Friday, December 13, 2019 / by Pamela Glende
This week is much the same as last week. We have a 1.3 month inventory of homes. There are 1,554 active listings of which 857 are in escrow. This means that 55% of those active listings are in escrow and unavailable to purchase.
Many home buyers are frustrated as they are trying to find a home and when they inquire about homes many are in contract. This means that the seller has accepted an offer already on the home. My advice to these folks would be to ask their agent if they could still see the home.
You’re asking why should I still see the home? The answer is that many, about 40% of homes come back on the market because a number of reasons. Some could be the buyer changed their mind about the home. Sometimes financing falls through. Sometimes they find a home they like better or that would work better for their family. Sometimes the contract falls apart due to an unfavorable inspection.
Ask your agent if you can still see the home. You can always submit a backup offer. Should the seller accept your backup offer then you will be inline for the home should the deal fall apart. The home won’t go back on the market and you won’t have to compete with other home buyers.
Sellers you should always try to have a back up offer or two in place. Talk to your agent about the benefits of a backup offer. Don’t stop showing the home once it is under contract until you feel confident that the deal will be going through to closing.
We are in a strong seller’s market, but you still need to be proactive and smart because there is a high percentage of deals that fall apart.
I’m Pam with Haven Real Estate Group in Spokane WA
Let me know if I can assist you with any of your Real Estate needs.
Thanks for reading and I wish you a very happy holiday season.