Fences & Flowers

The CB Bain Blog

Buying or selling a home is a lengthy process filled with paperwork and discussions. You might hear a lot of crazy terms and acronyms thrown around. MLS, BOMK, CMS… it all becomes a blur! So, what do all those terms mean?

From the outside peering in, it looks like a lot of fun to be a millennial. After all, as a group they grew up surrounded by electronics and have no fear finding digital solutions to just about everything, like buying groceries or eye glasses or streaming entertainment choices on demand. But when it comes to buying a house, well things are tougher for them.

Last spring, for the first time in almost 3 decades, my folks moved. They left the 1960s split-level I grew up in, and moved into a brand new home surrounded by open spaces and friendly neighbors. I'm glad they're in a safer and happier neighborhood! But buying a new construction home was a bit different than your typical existing home real estate transaction.

Dreaming of a new home can be fun and exciting. But when you’re ready to begin the buying process, it can be overwhelming. Where do you start? Should you move to a different state? Should you stick around? Do you want a different kind of home? Is the busy city calling your name or are you content with rural peace and quiet? How can you find the best real estate agent and lender?

In a hot real estate market, one house may get more than a dozen offers in a matter of days. So how do you stand out as a buyer? Is it worth writing a love letter to the seller?

In the Pacific Northwest, the real estate market is on fire. It’s been a seller’s market for a while, and 2017 is showing the same trends. Folks want to live here, and we can’t blame them. But finding the perfect home with such low inventory is tough. And winning the bidding war? That’s an even bigger challenge. So what’s a buyer to do?

Every day we hear stories of buyers writing a dozen offers and losing on every one. We hear of buyers who have decided to renew their leases for another year in hopes that they’ll be able to save more money for a larger down payment, or the inventory will have a little more freedom when they decide to try again at the dream of homeownership.

In Seattle, it’s definitely a hot real estate market. With all the latest corporations hiring throughout the area, there are simply more people moving here than there are selling. Consequently, listed homes are snatched quickly, often with dozens of offers made during the negotiation process. So what’s a buyer to do?

When the demand is higher than the supply, competition is intense in the real estate market. As a buyer, it’s tempting to do everything you can to make your offer the most attractive to the seller. But how much is too much?

What comes first; the chicken or the egg? In the world of real estate, inspections usually come after an offer is made. But right now, in Seattle and many other seller’s markets, pre-inspections are becoming more and more common.



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