January man. It can be a tough time to buy a house in Seattle. If you recall January is the surprisingly great time to sell your home. If you are a believer that “the proof is in the pudding,” here is your pudding.
I toured two Seattle homes with a client that went pending on the offer review date. Both homes were similarly priced. I followed up with the listing agents to see how it went on offer review day.
Here are the results:
|Listings Info||Home 1||Home 2|
|Rooms||3 bedroom, 2 baths||4 bedroom, 3 baths|
|Sale price||55% over asking||32% over asking|
20+ offers each. These results seem pretty incredible. Even I went, ‘whoa’. They got tons of traffic, many requests for the inspection reports and a lot of buyers in it to win it showed up.
I wondered, ‘Were these homes underpriced?’ (Every price is a strategy and sometimes agents price below market to draw in buyes.). But when I dug into area sales I concluded they were already priced on the high end of market value. They belew the data out of the water.
What this means for you:
If you’re a buyer, expect multiple offers continue. No – not every home will get 20 offers. And hang in there for months with more inventory. Low inventory will likely continue, but not all area buyers will funnel to 2 properties with more to choose from.
If you’re a seller? Q1. Dang. It’s a surprisingly great time to sell.
Want to see which two houses I’m writing about? Send me a DM and I’ll share a link to the listing photos. Here are some places where we can connect: