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Weekly wrap-up: real estate services now essential

By March 28, 2020

Market Report

While it felt like Seattle real estate had surprisingly not been impacted by COVID-19, it was felt when the stay-at-home directive initially deemed real estate non-essential. We finally saw a slow down in new listings and no showings were allowed this past Thursday and Friday. However, the governor has just deemed real estate essential. (Here’s the NWMLS FAQ [PDF].)

While many of our typical activities are now allowed, there is a caveat that only an agent and one other person can be in a home at a time. 

The following is still not allowed: 

  • Open houses
  • Staging installation or removal 
  • Moving in or out
  • Repairs to get your home ready to sell

To keep track of what is and isn’t allowed, we’ve created a page on Seattle real estate & COVID-19.

While we’re happy that the governor has enabled pending transactions to close, allowing showings during a stay-at-home directive seems fraught with peril for everyone involved. It’ll be fascinating to see how everyone responds, but sadly, I expect we’ll be back out this week showing new listings to eager buyers.

Despite this insanity, we had a busy week helping a buyer go pending on a like-new QA home and helping another upgrade to a sweet penthouse at the Emerald. We even heard stories of bidding wars on Monday and Tuesday and heard a $4m home went pending Thursday in a a cash deal. 

Heads up, buyers! While lenders are still lending, some loan products are starting to go away. If you were hoping to do less than 20%, are sub-prime, need a really large jumbo, etc. check with your lender to see how you might be impacted. Rates across the board continue to be volatile

Listings that caught our eye – a contemporary farmhouse in Madrona that is already pending! A Pb Elemental QA modern (with a juicy history) and a Jaunita waterfront lot

Stay healthy! And as always, I’m happy to answer any real estate questions you have.

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.

Get in touch to:

  • Understand the market
  • Find your perfect home
  • Sell your home

Contact:

206-618-1600