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          Bidding Wars for Homes?

          Chuck Marunde by Chuck Marunde
          September 6, 2019
          Reading Time: 3 mins read
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          Bidding wars for homes began in the Bay area in California about two years ago and in the Seattle area about a year ago. Bidding wars hit the Sequim area about six months ago, although with a different flavor than in the metropolitan areas.

          Bidding Wars

          Bidding Wars Hit Sequim

          Supply and demand in housing determines prices, and when the inventory gets so low that buyers are competing to buy a limited number of homes, prices start to rise until we reach a crescendo of activity resulting in bidding wars.

          The inventory is low in Sequim, and there are more buyers than available homes. But I need to qualify the phrase bidding wars here, because there still are homes that have been on the market for a long time and so it is not a seller’s market for all homeowners. And there are homes that are selling, but there is no bidding on those homes. Bidding wars are a reality for a small percentage of Sequim homes.

          Bidding Wars on Popular Homes

          Bidding wars only happen on what retirees would consider the ideal home in the ideal location on a beautiful lot, and the listing price is at least a very reasonable fair market value. When that home shows up on the market, it can get more than one offer. Bidding wars usually happen when a listing is underpriced and buyers who have been searching for a while know when a nice home is underpriced. They pounce on it. I’ve sold several homes sight unseen for buyers who are out of state and can’t get back to Sequim immediately.

          There are not very many of these ideal homes available on the market, and that’s where supply and demand creates a sense of urgency on the part of buyers. I have a couple of recommendations on how to approach this market.

          First, you need to set up email alerts for new listings that fit your parameters, or at least watch the MLS daily for new listings. Many real estate MLS sites or syndicated sites do not have accurate data, so you need a Sequim MLS site that is 100% accurate. That site is Sequim-Homes.com or Sequim4Sale.com. Either domain takes you to the same Sequim MLS site.

          Second, when you find a new home in the MLS that looks good, you need to have a Sequim Buyer’s agent who will go out immediately and preview the home for you if you are not here and cannot get here immediately. And thirdly, you need a buyer’s agent who knows exactly how to draft an offer in this competitive market and has the experience to advise you if the home is one that could be the subject of this article–bidding wars. You don’t want to pay too much, but you need to pay enough if you are going to beat out other potential buyers.

          Last Updated on September 6, 2019 by Chuck Marunde

          Tags: Biddingpricessequim home prices
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          Chuck Marunde

          Chuck Marunde

          Chuck grew up in remote Alaska, graduated from the University of Alaska with a degree in Economics and Teacher Certification, and after teaching high school for two years, went to law school at Gonzaga University in Spokane, Washington. He served four years as a Captain and JAG in the USAF at Nellis AFB in Las Vegas. After practicing real estate law for 20 years in Washington, Chuck founded iRealty Virtual Brokers covering Sequim and the beautiful Olympic Peninsula. He is the author of 2,200 real estate articles and a dozen real estate books, and he produced over 100 real estate videos. Chuck combined his love for real estate and technology to create a massive Internet presence, and his articles and videos and books have been viewed by millions. Chuck is a well recognized real estate expert and his counsel is sought by other brokers and practicing attorneys around the country. Buyers from New York to Hawaii and from Florida to Alaska seek him out to retain him as their buyer's agent, and home owners around the State of Washington seek him out because of his new Flat Fee Listing Service. 

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          • Home
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            • Sequim MLS
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            • All Islands MLS
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            • Flee Fee Listing Video
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