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Multiple offers but picky buyers

Queen_Anne_sale.JPG
Erin Hennessey
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House for sale in Seattle's Queen Anne neighborhood.

The good news is that some sellers in the current real estate market are getting multiple offers on their property but buyers are being much more choosy when it comes to deciding on a new home.

Seattle-area real estate appraiser Richard Hagar tells KPLU's John Maynard that in a slow housing market - which we still have in the Pacific Northwest even if it's far healthier than other parts of the country - houses with flaws don't sell very well. Hagar says when the market is really booming, then virtually everything sells. (Remember the years 2000 - 2007?)  But that's not the case today.

What does Hagar mean by a "flawed property?"

Basically, if the property is next to a busy street, brushing up against a commercial district, in a flood zone, on land that's vulnerable to land slides, or in need of cosmetic or foundational repair, then it's considered "flawed."

Hagar adds that not enough bathrooms and no garage are also considered negatives. But, like any property that you want to move, he says it's all about price, terms, and conditions.

Over the last few years, Hagar says there's  been a large reduction in the inventory of available properties. Why? He puts it down to the fact that a lot of people are still in the foreclosure process. And a number of people who would like to sell their homes aren't in the position to do so because their mortgage is more than their house is worth.

As for those "flawless properties" that are getting multiple offers, Hagar says you'll find many of those in Bellevue and a smattering of Seattle neighborhoods including Queen Anne and Magnolia. But it's not just any house, he says. They have to be in really good condition.  Notice he didn't say "perfect." We all know nothing's perfect, except for the word.

 

 

 

 

 

 

John Maynard started working in radio in the seventies as a DJ at Seattle’s KJR AM which at the time was the dominant AM station in the Seattle market. After a brief stint as a restaurateur and night club owner, Maynard returned to radio with Robin Erickson, creating the hugely popular “Robin and Maynard Show.” In the more than 20 years under that marquee, Maynard flew with the Blue Angels, piloted the Goodyear Blimp, sang with Donny Osmond and hung out in a Universal Studios bar with Kojak (Telly Savalas).
Richard Hagar's real estate career spans more than 30 years. He currently serves as a real estate investor, real estate agent, appraiser, and an SRA with the Appraisal Institute.