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Weekly Wrap-up

By March 21, 2020

Market Report

We hope you’re doing okay during these uncertain times. Please know that if you’re struggling, foreclosures are on-hold and BofA is allowing you to pause payments. We hear others are quietly allowing it, too. 

Seattle’s real estate market continues to be surprisingly resilient in the face of COVID-19’s effect on our health, day-to-day life and the stock market. Everyday I’m surprised how many new listings hit the market, how many people want to see them and how many are going pending. In many respects, it is business as usual.

This past week, we saw over 300 new listings hit the market, just a little less than the week before. We hear many sellers are scrambling to get their listings active while the market is as strong as it is. 

All the agents I spoke with yesterday were on edge about the possibility of shelter-in-place shutting down home tours. If we were listing a home right now we’d definitely include a 3D Matterport, 2D floor plans and a video. It is surprising more agents don’t do that.

In terms of buyers, we’re seeing many with cash down payments still out seeing homes even though open houses were canceled. We’ve been still showing homes, keeping our hands clean and our “social distance” – happy to do video tours, too. We’re also still writing offers. We helped a client win a bidding war as the stock market cratered on Monday, paying 10% over list price. Another got a home for list price. A third is trying to get additional concessions on a new penthouse; we’ll see how flexible they are!

Buyers, keep in mind that interest rates are now very volatile, closing time frames are extending, you’ll want to triple check your pre-approval with the stock market decline, and you still need to move fast for great homes. And for many buyers, being patient and taking a couple weeks or months off is the right call. 

*Lots* of amazing new listings this week! Our fave for riding out a pandemic would be this $3.5m Magnolia modern. More modest moderns are this updated one in Denny Blaine and this tiny one on Mercer Island. If you’re looking for mid-century, here’s a project one on Mercer Island and this Haller Lake one went pending fast! On the Eastside, this PNW contemporary went pending quickly too. Looking for live/work? Here’s one in Madrona or a loft at Veer.  

PS. Want more frequent updates? We’re posting daily on Twitter

I’m the founder and managing broker of Urban Living. I love lofts, floating homes, new construction and mid-century moderns but will help you buy or sell just about anything.

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