Slim Pickings for Some! Belfair, Hood Canal & Surrounding Area Market Update

Belfair Real Estate~March 2012 Update~ What’s Happening in the Local Real Estate Market?

Hood Canal & Belfair Area Homes for Sale and Sold

It has definitely been a busy start to the 2012 year in the Belfair real estate market.

Home sales are slow but steady!! I personally, have been very busy taking care of my clients real estate needs, wants and goals; I am looking forward to a busy and successful year!

A couple of things that I have seen and that I anticipate as the year progresses:

1) an increase in the length of time it takes to close a sale due to lender efficiency, or inefficiency depending on how you want to look at it;  This has actually been the case for the last year – closing dates stretching out longer.   Crossing the t’s and dotting the i’s as underwriters review files, seems to be where most of the slow down in closing is coming from.

It is definitely a patience game on all sides.

2)The other topic that seems to be playing in everyone’s mind right now is – will we be flooded with bank owned properties in the next few months?

It really is hard to say until it happens, but seeing that some of the lenders are offering a short sale option to owners before pushing the foreclosure process, we will more than likely see more short sales come on the market as lenders try to workout sales to get the homes off their books and keep the sellers and themselves from going through the foreclosure process.

Don’t get me wrong – I am fairly certain we will see an increase in bank owned properties on the market, but this will be a year of more short sale homes being marketed than in previous years.

I have first hand knowledge that SOME of the short sale lenders have streamlined their process somewhat. The paperwork and seller requirements have become  fairly consistant from one bank to the next and obtaining a contact for the transaction seems to be happening sooner.   It is still taking a good solid 2 months to get an approval, but that is a lot quicker than 6-8 of the typical short sale approvals of previous years.

Again – each short sale seems to go at its own pace, BUT there does seem to be some light of a little more efficiency on the short sale lenders part.  It is still a trying transaction for all parties, but can be a win-win for all as well.  If you have the patience, a short sale can offer a very good home at a very good price.

3) Interestingly enough, the waterfront market seems to be very active. Buyers who maybe could not get into the waterfront market 4 years ago, can now make their dreams come true of purchasing a Hood Canal waterfront home.  There are many, many great and affordable waterfront homes for sale, both lake and saltwater,  out there and with interest rates as low as they are, now is the time!

I personally have seen an increase in showings for my Mason Lake, Hood Canal, Tee Lake and other waterfront homes listings.

4) I have also seen this past week two situations, where my clients were in multiple offer situations.

Now that can be really frustrating! Especially when it is believed to be a “buyers” market with supposedly, tons of inventory and we have multiple offers?! How can that be?

Crazy! But in reality – The buyers have been buying. The “average traditional” buyer and “average” traditional home for sale, that is move in ready and in average condition,  –  well – some markets are seeing a shortage of these types of homes. Which brings me to the next statement……..

5) A home that is in move in condition, within the average median sales price for an average traditional, family home – is getting harder and harder to find.

Everything that is out there still on the market has already been “picked” through and tossed aside, except for those who want to take on a project and can afford or have the ability to do just that.

Wow!   It REALLY IS going to be an interesting and exciting year in the real estate world!

Want to know more?   Drop me a line, give me a call, or stop on in – I would love to chat with you about the local Hood Canal, Belfair, and surrounding area real estate market!