In a market with low inventory, some buyers are going the extra mile in order to purchase a home.
King County is at a record low for homes on the market. With few houses to purchase and an astounding number of buyers, this has rapidly increased sales prices and the amount of offers that one listing receives, making it very difficult for buyers to get a leg up on their competition. First-time homebuyers, like Jesse Hatch and Camille Adair, recently experienced just how competitive the market really is. Wanting to purchase a home of their own proved to be much more stressful than they had originally anticipated. “We were living with my parents and really wanted a house,” said Adair, 30. “Prices were going up, and it was getting harder and harder to find houses that weren’t short sales or foreclosures.” After searching for a while, the couple were finally able to purchase a home after not only offering $6,000 above the original listing price, the norm in today’s current market, but they also used a personal tactic that has been seen more and more recently; a personal letter to the sellers hoping to tug at their emotional heartstrings. It’s no longer about just offering the sales price anymore. If buyers want to purchase in these conditions, they have to be willing to offer more incentives for sellers to be considered. On average, today’s current listings are receiving anywhere from 5-20 offers, which is driving up house prices and competition amongst potential buyers. Although it doesn’t appear that inventory will increase any time soon, the bidding wars and higher than normal offers on houses, should effectively begin to allow an increase in sales prices which would encourage more people to sell.