Major Increase in Open House attendence today (Seattle: sales, real estate)

[Condorll]

Well, Spring is on it's way and so are the potential buyers! I went around to several open houses in the Seattle area today and noticed a substantial increase in open house traffic.

Looks like the Seattle market is gaining strength as Spring approaches and interest rates are still relatively low. If you are still on the fence might be worth your while to get out there and pick up a deal.

If you are a "permanent renter" and real estate basher please don't bother posting your negative doom and gloom dribble. The Seattle market is perking up and will leave you all as permanent renters at the mercy of your greedy landlords.

Cheers!

[swsha4]

Can't afford to buy, but have to agree with you about the landlords. They are indeed greedy!

[Pittgal]

Glsd to see the market is perking up. Not worried about our greedy landlord. Our lease states what he can increase the rent each year. We had that worked in just in case the market awakened for our last years out here!

[Redline]

The weather was great so that always helps getting people out and about!

[mayfair]

We go to open houses for fun sometimes even though we own our own home. It's interesting to see what people are asking for places and what's out there.

Glad the market is picking up. Good luck to all.

[wsugrad03]

I think the improvement in the weather is the main reason for the upswing in open house attendees....or people are curious about what the prices are like. Even we took advantage of the nice weather to look at some homes recently. Prices are down, but still too high. Now that mortgage rates are going up due to inflation, I think housing is still going to be hosed until 2009 or further.

After talking with the Realtors, it seems like most people are feeling the same way about it (i.e. buyers unsure about market stability, prices too high, can't qualify for a loan, people don't have $50-100K in liquid assets for a down payment, etc...).

I'm not buying because we're leaving Seattle. If you're not planting roots for 10/20/30 years, then don't buy. If you're here for keeps and don't want to wait for prices to drop further, then by all means....although I think you could wait and get a better deal. Paying higher rent for another year will be much cheaper if you can buy when prices are 5% less than today's price. I just don't think prices have hit rock bottom just yet.

[woody1234]

I'd much rather pay a mortgage than pay rent! Why pay someone else and be guaranteed to lose your money? Even in a down market where your house is losing value, you are STILL better off buying in lots of situations. Consider the mortgage interest and property tax deductions and the fact that you're paying down your principal rather than throwing money at some landlord. Think about it...

And in response to the original post - yup, open house traffic will probably continue to increase for the next few months as people start looking to move before the summer.

[Pugetsoundman]

I think most people and most real estate agents would agree that open houses attract more potential sellers than buyers. We have attended open houses when we were getting ready to sell a home. Open houses are a good way to assess your own property against a property that has been prepped for public show. They are also good for evaluating potential sales agents. Open houses very rarely may result in a sale.

If you don't believe me, just attend a few open houses next weekend. You will be pounced upon by agents who will ask if you are interested in selling and if you have an agent in mind. It's all about generating inventory for future listings.

[woody1234]

Originally Posted by Pugetsoundman

I think most people and most real estate agents would agree that open houses attract more potential sellers than buyers. We have attended open houses when we were getting ready to sell a home. Open houses are a good way to assess your own property against a property that has been prepped for public show. They are also good for evaluating potential sales agents. Open houses very rarely may result in a sale.

If you don't believe me, just attend a few open houses next weekend. You will be pounced upon by agents who will ask if you are interested in selling and if you have an agent in mind. It's all about generating inventory for future listings.

What you're saying is often true. No argument. However, it's not uncommon for an agent to bring their buyer through a number of open houses to help them narrow the search - especially when working with a new client. That type of showing can and does result in sales.

[Ira500]

I am a real estate agent, and I look at the stats on a daily basis. The inventory of unsold homes in the Seattle area is growing on a daily basis, so, are things picking up?
There's always more interest in the spring, and more inventory...Most real estate agents will always tell you to buy now, and I'm not telling you not to, but I really don't think you're going to miss out by waiting a few months.