🏠 16 offers on Brooklyn Ave… and a jump in rates.
The big news this week? President Trump’s aspirations for Greenland sent shockwaves through the bond market. We saw mortgage rates jump from 6.04% on Friday to 6.21% today 🤦♂️.
What we were seeing on the ground before this rate jump
Buyers (especially for single-family homes) are back in force. We heard that this home, a solid “B” in finishes, but an “A+” location near the light rail, snagged 16 offers. It landed somewhere north of $1.4M. It’s wild for the condition, but proof that in real estate, it’s still location, location, location. And a reminder, there are still 15 buyers out there looking for a home.
Got a story?
Do you have a bidding war tale or a big negotiating win? Reply to this email and tell me what you’re seeing out there. I’ll send a $10 Starbucks card to the best stories!
Recent Wins: How We’re Navigating This Market
Despite the headlines, we are helping our clients win by asking the right questions and staying agile. At least, Land is, I’ve been on vacation! Here’s what he’s been up to lately:
- Burien Success: We helped S beat out two other offers on a condo while still successfully negotiating an inspection contingency and a seller credit.
- Ballard/Crown Hill Speed: A moved fast on a new construction DADU. By digging into the details of a competing offer, we won while keeping the inspection and securing a better seller credit.
- Belltown Timing: We got J under contract at Trio below list price with a full closing cost credit, all while navigating significant international time zone delays.
- Lynnwood to Switzerland: Helped T & A secure an off-market cash offer so they could skip the stress of showings and focus on their relocation. Hit reply if you want to escape to Switzerland, too!
The “Vacation Home” Math
Thinking about a getaway property? This past weekend, we stayed at a rental in Suncadia and realized it was also for sale for $1.1M.
I did a deep dive into the 2025 numbers for the property and was shocked: the owners only netted $14K for the entire year 👀. If you aren’t using the home almost every weekend, the math usually shows it’s actually cheaper to rent than to buy.
– Matt (and Land, Alicia & Maggie)
P.S. Wondering why you never see us post those “Top 1% Producer” claims?This video explains it perfectly.
Noteworthy deals last week
- Most expensive pending (and in just 2 days on market!): Yarrow Point MCM by Wayne Dake at $7.2M
- Highest % over asking sale: Pinehurst rambler for 14% over
- Most expensive sale: Enatai new construction for $8.3M
- Least expensive sale: Burien condo for $235K
- Most popular Seattle listing on Redfin: $1.5M Admiral salt box
Links
- Seattle Home Show is coming up
- For lucky few, it’s a ‘perfect time’ to shop for a Seattle home (Seattle Times)
- Downtown Seattle is home to 1 in 10 Seattleites as urban housing push continues (PSBJ)
- Amazon resumes construction on paused Bellevue office towers (PSBJ)
- Lower mortgage rates could perk up Seattle-area housing market (PSBJ)
- Kirkland rezones Juanita sites for housing near Michael’s, Goodwill (PSBJ)
New listings by week
Seattle: 235 new listings last week, down 17.5% w-o-w
Eastside: 170 new listings last week, up 1.2% w-o-w
Homes going pending by week
Seattle: 152 pending last week, up 52% w-o-w
Eastside: 95 pending last week, down up 63% w-o-w
Eye candy
$8.5M Denny Blaine estate by Bob Maloney
$5.4M Kirkland waterfront condo
$1.7M View Ridge midcentury modern by Roger Gotteland
Check out last week’s market update, 15% of new listings are already gone
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