A few recent reports are indicating that there may be less competition in the market right now for prospective homebuyers.
A study from the National Association of Home Builders found that there has been a 9 percent drop in the number of people who are actively shopping for homes since the second quarter of last year. Further, the study uncovered that around 12 percent of adults are considering purchasing a home, but only 41 percent of those people are actually actively looking for a house on the market.
Additionally, HousingWire recently reported that around 10 percent of homes for sale are seeing bidding wars, compared to 42 percent last year. In fact, August saw the lowest number of bidding wars since 2011.
What does this mean?
It means that if you are thinking about purchasing a home in the Seattle/Renton/Tacoma areas then now may be a good time due to the lack of competition. Having a lot of prospective buyers competing with you on a home puts the power in the hands of the seller because they could potentially allow for a bidding war to take place. If there aren’t other offers on a home you are interested in purchasing, then you may have the ability to negotiate more with the seller.
It is important to partner with a real estate agent and lender that know the market you are interested in. At Element Mortgage we have extensive experience in the Seattle/Renton/Tacoma areas and if you partner with us for your home loan needs, we will use that experience and reputation to help you submit an offer on a home with confidence.
Contact us today and we will discuss your unique financial picture and try to help you get pre-approved for a home loan.