A "New Normal" of Buyer Activity

I have often mentioned the market intensity and a new level of buyer traffic.

In January, there was a new listing in Sudden Valley. It was just over 1000 square feet, no garage, no sun, 54 steps to get from your car to the front door.

They began allowing showings two days after it listed.

On day 6 it went pending, having had 90 showings, and having received 15 offers.

We'll see what it closes for this week.

"OK," you say, "but that's in the lower price range, the "starter home" range in the $300K's to low $400K's."Yes it was, and that sector of the market obviously has a LOT of buyers trying to get onto the Bellingham real estate escalator.

But we see it in the higher prices too, well north of Bellingham's average of $600K-ish.

A listing came on late last week on Puget Hill. A nice view of Sehome Hill, it had undergone a tasteful remodel of the primary living areas in 2014, performed by Chuckanut Builders.

Priced in the mid $700K's, it allegedly had 60 showings in the 4 days it was Active. I don't know the total offer count, but it reportedly escalated +20% over list price.

Another, in Silver Beach, hit the market last week in the mid $900K's. Early on, the listing agent admitted he thought he'd priced it "too high."5 days later, it has had over 50 showings. The seller reviewed offers yesterday — all 12 of them — and rumor is it pended for $1.1M.

Why Am I Telling You This?

Because you are the lifeblood and the connection to our future business.

And some buyers enter this market not aware of the conditions I'm describing.

They think "list price" actually reflects market value. To be fair, occasionally it does... on average it does not.

They think "a lender is a lender is a lender." In reality, that's as mythical as a flying unicorn.

They think, "We'll just wait for the perfect house." There is no such thing. That's why we coach our buyer clients on the "85% match" concept.

I am telling you this because who doesn't talk real estate nowadays? Who doesn't benefit from having a better-than-average sense of what's going on in the market?

It is my all-time favorite piece of advice...

Q: What advice would you give the average real estate buyer?

A: Don't be average.The market evolves every day, and the education never stops. Ever.