We call this the "Sales Intensity Scale". The percentage of new listings that go pending, or under contract, in the first 3o days. We tend to look heaviest at the 3 key indicators to determine the health of the market. I have found that the best way to really understand how the real estate market is responding is to look at the data and match it up with the eye test. The dooms day stories about a potential crash continue to circulate and there is no doubt that we have seen a severe dip in the economy. After we sell we have a much higher chance of buying our move up or move down without having to arrange for temporary housing. In this market most sellers are sitting on big equity and can take their time to get their home ready for sale. It is always OK to buy/sell within same market timing. Not every listing is a multi-bid scenario but we need to be ready when they are. Buyers need to readjust to the new normal and get themselves Buyer Ready Day One.Sellers need to be Market Ready Day One to take advantage of the low supply and ensure their homes sell swiftly and for top dollar.In order to maximize your home selling/buying experience: 9 months supply of inventory in Snohomish County and that is a Severe Shortage. Until we get a influx of listings or the interest rates become unmanageable. If a home comes on the market and it is a little beat up, priced too high or in a bad location it is possible it may sit for a few weeks giving a buyer an advantage and the possibility of negotiating a lower price or seller credits. If the home is in Market Ready Condition, priced correctly and in a desirable condition there is a very good chance that it will sell quickly (0-7 days) and for an escalated sales price. Now more than ever a new listing must come on the market in Market Ready Condition. This is producing an interesting situation where the market can be in favor of both a seller and a buyer depending on the condition of a new listing.
We see other new listings come on the market and sit untill a price drop is performed, or accept a less than list offer. Where we see some new listings come on the market and get multiple offers in the first 5 days. We are stuck in this new market where there are less new listings hitting the market year over year and a higher interest rate than we had gotten comfortable with over the last few years.
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