A BRIEF HISTORY OF SEATTLE REAL ESTATE IN THE PANDEMIC
What's the consistent thing about the Seattle Real Estate Market…that it’s crazy! At least in our current pandemic times.
When everything first hit in March, the market stopped for about two weeks. During early April it began to take off at a pace no one expected. While some sellers were holding off putting their homes on the market, buyers still needed to buy, and interest rates were dropping to historic lows.
Once sellers realized buyers were still out, the listings hit the market. But not enough of them! In a time when real estate is dealing with really low inventory, the lack of listings increased the buying frenzy to levels we had not seen before! Homes going 30% over list!!!! Some homes receiving 30+ offers!!! May, June and July were a truly busy, late Spring Market. Since no one was traveling for vacations, home buying and selling was hot! The competition was fierce, and many buyers felt beat up by the market.
But wait….just when every seller thought their home was worth top dollar, buyers started telling them “no”. Buyer fatigue started setting in and sellers were seeing a less aggressive attitude towards listings. As we hit mid August, the market started to cool and some properties went past their offer review date which gave us the opportunity to snag some below list or at list homes for our clients.
So where does that leave us now? Normally we would be going into what is typically a lull time in real estate as everyone has made their summer time moves. But this past week we saw a record setting number of listings hit the market which leads us to ask “will it really be a lull?” Probably not to the extent that we’ve seen in the past. Many listings we’ve toured with clients this week still had back to back to back appointments, lots of pre-inspection requests, and multiple offers, but there haven’t been the 30+ offers on listings this week, so maybe…..maybe buyers could find some deals in the next few days...or maybe things will just stay crazy for a little while longer.
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