After a long COVID winter, I know someone who's ready for spring!
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Hi everyone,
We apologize for the absence this winter. The market has been so fast, I spend more time in my car than behind my desk. We hope you are keeping well, we are grateful to say all is good here. George is anxiously awaiting the arrival of the warmth, but for now he'll take advantage of any sunlight he can find.
Want to learn more about real estate in a specific neighborhood? Just ask, we'd love to help.
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The Red Hot Market of '21
For the last 7 years, the Seattle real estate market has been comfortably in a Sellers’ market. Prices have steadily climbed, and inventory remained muted. It was challenging for Buyers at most price-points, but if you stuck with it, there would be opportunities. The 1st quarter of this year has made that time seem like a walk in the park. The red-hot market of today has brought all new meaning of a competitive environment. The data clearly shows, this is the strongest Sellers’ market the region has ever experienced.
Values have increased between 15-25% in the last 12 months in most areas. Seattle neighborhoods have lagged the suburbs as the more affordable zones have skyrocketed in pricing. Hot spots from last year continue to stretch with Federal Way, Renton, Maple Valley all up over 20%. The areas to the North including Bothell and Mill Creek are up even more.
The very nature of the pandemic; isolation from others and working from home has propelled our home to be the centerpiece of our lives. The second half of last year, we watched an exodus from city centers to the suburban market. High priced apartment rentals plummeted as money flowed into the single-family housing market. Even some remote markets are now experiencing bidding wars and multiple bids.
My favorite story to share with new Buyers is regarding a modest home in NE Renton priced at $599k. Within 4 days on the market, the home received 39 offers with the winning bidding escalating 25% over list price. Not only are Buyers waiving inspections, but appraisal waivers and non-refundable earnest are also becoming common practice.
Inventory is at record lows at every price range. This trend is forecasted to continue until either interest rates rise or in-person office work resumes at a wide scale.
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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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