š 21 Offers?! The market is heating up
If youāre hunting for a single-family home under ~$2M right now, buckle up. We have three clients submitting offers this week, and all three will be competitive even though the news is filled with layoff headlines.
To give you an idea of what weāre seeing on the ground:
- 3 offers on N 77th
- 9 offers on Dibble
- 10 offers on 6th Ave NW
- 21 offers on a 5-unit building (Investors are back!)
How to Win: Weāre advising our clients to use escalation addendums, waive contingencies (as appropriate), and offer quick closings to stand out (hit reply, we have a lender who can close in 14-days.)
The "Anti-Bidding War" Strategy: Not interested in a 20-person fight? There are pockets of opportunity:
- The 14-Day Rule: Focus on homes that have been on the market for 2+ weeks.
- Go Vertical: The condo market remains a buyer's market. We can likely negotiate a significant discount.
The Super Bowl Lull: With the Seahawks in the Super Bowl this Sunday, expect a dip in new listings. This "quiet" will likely stretch through the MLK long weekend and mid-winter break for school-aged families.
Listings that caught our eye last week
- Most expensive pending: Medina new build at $7.75M
- Highest % over asking sale: Redmond split-level for 22% over
- Most expensive sale: Clyde Hill Mediterranean for $6.6M
- Most popular Seattle listing on Redfin: $1.4M North Shore midcentury modern
Must-read real estate news
- King County, WA eviction levels hit an all-time high, again (Seattle Times)
- Amazon layoffs hit thousands in the Seattle area (Seattle Times)
- Oberto executive buys Mercer Island homes for $5.5 million (PSBJ)
- Avenue Bellevue eyes prospective tenants as another retailer opens (PSBJ)
- Uber, Databricks in talks to lease most of Bellevue tower (PSBJ)
Last week was busy, but this week and next will be slow
Seattle: 313 new listings last week, up 11.4% w-o-w
Eastside: 159 new listings last week, down 18.5% w-o-w
Will buyer demand keep pace?
Seattle: 164 pending last week, down 4.1% w-o-w
Eastside: 126 pending last week, down up 18.9% w-o-w
Check out last weekās market update, Things are warming up + we went viral?
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