Hey everyone! We hope you are keeping healthy and staying sane this summer. It's certainly been quite the year and we are looking forward to better days on the horizon.
George has been passing on the afternoon warmth lately. He insists on spending his time in the company of a box fan and his favorite chair until his dinner his ready.
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Summer 2020: The Most Competitive for Buyers?
What a summer it has been. Record low interest rates and slim inventory have brought Seattle area prices to all-time highs in some of the most competitive action we have seen in years.
Traditionally, the local market follows a seasonal pattern similar to the weather. Cold in winter, gradual warming in spring, peaking in mid-summer then a cooling in the fall months. Despite the mess of 2020, the market has had its best stretch in several years. The winter was impressively strong then a plateauing in March and April before accelerating into late spring and summer. Last month was the most competitive August on record and September is off to a hot start. The chart below provides median values for the territory of Seattle, Shoreline and the East-Side.
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We signed a handful of listings this summer which all received impressive buyer interest. Two West Seattle houses received multiple bids in 48 hours. The offers were over asking, waiving contingencies and had personal notes to the Sellers with the emphasis of “pretty please and thank you for considering me.”
Later in summer, we listed a Mercer Island fixer. The home had great potential but presented challenges with foundation concerns, a failing raised deck, an expired roof, and necessary cosmetic updates. Due to the uniqueness of the property, the Seller decided on a review date strategy, giving Buyers a full week to explore the property and to put together their offer.
Within one hour of posting the listing, we received 9 showing requests. The frenzy continued through the week with over 70 showings completed in the first five days. Even though an offer review date was posted, multiple early offers were presented with the intent on tempting the Sellers. They remained firm on their process and ultimately it paid off as pricing escalated over 10% above the asking price.
Not all of the residential market is expanding though. As single-family values are approaching double digit gains, condos are closer to the flat line on the year. Some parts of the Seattle core are slightly negative including First Hill and Downtown.
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In Closing...
There are many contributing factors that influence the real estate market locally, regionally and nationally. If you want to learn more about the topics covered in this month's Newsletter, feel free to reach out.
As always, our goal is to partner with you on your real estate decisions, whether buying or selling. We want to stand out in a crowded field by offering friendly & professional service that you can trust. The highest compliment we can receive is when customers recommend us to their friends. We appreciate referrals!
We’ll continue to share more insights into this developing period in the coming months. Stay tuned and don’t forget to reach out and drop us a line- even just to say hello!
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Helpful Resources
If you are currently in a rental and are weighing the pros and cons of renter life vs. owner life, why not crunch the numbers with this Rent vs. Buy calculator from nerdwallet. It has numerous options to consider in your calculations.
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Vin & Candice Cangialosi, Real Estate Brokers
North Pacific Properties, LLC
2224 Queen Anne Ave N
Seattle, WA 98109
V: 206.939.3778 | C: 206.595.9645
vin.candice@settleinseattle.com
www.settleinseattle.com
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