The numbers from November are in – homes prices are down 11 percent in the last six months and we’ve gone from the most to fewest bidding wars. However, in the trenches, it was a busy week last week; we showed a lot of homes and wrote three offers Friday and Saturday, one of which is in a multiple offer situation on a home that just hit the market Friday. On the flip side, we’ve seen sellers considering offers 5-10% under list because they’re burnt out and just want to be done (so buyers, it is always worth sending an offer in, even if it is low!). We’ve also seen some sellers give up and rent their home instead of sell at a large discount to what they were expecting.
Chatting with listing agents for new construction townhomes and single-family homes, we expect the “bonuses” and “incentives” being offered now will disappear at the end of the year.
In condo news, First Light is rumored to have put a lot of units under contract to “friends & family” and Encore (formally Sonata) will likely start pre-sales on their first release of units in January.
What caught our eye this week? This Mercer Island MCM is already pending (!!!), while this one is still active. Most surprisingly, a brand new floating home in Eastlake hit the water for $2m.