July 2020 NW Seattle Real Estate Market Update
Curious what happened in the Northwest Seattle Real Estate Market in the past month? Let us, your Ballard to Broadview experts, fill you in. This will help you make important home Buying and Selling decisions.
Home sales are going to help our economy recover. We’ve been experiencing a hot Seller’s Market. Home Inventory is very low, while Buyer demand remains high (especially with those phenomenal interest rates being offered right now.) We’re seeing home sales with multiple offers and bidding wars return.
As always, but especially during these confusing times, feel free to reach out to us if you have any questions about the market or your specific situation. We’re always available to help!
You can also visit https://linktr.ee/BrennerHill to access more resources, like our Summer 2020 Buyer & Seller Guides, Find out What Your Home is Worth, or watch our videos that we’ve put together to help educate on the real estate process.
📲𝑪𝒂𝒍𝒍 𝒐𝒓 𝒕𝒆𝒙𝒕 𝒂𝒏𝒚 𝒕𝒊𝒎𝒆(c) 𝟮𝟬𝟲-𝟮𝟳𝟭-𝟳𝟭𝟬𝟬 | Brennerhill.com
Each time someone decides to purchase a home, there is on average over $88,000 of economic growth spurring from home sales into the cities and towns where the homes are sold. Hi, I’m Steve Hill with the Brenner Hill Team at Windermere. In fact, in Washington State, it’s around $132,000 of economic growth added into the economy in a positive direction. This is from NAR (The National Association of Realtors), they calculated the total economic impact of real estate-related industries on the state’s economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending, and title insurance.
The average positive economic impact of the sale of just one home in the U.S. is $88,416. In fact, home sales are going to help our economy recover as it generates income for various industries. How does this affect us locally? It’s crazy times in real estate here in Northwest Seattle right here in King County. There are only 195 Active single-family homes right now in Northwest Seattle, that’s low. So, what does that mean for a seller? It means that sellers, in most cases, have a lot of power, it’s a Seller’s market. Buyers are having to compete, and we are seeing bidding wars and offers going above asking price. Especially in the lower price points, for example in Northwest Seattle, there are only 7 homes under the $500,000 mark. You can expect those home prices to get bid up. In fact, in most cases, anything under 600,000 is moving extremely fast
Here are a few tips on how to maximize the value of your home and get the best possible price and terms. Set an offer deadline date and have a strong counteroffer that protects you and your best interests. Any questions or concerns always reach out to us at the Brenner Hill Team at Windermere.
We are Steve and Sandra – Elevated Service. Elevated Results.
