🏠Timing the summer market: What buyers & sellers need to know
The Pre-4th of July Scramble is On!
With just two weeks to go before the 4th of July long weekend, historically the slowest mid-year stretch for real estate, sellers (really their agents!) are scrambling to get their homes on the market right now.
If you're a buyer, this week and next are your prime windows to shop. If you don't find "the one" before the fireworks start, don't panic. Once everyone recovers from their holiday BBQs and lake days, we expect a brief wave of new inventory before the late-summer slowdown officially sets in around mid-to-late July.
On the Market: Showings are Spiking!
Rates are down, buyers are out in full force, and our listings are feeling the love with two pending this weekend:
- 1310 E Union Loft: After 15 months on the market, a cash buyer fell in love over the weekend and is pushing for a lightning-fast close next week.Â
- Our $700K Floating Home: This cute waterfront gem went pending after just two weeks on the market, while most floating homes aren’t selling.
Just Closed: Celebrating Our Sellers
We also got to hand over the keys for some incredibly happy sellers last week.
Denny-Blaine Modern ($1.95M). Sold for Full List Price, Pending in 5 Days. This home had been hit hard by a few years of tenants. But we stepped in with a fresh coat of paint, new carpet, refreshed landscaping, and a top-to-bottom service; it looked even better than when our clients originally bought it.
Fremont Townhome ($790K) Sold for Over Asking, Pending in 6 Days. This cute townhome had been incredibly well-loved by our sellers’ dog, especially the hardwoods! To get it ready, we refinished the floors, replaced the carpet, and painted the interior. The prep paid off: in a tough townhome market, we had an over-asking, contingency-free offer within a week.
Renton Golf Course Home ($930K) Sold for Over Asking, Pending in 2 Weeks. While other homes in the neighborhood sat on the market, we took a strategic approach here. After a full interior and exterior paint job, a new front door, a fresh kitchen backsplash, and staging, we captured the attention of an all-cash buyer who paid $5K over list.
Thinking of selling before the summer slowdown?
The window to make your move is closing fast, and some savvy sellers are already choosing to wait until after Labor Day. If you want to capture this July's active buyers, let’s chat this week to get your game plan together.
P.S. A wild Seattle PSA for our fellow real estate agents
If you’re getting ready to list, be extremely careful about scheduling drone photography right now. With the World Cup matches taking over the city, the FAA and the FBI have established massive, strict "No Drone Zones." On match days, all drones are banned within 3 miles of the stadium, and the restrictions extend to fan zones and practice sites throughout town.
Our go-to photographer, Prince, found this out the hard way yesterday. He was stopped by the FBI and had his drone confiscated on the spot :(
🏠Listings that caught our eye last week
- Most expensive pending: Black Diamond estate at $7.3M
- Highest % over asking sale: West Seattle Junction for 23% over
- Most expensive sale: East Lake Sammamish waterfront for $6.98M
- Least expensive sale: LQA condo for $210K
- Most popular Seattle listing on Redfin: Ravenna craftsman for $1M
đź“° Must-read real estate news
- These Young Politicians Want to Fix America’s Housing Problems (NYT)
- Why Seattle’s Condo Market is Facing a 61% Insurance Crisis (YouTube)
- Appraisal Deep Dive: The Ritz-Carlton Residences, Portland —a Case Study in a Well-Managed Turnaround (Portland Appraisal Blog)
- King County’s cooling divide: New data maps our AC haves and have-nots (Seattle Times)
- Divide between Seattle and Bellevue office markets widens (PSBJ)
Two weeks until the 4th of July slowdown
Seattle: 371 new listings last week, down 1.1% w-o-w
Eastside: 310 new listings last week, up 3.3% w-o-w
Will we see more buyers with rates dipping?
Seattle: 202 pending last week, down 8.2% w-o-w
Eastside: 121 pending last week, down 14.8% w-o-w
🔥 The hottest new listings
$2.8M Sandpoint midcentury modern (already pending)
$2.5M Madison Park modern by Best Practice
Check out last week’s market update, 10 months of inventory?! (what's actually happening with Seattle condos)
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An Urban Living Listing: 1822 31st Ave
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