Here is a snapshot from the Northwest Multiple Listing Service for May 2017. It shows record closed sales for the month of May, record high median closed price for residential listings, and record high pending sales for the month of May.

FIND THE RIGHT LENDER AND GAIN THE ADVANTAGE

Due to the lack of homes coming onto the market combined with the low interest rates has created the record highs in home prices and pending and closed sales. With this being the prime selling season it looks like this could continue to be the trend at least for the next few months. Because of this, it is of most importance that buyers get everything in order prior to even going shopping for their dream home. First and foremost is to get pre-approved for a home loan so that they know how much home they can afford. Even better is to work with a lender who not only can get you pre-approved, but can get you actually “pre-underwritten”, so your loan is guaranteed to fund. This essentially puts you on a level playing field with cash buyers, which is HUGE! Contact us and we can put you in touch with one of these lenders.

HOW TO WIN IN THIS VERY COMPETITIVE MARKET

The next thing of course is to start your search for your dream home. Once you find that perfect home you need to be prepared to write a strong offer. Because of the record sales, you will more than likely be competing with several offers. A strong offer can have many looks. Obviously, the number one thing in a strong offer, is the price you are willing to buy the home at. The next big thing to consider is contingencies. Two of the big contingencies would be whether or not you will make your offer contingent on financing and inspections. Unless you do a pre-inspection, it is not a good idea to wave the inspection contingency. If you get pre-approved with a lender who can “pre-underwrite” your loan, you actually can wave the financing contingency. This can make your offer look very strong. If you pair that with a sizable earnest money deposit and timelines that are favorable to the seller, your offer will stand out. Let us help you navigate through this competitive market. Give us a call or text and we can help you get started.