You know that the local housing slowdown is essentially undeniable when even the local TV news starts to pick up the story…
It’s not exactly a slump, but some of the wind has left the sails of the local real estate market. What used to sell in two weeks is now taking as long as 45 days. That’s leading some sellers to employ new strategies.
The multiple listing service reports that in King County, there are about 3,000 more homes on the market this year than last year and they’re staying there longer.
“It’s a buyer’s market. They have so much to choose from,” said Tavis Gaudet. When put up his ‘for sale’ sign, he wasn’t alone.
“There were two signs, one across the street and one up the block,” said Gaudet.
There’s direct competition in his West Seattle neighborhood. Just go a couple of blocks away and you’ll find three houses in a row for sale.
Sadly, what could have been an opportunity for an actual interesting piece that looks at recent statistical trends and actual evidence of where the market is headed turned into nothing more than yet another cheerleading, realtor-advertising puff piece. The article wraps up with encouragement not to worry, and advice that sellers “consult a realtor.”
Update: I just noticed that you guys already started a thread about the King5 report over in the forums. You beat me to the punch.
In other news, here’s an excerpt from an email I just got from a friend that (no joke) became a loan originator about a year ago:
Many of you have watched and wondered about the changes in the housing and home financing market in recent months. There is definitely a shift. Hundreds of lenders have gone out of business and loans are much harder to obtain than in the past. Only agencies that are diversified are able to stay afloat. Many loan originators are walking away from the field because of the financial hardship they are in right now. Here in Washington, the new regulation that calls for the Loan Originator to take a test has caused some to walk away. In fact the swelled number of 15,000 loan originators in Washington is estimated to shrink to 7,000 or less.
In talking with him over the weekend, he expressed confidence that the market would turn around next spring. His reasoning included the usual spring bounce as well as today’s predicted Fed rate cut. While I admire his optimism, I found myself less than convinced.
(Kim Holcomb, King5 News, 09.17.2007)