Monday NW Seattle Real Estate Market Update |March 22nd, 2021

https://youtu.be/CkrtYmPVUmk

Video Transcript:

The spring market is officially here. We are now in Week 54 of our Monday Market update. A lot of people think that the spring time is the best time to list your home.

That’s true. They do often think that spring is the best time. And of course you and I always think that the best time to lease your home is when you don’t have a ton of competition. But yes, we are heading into the season where more and more homes will be coming on the market.

This last weekend I was visiting an open house in Broadview and I ran into our past clients who we won in a multiple offer situation. They are thrilled with their house but they had their friends in tow and their friends asked me hey, Steve how do we win in a multiple offer situation? And I gave them an example, if you’re looking at a house and you’re capped out at $1,000,000 look at a house that’s capped out at $800,000 list price. That way it gives you a 20% buffer in case you get in a multiple offer situation.

Right, and then of course getting pre-approved is also a vital, vital step in the buying process and getting pre-approved versus getting underwritten approval in a perfect world if a buyer could get all the way through underwriting approval that would really be to their advantage. And the reason is because when you’re submitting that offer that listing agent is going to have a lot more confidence in that buyer because basically they’re all the way through the loan process and they’re really just looking for a house to attach to the transaction, right? And then to the broker that the buyer chooses will have a huge impact on the success of that buyer, right?

As listing brokers, we get a ton of offers in and I’m always surprised Steve and I are always surprised at some of the poorly written offers that we received. And we just find it really sad that the buyer’s broker isn’t setting that buyer up. That was awesome. Is not setting that buyer up for success. And one of my pet peeves is escalation addendums. And if you don’t know what an escalation addendum is it’s basically where the buyer says they will pay X amount over the next competing offer up to X. And so my pet peeve on those is when we get a poorly written escalation addendum. So, using Steve’s example of $1,000,000 let’s say that, that buyer is going to escalate up to $1,000,000 and the list price is $800,000 but they’re gonna escalate up to $1,000,000 in $1,500 increments that I just roll my eyes at that. That’s my pet peeve.

Sandra I agree.

I know you do.

You know, our experience as listing brokers we know exactly how great offers should be written, right? So, we’re in a unique position to be able to advise our buyers on how to write a compelling offer. So, if you’re thinking about entering the market here’s what’s happening.

Yeah, so good news this past week in Northwest Seattle for Buyers we had 67 new homes come on the market which means there’s a lot more homes for buyers to choose from.

We had 53 homes go pending. With the exception of a couple of homes, the average days on market were just six days. That means the market is moving really fast and buyers need to make decisions quickly.

That is true, it’s a super fast moving market. We had 39 homes sell last week for an average price of $575 which was up from $540 last week. And then 66% of those sold for over asking which again was up from last week, which was only 45%. So, that’s just great news for sellers out there.

So, it’s still a super hot sellers market out there right? And buyers, don’t worry it’s warming up a bit for you to. Click for more resources like Buying and Selling guides educational videos or to find out where your home might be worth in today’s hot sellers market.

Have a great week, everybody.