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Home Buying

How Faira Can Help Home Buyers and Sellers in Seattle

Screen_Shot_2016-01-07_at_11.34.36_AM.pngA recent article in The Seattle Times on the Seattle housing market illustrates how low inventory and rising prices are leading home buyers, sellers and agents to seek new ways to connect. Faira was featured in the story as a new player in the Seattle real estate market.

I'd like to share some examples of how Faira can truly help both buyers and sellers in this Seattle market.

How Faira helps home buyers in Seattle:

Seattle is a sellers market and it’s expected to stay that way. High demand for housing and low inventory continues to drive home prices up. There is increasing frustration among buyers who fail again and again to purchase a home due to the lack of transparency in the conventional process.

Faira solves this problem. With Faira, buyers submit offers online, in real time which are visible right on the Faira listing. In Seattle, where bidding wars and escalation clauses are common on hot properties, an interested buyer who is willing to pay more may lose a home because negotiation takes place between realtors and not on the open market. Faira’s offer process gives buyers more control - they can track a home, see competing offers and outbid others.

This process relieves a lot of the regret that can accompany a home purchase or loss. Many buyers would offer more to win a home. Others might wonder if they paid too much. With Faira, the offers are published on the listing so buyers know what they need to offer to compete. 

Another benefit is that buyers can come directly to Faira to complete a purchase. Right now, many buyers find homes on Redfin and Zillow but have no way to pursue the home themselves. With Faira, they will save 3% when they buy direct. 

How Faira helps home sellers in Seattle:

Faira’s process also benefits sellers by limiting price renegotiations. A common issue for sellers is the inspection. A buyer may secure the home with a high offer, the home then goes “Pending” on the MLS, and later the buyer has issues with the inspection and renegotiates the price down. This is a stressful and difficult situation for the seller as the MLS will record the broken deal if the transaction does not close. This hurts the home’s perception in the market (i.e. “there must be something wrong with it”), and negatively impacts the sale price.  

Faira solves this problem by hiring a licensed independent inspector before the home is on the market. This is free for the seller. The inspection report is reviewed by the seller and posted right on the Faira listing so potential buyers have this information upfront (see a Faira listing here). Because the home condition is known by all interested buyers the seller does not lose out on buyers who may not want to risk paying $500 for a pre-insepction only to lose the home. The loss of just one potential buyer can cost as much as 2% of the seller’s revenue. With Faira, both the buyer and seller can feel confident about the offers made since they get all the critical information upfront and there is no price renegotiation.

Faira was designed to work in any market conditions, in our competitive Seattle market, these examples show how Faira can improve the experience and create a better outcome for all.

How selling works

If you'd like to talk about how Faira can help you, please contact us a hello@faira.com or 1-800-571-FAIR.

 

Katrina Wisner

Written by Katrina Wisner

Katrina is the Director of Marketing at Faira.

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