MLS4owners.com Market Update - Statewide Open House June 27-28

1. Market Update Topics
2. Statewide Open House
3. Legislature changes Seller Disclosure Requirements
4. Improvements in the Marketplace
5. Updating your listing if it is a Short Sale
   

STATEWIDE OPEN HOUSE JUNE 27-28
The state association of REALTORS® is promoting a statewide open house on Saturday and Sunday June 27 and 28. What does this mean for you? It means some of your competitors might be having open houses. While we believe open houses are of limited value, if you would like to host an open house there may be no better time than next weekend. Just put a sign out front and attract the shoppers who are already in the neighborhood to visit your competitors!

LEGISLATURE CHANGES SELLER DISCLOSURE REQUIREMENTS
On July 26, 2009 the State Legislature is implementing new statewide Seller Disclosure requirements for residential real estate sales in Washington. The new forms won’t be available until July 26, but a preview is on the state website. We are told that properties in the closing process as of July 26 will not need the new form (usually known as a Form 17), but offers that are mutually accepted after July 26 will.

UPDATING YOUR LISTING IF IT IS A SHORT SALE
A “short sale” is one in which the proceeds of the sale will not be enough to pay off the mortgage. A short seller might have no problem making monthly payments, but the property’s value is not enough to cover paying off the mortgage and the closing costs. The NWMLS requires that we disclose to agents if a property is subject to a short sale. If you believe that your net proceeds will not be sufficient to pay off the mortgage and your lender will have to give approval for your buyer to take possession, please let us know so we can update your listing.

IMPROVEMENTS IN THE MARKETPLACE
In May we mentioned we had seen an improvement in residential market activity. While we are nowhere near the mid-decade frenzy and prices have fallen quite a bit, our customers are noticing changes. Since May 1, seven of our customers have closed sales that were on the market less than 30 days. For our customers currently in the closing process the median time on market is now 62 days, which is down substantially from earlier in the year. The NWMLS publishes a monthly analysis . Here are other studies of results .
Hang in there!

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