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Seattle housing market ‘on steroids’

During the first year of the first Cornivirus epidemic, the Seattle housing market was not only rebuilt. The market is “on steroids,” said Seattle-based broker Rache Boston.

Prices have risen. Inventory flies out of the market. Home exhibitions draw the line of potential buyers on the highway և many cash offers. List prices may seem like a mere offer.

“I knew it was going to be difficult,” said buyer Lis Manning, who recently bought a four-bedroom house in North Edmonds after making seven other offers with her husband. “But I did not think it would be a month-long process.”

Individual home prices rose across the Puget Sound region last month from February, according to monthly data released Wednesday by the Northwestern Multiple Listing Service.

King County expanded its gains by 10%, up from 10% in February, the biggest increase since last June, when shrinking stocks began to overwhelm the market. The average Martin King County home sold for $ 824,997.

Snohmish, Pierce միջին Average prices in the neighboring states rose at a monthly rate of $ 640,000, $ 480,000 և $ 450,000, respectively.

The month brought good and bad news for buyers. More new homes appeared on the market last month across the region than in any one month since the spring peak in 2018-2019.

At the end of the month, less than 1,000 homes were put up for sale in King County, up from about 2,100 in March last year and 3,300 in 2019.

Since the start of the coronavirus epidemic, prices have risen in all four counties over the year, from a 14.5% jump in King County to a 17% jump in Pierce County and a 21.9% jump in Snohomish. The average house price in King County Eastside increased by 30.4% compared to the previous year. (Although the onset of the epidemic may have distracted some from last year, the impact of the virus on the housing market persisted in the months that followed. Prices rose in April and May, but then rose again in the summer as buyers sought more space;

Even in less expensive places, the price of first-time home buyers is rising. Pierce County broker Enni Wetzel predicts that “it will be very difficult to find a $ 350,000 or less home in Pierce County” in the coming months.

Prices are rising, especially outside Seattle, during King’s time.

Average prices in the North Kingdall region fell 15% from February to March, rising more than $ 100,000 to a new high of $ 805,250. The average has increased by about 19% compared to the previous year.

Compared to last year, some areas of the South Kings region have risen sharply. The average home sold on Skyway last month was $ 656,500, up 8% from February և 44% year-on-year.

The average home in Seattle sold for $ 825,000 last month, up 3.4% from the previous month. The average house price in Eastside has been more than $ 1 million for nine months in a row.

Cash is boosting competition throughout the region as tech companies make a profit despite the epidemic.

“When do you know a 28-year-old man who can afford to buy a property for $ 700,000, have $ 300,000 or $ 400,000 in cash?” Boston said. “It comes from their stock options.”

Luxury sales have grown. Brokers in the 26 states included in the Northwest MLS reported 400 sales in the first three months of this year of $ 2 million or more, double the previous year, according to MLS.

Develop developers and hills also see an opportunity. Even extreme fixing devices are gaining traction, Boston said. A Beacon Hill house in “terrible condition” drew seven cash offers. He expects to close the sale for “about $ 470,000”, which is higher than the offered price.

Trevor Walker և Brooke Moody began searching for a home for less than $ 600,000 near Linwood ոթ Bottle, but within a few months “bought everything from Renton և Everett”.

Prices seemed to continue to rise. Home tours were crowded. The newlyweds recently toured 14 homes over the weekend.

“It hits you in the gut every time you get home, there are already 15 people standing there,” Walker said.

For months, a cocktail of low inventory, high demand and low interest rates has plagued buyers.

In King, Snohomish, Pierce և Kitsap, all of the currently listed homes can be sold on demand for less than two weeks, according to MLS. In 2019, sales in all four states would now exceed one month.

Such tendencies play at the national level. Nearly half of the homes sell within a week, and 41% sell above the list price, according to Redfin. Seattle is the main destination for buyers moving from San Francisco, according to a recent analysis by Illlo.

Condos offer a break

Buyers who are not connected to a single family home can look at the canned food market.

The flow of new consumer lists reached March և demand increased, although it is still colder than in the single-family market. Under current demand, the sale of potential reserves in the Qing District would take more than a month.

In Seattle, condoms have been on the market longer than in the King’s area. At the same time, the number of pending sales of canned food in the city last month was higher than in March 2019 or 2020.

In the wake of a one-family crisis, home buyers are increasingly expected to give up protection, known as unpredictability, designed to avoid financial losses.

At one house, Manning said he was offering a higher price than a competitive buyer, but that sellers were not interested.

“They are like, ‘It’s not about money. “We just do not want any emergency,” he said.

“I knew it was going to be difficult,” said Lis Manning of the home-buying process. “But I did not think it would be a month-long process.” (Ken Lambert / The Breaking National)

Based on the offer they won, the couple was paid in advance, did not complete the house inspection, refused the unpredictable amount of evaluation and financing. Manning said they paid $ 715,000 for the house, up from $ 629,000 originally listed.

Walker and Moody said they were more comfortable giving up many emergencies. Like Manning, they missed an inspection of the house they finally secured in Kent.

“On some of these homes, we were the ones offering the highest price. We were losing because people refused to rate or brought in cash,” Mood said. “How should a first-time buyer buy a home?”

Buyers who refuse to evaluate և financing may incur higher costs or lose some of their down payment. Skipping inspections can lead to costly road repairs.

“It is very important to know why the house is being sold, but it does not tell the buyers what to do, the risk they have to take to accept their offer,” said Wetzel.

Avoiding Unforeseen Situations ացնել Accelerating the closing process is a way for buyers to compete against cash, says Boston, who often introduces sellers.

“You have to give up everything we have in the market right now. You have to be able to give your grandmother to the seller in the offer in order to win,” he said.


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