Market Recap June 11th

King County and Pierce County Recap

Today's market is one that is experiencing a high volume of distressed homes similar to late 2008 and early 2009. The difference is the agents that have stayed in the business have become educated on the process and the banks have become somewhat easier to work with.

In some areas of King County we are seeing a very healthy market. Last week I presented an offer on a house in the Greenlake area and there were 6 other offers! The home went for more than 20K over asking price. This is happening when homes are priced right and also if the home is in a high desired place. Some sectors of Renton are experiencing multiple offer situations.

In Pierce County we have seen inventory decrease and pending sales increase. Buyers are getting off the fence with recent rate increases. The media has continued to inform buyers to wait for lower rates. Hopefully rates decrease somewhat over the next few weeks. If not I expect to see more buyers jump in and buy homes. The tax credit has been a blessing to our first time home buyer's market. If only the highly sought after bridge loan of the $8,000 could be polished, then we would see more of a spike.

In summary Pierce County is hoping to experience the strength that the King County Market is currently seeing. I expect more buyers to entertain viewing homes and making offers. The second half of 2009 will be a key indicator on the economy and housing market for our country.