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Market Pulse – Seattle October 2020

by | Oct 16, 2020 | Seattle

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As autumn rolls in, and we head into the cooler months, that doesn’t indicate a cool-down in the Seattle area real estate market.

All stats below are based on End of Month in September vs August:

Homes on the market – 6,408 vs 6,626 (down 3%)

Median days on the market – 8 vs 9 (down 11%)

New homes on the market – 8,199 vs 8,555 (down 4%)

Homes sold – 7,288 vs 6,952 (up 5%)

Strong buyer activity has continued into the fall, which is normally the start to the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling. 

What should I do as a seller?

Contrary to historical market trends with the market slowing down this time of year, Seattle buyer activity continues to gain momentum into the fall season with multiple offers and quicker selling times making it an opportune time if you’re a seller.

On the other hand, if your house has been on the market for longer than 30 days, what issues could there be? It’s possible your listing might now be getting overlooked or disregarded by buyers for particular reasons: pricing, staging, location, etc. Make sure you examine this further with your agent. 

Additionally here are a few blogs that might help you as a seller:

What should I do as a buyer? 

Despite the competitive market, you’re still catching a huge break with the very low rates – sometimes as low as (or even lower than) 3% for a 30-year mortgage. That allows your money to stretch much further than it did at this time last year. 

And you could also be considering capitalizing on a home that’s been on the market for a longer time, or you could even look for an off-market deal where the seller has recently thrown in the towel and given up hopes of selling their home if they’ve been unsuccessful this past summer. Your agent can help you navigate these situations. 

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, up to $6,000, and if you sell with us, we give you comprehensive, expert service for a low fee. In the meantime, please stay healthy and safe. 

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The information contained in this blog is for general information purposes only, and while believed to be accurate, Trelora assumes no legal responsibility for accuracy. Information provided within should not relied upon as legal advice. Please consult with your local advisors for independent information regarding availability and applicability in your market.