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Weekly wrap-up: 56 offers!?

By February 1, 2021

Market Report

Both buyers and sellers continue to be busier than they usually are this time of year. The craziest story from last week – this eastside home had 56 offers. But the real story this week is just how hard it can be to see single-family houses. Remember that Madison Park remodel we featured? It had 122 showings in 6 days. Some homes are so slammed agents are limiting buyers to 15 minute appointments or requiring a pre-approval letter just to see the home. Good luck trying to do a pre-inspection or getting a second showing.

More crazy anecdotes from January closings – Kirkland home sells for 32% over with 6 offers, Mercer Island home sells for 31% over with 18 offers, 150 showings. Lake Forest Park mid-century sells for 30% over.

Again, buyers, be patient. The few people willing to pay 30+% over will soon buy homes and more listings in March, April and May will give buyers more options. Sellers (of single-family homes), don’t wait, sooner is better this year!

All those new listings last week and not much caught our eye. Though today a PNW mid-century popped up in Lake Forest Park. First-time on market in 60 years. Or down south, a remodeled mid-century “rancher” popped up.

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