Buyer's you are in the driver seat With the local real estate market in a slow-down, with high inventory and an increase of days on market for Bremerton and Silverdale homes you can safely say we are in a buyer's market.
I define markets by absorption rates. An absorption rate is the mathematical relationship of supply and demand. The absorption rate is the number of months it would take to sell the entire inventory of homes in the Bremerton Silverdale area of Kitsap County if the pace were to stay constant.
My definition breaks down like this...
Normal Market - Between 5 and 6 months of inventory.
Seller's Market - Between 1 and 4 months of inventory.
Buyer's Market - 7 months and higher.
Last month, the month of March the absorption rate was around 12 months in our area.
So, is it a good time to buy real estate in the Bremerton, Silverdale area of Kitsap County? The question isn't as easy to answer as you may think. Do you wait for the "bottom out"? How will you know when we hit bottom? Do you chance waiting and then find yourself buying on the "upswing"? These are all very important questions and questions that many real estate experts are trying to answer for their buyers.
Just like real estate is local and "one size doesn't fit all" the same holds true for buyers. This may be the perfect time for you to buy and it may not. What we need to do is find out what is best for you. That is why you need a real estate agent that will help you buy a home and not just sell you a home. There is a difference. Call me and we can discuss that in more detail.
Does a buyer's market mean you can "low ball" or ask for a ton of concessions? The answer is - not really. Within a "buyer's market" we sometimes find a "seller's market" in certain areas or price ranges. So we need to still do our research which will include a comparative analysis of homes when we find the home you want to write a purchase and sell agreement on.
Being a buyer's market you now have the opportunity to take some time, do some research and relax a little. We are not going to see as many multiple offers, we are going to be able to ask for some concessions like closing costs, home warranty plan, appliances - there is some room for flexibility because the seller knows the buyer pool is a little on the low side. As a buyer you still must realize that the seller has goals too and some might even be offended if you offer a lower price. But don't worry through the research process we will know how to overcome this objection with evidence we have gathered with our comparative analysis.
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If you have any questions about real estate in Bremerton Washington, contact Jo Soss with Skyline Properties, Inc. at (360) 990-1433 or visit her personal website Puget Sound Real Estate Today where you will be able to search for homes and find more Bremerton Real Estate information.
Author:Jo Soss
Jo Soss is the designated Broker and the owner of Homefront Realty in Bremerton Washington. Selling real estate in the greater Puget Sound area since 1994 she has vast knowledge in all aspects of a real estate transaction. Using today's technology with her signature personal service allows her to achieve complete customer satisfaction.
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Jo:
Nicely done... I really like the way you break down the different types of markets. It's clear but not over simplified. I think consumers will like it, too.
Jo- Well written post with lots of valuable information. I need to put something together similar to provide to my potential buyers. I have had a rash of lets offer 50% and see if they will take it comments lately. Perhaps this will help reduce those statements.
Best,
Scott
Jan, Thanks, I am trying to give some value to keep them coming back to read.
Nice job, Jo. I like the theme too.
Bremerton buyers... this is the agent you need to talk to about real estate!
Jesse, What is funny is I had not heard the radio ad that is running in this area from NAR on the radio and they use the term "buyers in the driver seat" - lol! Thanks for the "endorsement" :)
Bill, I guess RE is like an artichoke most times - when you start peeling layers and doing your research you will find lots of different markets in a market - I like to use that on sellers so they don't think that listing in a "buyer's market" is a bad thing.
Great presentation on this subject.
I use these statistics with both my buyers and sellers.
You can review my post on this subject at: http://activerain.com/blogs/jpeters
Joe, Thanks. I went and read your blog - I like the idea of breaking it down into smaller segments of the market. I do the Bremerton area instead of the county. I think I might come up with some neighborhood stats when I have the time - thanks for the visit.