I was thinking about the story the News Tribune did on the pending sales increasing in Pierce County. After reading the story, I felt like there was still more information needed to fill in the cracks. So I got off my lazy bum and ran the numbers. These are the two main questions I had:
The News Tribune is reporting that Pending Sales in Pierce County have increased by 26%. This is great news for sellers- pending sales take competing properties off the market. If I was a buyer, I wouldn’t be too freaked out, there are still 6,183 properties to choose from- but that number is declining as well. People who don’t have to sell are removing their houses from the market.
The bottom line is fewer houses on the market + more pending sales = Stabilizing Home Prices.
A friend of mine recently told me that she just closed on a 220k bank owned house in Arizona, 4 bedrooms, 4000 square feet, complete with a pool. She wants to retire there. She’s 35…
Anyways, Arizona has seen a very large supply of bank owned homes on the market, and they’ve been dealing with them a bit longer than we have. The things agents down there have learned can definetly be applied to purchasing foreclosed properties here in Tacoma.
Arizona Realtor Chuck Willman wrote a great post on making offers on bank owned houses. Check it out.
