Happy new year! Despite the Covid pandemic and an unusually tumultuous political season, real estate remains a dependable and steady economic guidepost for thoughtful buyers and sellers.
All stats below are based on End of Month in November vs December:
Homes on the market – 4,539 vs 3,066 (down 33%)
Average days on the market – 21 for SFR, 28 for condos
New homes on the market – 4,568 vs 3,602 (down 21%)
Homes sold – 6,317 vs 6,059 (down 4%)
The Central Puget Sound market is still hot! Homes of all price ranges are getting multiple offers, making it a tough time for buyers who are looking in popular areas.
What do I do as a seller?
If you list your home tomorrow, there is a good chance you’d be the only home in your neighborhood on the market. Properly priced homes are still getting a lot of attention and are often receiving multiple offers. In years past, most sellers have waited until March or April to list, but given the current state of the market, there is no reason to wait until spring this year. Additionally, some sellers worry that a wave of inventory will hit the market once banks lift their mortgage forbearances and the residual effects of Covid finally catch up to the real estate market here in Seattle, so you may wish to move quickly.
Additionally here are a few blogs that might help you as a seller:
What do I do as a buyer?
Expect to go above asking price! Could be best to narrow your search to homes under your budget, so you have the wiggle room to bring your price up and win that bidding war. Remember this doesn’t necessarily mean you’re overpaying, as many sellers are pricing low on purpose in order to bring in more offers that escalate over each other. Alternatively, focus your search on homes that have been on market longer, as those sellers are likely going to be more open to negotiation.
Additionally here are a few blogs that might help you as a buyer:
And always remember, if you buy with us, we split our buyer’s agent commission with you and give you back up to $6,000, and if you sell with us, we give you comprehensive, expert service for a low flat fee. In the meantime, please stay healthy and safe. By the way, in addition to Denver, Phoenix, Raleigh, and Seattle, we can now help you buy or sell your house in Atlanta, Charleston, Charlotte, St. Louis, and Tucson. Tell your friends!
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