One of the tell-tale signs of how competitive a house is comes from talking to the seller’s agent. I know pretty much how things will go the moment I get them on the phone:
Green light: Is the seller’s agent warm and friendly, answering all your questions? They got no offers and no interest. Time to lowball!
Yellow Light: Is the seller’s agent tired, grumpy and interrupts you? They already got a good offer in the bag or at least a ton of interest. They don’t need me or my client. Better bring the A-game.
Red Light: And then the death knell: the seller’s agent will only respond to text messages. It’s all over. Time to show my client another house.
This week a friend of mine sent me a house he was interested. He’s not a very serious buyer but this one house piqued his interest. Anyway, I called the listing agent, no answer. Called again, no answer. Texted and got a short response. Texted again asking a question about coming by to see it that day.
The response: “We already have 17 offers. I wouldn’t bother.”
The silly season of real estate is back folks! It went away from Summer 2022-Fall/Winter 2023, but it’s returned with a vengeance.
If you’re wanting to buy a normal-ish, well-maintained house under $900,000, there is no delaying or hemming and hawing. It’s time to go warp speed. And go out and win. Fortunately, I have a lot of experience with winning multiple offer battles.
If you’re selling a house in this price range, then I can help you maximize your gains.
When Will Inventory Come Back?
The Fed doesn’t seem to be wanting to lower interest rates anytime soon. So it might be a bit yet but I’ll hold to my prediction that inventory will come back when we get to the lower 6s or high 5s in interest rates.
How Much is My House Worth?
Here’s a quick online tool to help you.
How Much House Can I Afford?
An online calculator to help you.
Michael Perrone is a licensed managing real estate broker in Washington State and is the owner of The Perrone Real Estate Group. You can reach his office at 425-224-6040 or by subscribing and responding to these newsletters.