You read in the paper and hear from friends about the low inventory in Seattle’s housing market…well, it really is LOW. Interest rates have continued to remain low (despite small increases) and the buyer pool continues to struggle to find homes to purchase.
King County’s home inventory in March was 1.82 months. A “balanced market” is considered to be four to six months of inventory. More shockingly, in most of Seattle’s neighborhoods, there is less than one month of inventory.
The cumulative days on market are also extremely low and sellers are generally receiving offers within a week of coming on the market. In Ballard, I recently heard of a townhouse that received 29 offers. Yes, 29! If priced correctly, sellers are getting multiple offers, buyers are waiving inspections, and the home is selling for above the listed price.
I recently submitted an offer for buyers who were considering a home in Wedgwood. Listed just below $400,000, they offered an “escalation clause” of up to $417,000. Regardless, the buyers’ offer was not accepted, even with no inspection prior to their offer (which other buyers selected to do). The sellers received seven offers in total—including two buyers that offered all cash. According to the listing agent “it went well above the list price”. (Because the home is still pending, the actual sales amount is not available.) This home needed work. It wasn’t in move-in condition.
So, if you or anyone you know has thought about selling and are ready to take the next step, this is a superb time to be the seller. In a time of multiple offers, waived inspections, and homes selling above the list price, you could be very popular!