Monday NW Seattle Real Estate Market Update | March 29nd, 2021

https://youtu.be/wRhTi3Tid0E

Video Transcript:

It’s week 55 of our Monday Market Update.

One of the biggest things that stood out to me in looking at the stats this past week, was that one home, cute little craftsman in Phinney Ridge, went pending inspection after just one day on the market. Steve, tell everybody what is wrong with that?

Sandra, just about everything is wrong with that. This seller went under contract with a buyer inspection contingency in place. What that contingency allows, is for the buyer to be in the driver’s seat, and what seller would want a buyer to be in the driver seat. Since this buyer is doing an inspection the home is taken off the market, and if the buyer decides for any reason they don’t want a house they can walk and that’s lost time on the market.

Yeah, it’s a sellers market right now, why would you ever let a buyer in the driver’s seat? That’s just craziness. And since it’s Spring I’m gonna throw out a baseball analogy. When you’re selling your house, you wanna hit a home run. Basically, by going pending inspection, that seller, only got to first base, and first base might be great if you’re in high school but definitely not when, but definitely, not when you’re selling your home. You wanna hit all of the bases, get all the way around to home plate without any fouls.

That’s right. If you’ve watched our videos in the past, then you know that we’re huge proponents of getting home pre inspected. And that includes a Sewer Scope, it’s part of our well honed listing process, that protects our sellers. When a pre-inspection is completed the seller doesn’t have any surprises, the buyer knows the condition of the house before they write an offer. Really, it’s just a win-win for everybody.

Yeah, it’s a total win-win for everybody. So, let’s take a look at the stats for the past week in Northwest Seattle. It was a really good week for new listings. We had 66 new homes come on the market

And we had 44 homes go pending with an average market time of just 13 days.

Yeah, but what we noticed this past week was that fewer homes sold, before their review date, compared to the previous week. Sellers appear to be sticking to the review date, rather than taking an early offer. It could also be that maybe buyers aren’t being quite as aggressive with early offers.

We had 40 closed sales, with most of those homes selling in just about a week, 63% of the homes sold above asking price, and sellers they’ve gotta be happy on average home sold for almost 108% over asking price. And good news for buyers too, interest rates have remained stable in March, they’re about 3.375%.

Yeah, so if you’re thinking about selling and you would like to work with an agent, with a proven process, check us out. We feel that our listing strategy. puts our sellers in the best position possible, regardless of the market condition. And then going back to the baseball analogy we’re planning for that home run from the very beginning of our listing process. So click to learn more about our ultimate home selling process. And while you’re there, you can find out what your home might be worth, in our super hot sellers market.

Thanks everybody. Make it a great week and we’ll see you next Monday.