Seattle weekly wrap-up: buyers, be patient until March
What a time to be a seller! Most single-family homes our clients are considering are receiving 15 to 20+ offers and going for 25 to 35+% over asking. A townhome we toured had an early offer 25% over, an entry-level condo went from no offer deadline to an offer deadline with multiple offers… There are clearly a lot of buyers chasing very few listings right now and nearly everything is selling quickly (but will it appraise!? and you’re waiving financing right? I couldn’t believe that every offer, of the 20 we received on our Greenwood listing, waived financing.)
We should see a lot more new listings starting in March, so be patient. Rising interest rates may also cool things down – the 30-year fixed started the year at 3.1% and is now 3.56%, and high flying tech stocks, which many buyers depend on to fuel their down payments, have seen large declines (crypto has been hard hit as well). If you missed it, the NYT recently dug into the question of whether something has to give in the real estate market.
But if I was an impatient buyer – here’s what I’d be looking at. This home in Bryant which we hear has a lot of offers and will sell for $$+. Other options – a 1965 midcentury on Mercer Island, a loft at Trace, and a loft on 19th. Looking for a funky vacation getaway? How about 5 tiny cabins on the way to Stevens?
PS. the Seattle Times did a deeper dive on landslides. A good read if you live on a hill, or below one.