Seattle weekly wrap-up: new listings slow down for spring break and Easter
New listings were down 27% week-over-week to just 261 new listings due to spring break and Easter. With lighter listing and buyer activity combined with interest rates hitting 5.25% (for a 30-year fixed, jumbo and ARMs are cheaper), we saw many nervous sellers take early offers or move up their offer deadlines. We also saw price reductions and homes going past their deadlines that then raised their prices (stats I wish that were easy to track!). Given so many buyers were out of town, I’m not concluding that the market is shifting yet, but it certainly could be. So sellers, don’t wait! Summer is not the best time to sell your home. Now is. Buyers, you may soon have less competition, but you’ll have a higher interest rate.
The big news this week was Russell Wilson and Ciara putting their 11,000 square foot waterfront home up for sale for $28m (he paid $6.7m in 2015! (but did do some renovations.)) Not surprisingly, they didn’t need to sell before buying, like most buyers, and have already purchased a 20,000-square-foot home in Denver for $25m. If you happen to be in the market for a garish waterfront home but looking to save some money, I’d consider this $9m option in Kirkland or this Lake Sammamish home with an indoor/outdoor infinity pool and a sand beach for “just” $12m.
If you’re thinking of buying new construction here are the horror stories of all horror stories. And don’t think you’ll escape those issues with condos; here are some condo horror stories from New York.
P.S. perhaps worth noting is a $4m geodesic dome on the Eastside