Monday NW Seattle Real Estate Market Update | February 15th, 2021
This week Sandra introduces her newest bird that is just days old after being hatched!
We get into the current interest rates which are still amazingly low. Steve gives an update on the NW Seattle area numbers. The housing inventory is lower than we’ve seen. This is great news for potential Sellers! If you are thinking about listing your home any time soon, you should do really well. 53% of sold homes, sold for over asking price!
Buyers, that means it’s tough out there for you, with a lot of competition. Make sure that you and your agent have a buying strategy that will put you in the best position for negotiations.
Lastly we talk about our upcoming March Virtual Home Selling Seminar. If you think selling your home might be in your future, we recommend attending in order to prepare yourself with the knowledge of everything that goes into selling.
Virtual Home Selling Seminar | March 10th @5:30PM
Virtual Home Selling Seminar
WHEN: Wednesday, March 10th @5:30PM
WHERE: Online| Zoom
👉Click here to reserve your spot
or contact Sandra directly at (206) 271-7100 or email@example.com
We hope you have a great week!
We understand that it is a confusing time right now. Each Monday, we will be sending out an update based on our experience over the past week to give you the NW Seattle Real Estate Market’s “Temperature”. We are getting real time updates from our Lender each week as well. We want to make sure that you are as informed as we are. Please don’t hesitate to give us a call or shoot us an email if at any point you have additional questions or questions that relate to your specific situation.
𝐴𝑛𝑑 𝑎𝑠 𝑎𝑙𝑤𝑎𝑦𝑠, 𝑖𝑓 𝑦𝑜𝑢 ℎ𝑎𝑣𝑒 𝑎𝑛𝑦 𝑎𝑑𝑑𝑖𝑡𝑖𝑜𝑛𝑎𝑙 𝑟𝑒𝑎𝑙 𝑒𝑠𝑡𝑎𝑡𝑒 𝘰𝘳 𝘥𝘰𝘸𝘯𝘴𝘪𝘻𝘪𝘯𝘨 𝑞𝑢𝑒𝑠𝑡𝑖𝑜𝑛𝑠, 𝑓𝑒𝑒𝑙 𝑓𝑟𝑒𝑒 𝑡𝑜 𝑐𝑎𝑙𝑙/𝑡𝑒𝑥𝑡 𝑢𝑠 𝑎𝑛𝑦 𝑡𝑖𝑚𝑒! 𝑊𝑒’𝑟𝑒 𝑎𝑙𝑤𝑎𝑦𝑠 ℎ𝑒𝑟𝑒 𝑡𝑜 ℎ𝑒𝑙𝑝!
Steve 📲 (c) 206-769-9577 📧firstname.lastname@example.org
Sandra 📲 (c) 206-271-7100 📧email@example.com
Hey everybody. It is President’s Day, and it is also this little guy’s 10th day on the Earth. So this is–
Out of an egg.
Out of an egg, yes. I haven’t quite settled on a name yet, I think I’m gonna name him Clarence, but I’m not absolutely positive. Actually over the weekend, I was trying to find, in like a different language something that kind of referred to wrong egg or mistake or something like that and I couldn’t come up with anything. But if you’re curious about his little story, you can just go to my personal Facebook page and he is right there. But yes, it is week 49 of our Monday Market Update, almost a year now which is pretty amazing. Interest rates are great. They actually hopped down a little bit last week, so they are at 2.75 for both 30 year conforming and 30 year jumbo conforming. And then VA Loans oh my goodness, your rates are amazing, 2.25 for a 30 year VA.
I know, crazy. And then 15 year conforming again, super crazy low 2.25.
So Steve, it’s been a crazy seller’s market so far this year. Inventory levels are low, but what specifically has happened in Northwest Seattle this past week?
Well, Sandra I will say last week there were only about 80 homes for sale, in Northwest Seattle. And that’s gotta be one of the lowest numbers I’ve seen in a long time if not ever, usually we’re in the like 200s. So, crazy low, great for sellers, if they wanna sell ’cause they sell quickly, but for buyers, boy you’re gonna be competing. So have a strategy. New homes that came on, 36 new homes came on, 55% of those were vacant, of those homes 64% had review dates. 39 homes went pending sale with an average market time of 21 days. 13 homes went pending inspection with a market time of 13 days. 40 homes closed, with only two weeks market time on those that closed. And 53% of those homes that sold went above asking price. Again, a really strong seller’s market. Average price per square foot, still pretty high at $523 a square foot. So Sandra talk about what we have coming up on March 10th.
Well, we have our infamous home selling seminar. It’s a ton of fun, it’s a two hour event. We are there to educate you on the listing process, selling your home, what you need to do to get your home ready for the market. And we’ll have our favorite inspector there, Brandal Gehr, to kind of walk you through what you need to know to pass your home inspection, that was hard to say. Dietrich Miklautsch with Guild Mortgage, so if you’re gonna be buying a new home as well, exploring different financing options, I think for a lot of people making that transition from one home to another, especially in a super hot seller’s market, it’s a little scary. Lots of options around financing, there’s bridge loans to help you through that process. We actually had a conversation last week with one of our clients who bought in Kingston, and they used the bridge loan and they were like, “This is an amazing tool.” So they were all gung ho about that. But yeah, it should be a ton of fun. It’s always a ton of fun. Bring all of your questions, we will get them answered. It’s not a sales pitch, we are there to educate you. This little guy may or may not be there. He would be goodness, he’d be a three and a half weeks later. So he’d be what? 40 days old, something like that. I can’t do math.
And he’d look a lot different.
He will, he’ll have feathers.
He’s very prehistoric looking.
I know, all of beak and feet yeah. But anyhow, have an amazing week everybody, and we will chat with you next week.