Let's take a look at Seattle's real estate market.
I’m seeing a couple of recurring themes. One relates to the single-family home market throughout our region which remains a sellers’ market. The second theme is a market in our region that is surprisingly neutral, making it a great time to buy or sell a condo. People are on the move though, this pandemic has created change in how people live, where they live, and with whom they live. Generations coming together, solace sought whether it’s acreage or a building with a water view. We’re rethinking how we live, for me being part of that process in people’s lives is such a joy!
Single-family homes: I’ve heard of brokers telling their buyers “this market is a ‘shark tank’” and I’m seeing buyers get caught up in the swirling frenzy to compete, often waiving contingencies amid the pressure cooker of multiple offers. Buyers can end up feeling panicky at what they’ve agreed to once they are in-contract. My best advice to buyers: do not chase this market. As a Realtor, my job is to be the calming influence, the voice of reason fully informing buyers what to expect long before it’s time to write an offer. When it’s time to offer, they are settled, calm, and certain of what’s at stake. They are fully informed of the risks, strategies, and my buyers know how close a match this home is to their specific dream home because we started out with that deep dive into what suites them best as we began this process. It’s much easier to decide what to waive, how much to offer, and more importantly, when to walk away when you know how close the property is to matching your ideal.
Condominiums: The days spent on market in January 2020 for resale condos downtown from $600,000-$750,000 was 104, but in July that number was down to 8. What is influencing this market is the inventory increase, creating a neutral market, meaning it is neither a buyer nor a seller’s market. Year over year inventory has increased by 40%, 12.5% sold, and 17.6% pended. It’s a great time to buy or sell a downtown condo!