Weekly Wrap-up – Offer War Stories and More

We had a surprising number of you reach out after reading our week in review last week so here we go again.

Welcome to May! The start of a new month means a look back at what happened with the market in April (prices up, new listings down) and a look forward to the new construction coming in Seattle and Bellevue.

On the buyer side, we continued to see a good number of new listings hit the market though many of our clients continue to be disappointed by the selection. However, if you’re shopping in the $1.5m and above price range, especially on the Eastside, the market exploded with a ton of new listings.

On the seller side, move-in-ready, beautiful homes, continue to sell fast garnering multiple offers. But like last week, we saw that sellers who priced on the high end of the range have had their offer deadlines come and go with no offers. We’d also advise any sellers thinking to seller, to do it sooner rather than later as ideally you want to list your home and get it pending before July 4th, after which buyers take two months off for summer.

Here are the stories I share with fellow agents over beers:

• A Wallingford single-family home went at least 27% over asking
• A cute, move-in-ready Magnolia home listed at $675k, had 18 offers, 5 of which were over $800k
• There were two one-bedrooms at the Elektra. Both received 4 offers. 3 offers for each were above asking.
• A Wallingford townhome that we would have expected a lot of offers on, only had 2
• A nearly $900k, very-large townhome, in Queen Anne, didn’t receive any offers by its deadline
• Vertigo, a Capitol Hill condo, needs $1.7m in building envelope and electrical panel resulting in large assessments
• Fort Lawton lowered the price on 2 of their 5 remaining homes
• Seattle Times readers don’t think we’re in a bubble
• Here’s a look at Seattle office space commitments
• $2m+ condos listed last week had no problem selling

And if you have a few more minutes to read, check out this Seattle Times article on increasing tax bills, Property-tax bills in King County are among the nation’s highest — and growing fast.

Have a good weekend!