does not mean that the sellers will fix anything that comes up on the inspection...it is only done for your peace of mind. If there are multiple offers on a home you like, you should seriously consider doing a preinspection so you can waive that contingency. It only makes your offer that much stronger.

Writing a letter to the seller

Another consideration when you are making an offer when there are multiple offers, is to write a letter to the seller. Let them know why you like the property so much. Also tell them a little about yourself...you never know if you have similar interests that may persude them to accept your offer over another. Most sellers are going to go with the most money, however, in some situations, they will go with someone who they feel will take care of their property the way they did. It doesn't hurt to try and may end up getting your offer accepted!