Thanks to my weird real estate fetish, I’ve been in newspapers, magazines, radio, and television more times than I can even remember. Even so, I’ve never had a week quite like this one.
Agents encountered multiple bids on about half of offers in Seattle, Boston, Washington, D.C. and Oregon this year through March 15, said Tim Ellis, real estate analyst for online brokerage Redfin. In the San Francisco area, Redfin agents reported that three of four offers involved competition, he said.
Tuesday: Appeared live on Q13 5:00 News:
Wednesday: Appeared on separate Bloomberg radio and separate KOMO radio news briefs (which unfortunately I was unable to record).
Wednesday: Appeared in a KING 5 story.
Thursday: Appeared in a KOMO 4 story.
Friday: Appeared on the nationally-syndicated NPR program Marketplace Money
Throughout the Seattle area, the number of homes for sale is down more than 30 percent from a year ago. In some parts of San Francisco, Denver, Los Angeles, and San Diego, the shortage is even more pronounced.
Tim Ellis: Inventory is just dropping like a rock. I think that’s really the big story.
Tim Ellis is a real estate analyst with the property firm Redfin. He says housing inventory always picks up after the holidays. But in many markets in the U.S., inventory has dropped for the last two months. Why is this happening? Ellis calls it a hangover from the housing bubble.
Ellis: You know, the traditional, kind of, buy a home and then hold it for a while and then sell it, that cycle on average lasts about 7 years. Well, when you think about where were seven years ago, that was kind of right at the peak, is was right at the height of the boom, so the people who bought seven years ago might be today’s sellers in a normal market, they can’t afford to sell.
Seven media appearances in one week, spanning print, radio, and television. Doubt I’ll manage to beat that without committing a major crime or something.