Competition among home buyers "still fierce"

An excerpt from a June 5th release from the NWMLS:

Well-priced homes continue to draw multiple offers and sell at a brisk pace around Western Washington as buyers react to increases in interest rates and asking prices.

Commenting on the latest report, brokers said the fast pace is frustrating some buyers -- and surprising sellers with unrealistic expectations. "Overly aggressive sellers find themselves disappointed when no or low offers are presented," remarked Northwest MLS director Kathy Estey, the managing broker at John L. Scott in downtown Bellevue.

With inventory apparently improving, some would-be buyers are staying on the sidelines. The increased inventory is "cooling some buyers," reported George Moorhead, managing broker at Bentley Properties in Mill Creek and a member of the MLS board of directors. "We also have buyers who are stepping back as they are frustrated with current inventory and multiple offers going well above asking price," he added.

Inventory showed signs of improving with the addition of 11,445 new listings during May, the highest number since April 2010. May's total outgained the year-ago figure of 9,861 new listings for a 16 percent gain.

"It has been refreshing to see more listings coming on the market, but with overall inventory remaining low the competition among buyers is still fierce for homes that are priced properly," commented Estey. 

Not all buyers are stepping back as we are continuing to see well-priced, well-presented properties move quickly. Land/redevelopment opportunities are getting snapped up quickly, too. You can read the full release here.