Apr 11

Low inventory of homes for sale causes multiple offers in Seattle-Bellevue area

10 major housing markets with the shortest supply of homes

The low inventory of homes for sale is causing multiple offer situations in Seattle and Bellevue – especially the ‘close-in’ neighborhoods. In the ten major housing markets in the country with the shortest supply of homes, demand is high and buyers are pouncing on listings as soon as they hit the market. Many homes are getting multiple offers and selling above list price… Seattle-Bellevue area is #3 in the nation with inventory down 36% and a short supply of homes for sale.

Demand outstripping supply

MSN reports that it’s slim pickings for buyers in 10 U.S. housing markets where resurgent demand is beginning to outstrip supply.

While the economy has started to pick up in these areas of the country, sellers haven’t gotten off the fence because prices are still lower than they want. This is causing some newly listed homes to get multiple offers with many selling above list price.

A Seller’s market

Of course, these tight markets could loosen up in coming months as banks dispose of more foreclosed properties and owners with equity see how quickly homes are selling.

But for now, it’s a sellers market in these cities.

April Buying Advice

With investors and first-time buyers vying for bargains, homes are being snatched up as soon as they hit the market…  In markets such as Portland, Memphis, Seattle and Salt Lake City, listings are practically evaporating as they come on the market.  That’s according to MSN’s stats.

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