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Weekly wrap-up: homes with 40+ offers!?

By July 27, 2020

Market Report

Usually this time of year the market would be taking a breather for summer as buyers, sellers and their agents head out on vacation. Not this year as we saw our third week in a row with plenty of new listings and our second week in a row with many buyers going under contract.

The bidding war stories are only getting crazier. We heard of a Loyal Heights house last week that had 47 offers and one in Bothell that had 42. Meanwhile a Madison Park teardown sold for $1.3m, 63% over asking and waterfront in Vashon for 30% over.

Sellers, if you’re on the fence about selling, don’t be. The market, at least for single-family homes is crazy. Buyers are lining up to take your place even if you can’t have an open house. Buyers, there’s little competition for condos or new townhomes. But if your heart is set on a single-family home, be sure you have a great agent.

Best new listings? Waterfront in Portage Bay! Or this Ibsen Nelsen. Loft fans, here’s an updated one at 19th Ave Lofts. Need to escape the city but not your friends? How about this 5 cabin compound on Whidbey!

In the awkward convo department – we’ve had a lot of chats with buyers looking to bail on their new construction condo purchases. If you’re thinking about doing that, chat with us before you do. Happy to advise.

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