When There's Fierce Competition, An Experienced Agent Is Key
Hi Gina Madeya Windermere Yarrow Bay, happy Summer!
The Olympics are in full swing and I love watching athletes compete for their golden moment. Win or lose the athleticism on display is stunning. As a former gymnast, I am particularly struck by Simone Biles and what she’s done to elevate the sport. Simply put, she competes at an entirely different level, displaying unbelievable feats of grace and power that until she did them, no one thought was possible. And like her, despite national headlines stating a cool down in the housing market, Seattle real estate is performing at an entirely different level.
Several years ago our market heated up, buyers started doing things to up their game. At the time a pre-offer inspection was novel and could help you win since your offer was contingent on inspection. As that became commonplace buyers started escalating above asking price. Eventually it wasn’t enough to pledge a higher price, appraised values started falling short so buyers would back up their price by waiving the protection of appraisal, and proving their ability to cover a shortfall. It became so common that our local real estate board created a form for this specific tactic.
Today the offer frenzy continues with winning buyers typically waiving all contingencies and escalating above asking price. Driven by an uber tight supply and high demand, buyers are taking huge risks in order to win a home. While this is not the beginning of another housing bubble, the question about how sustainable this market is is valid. Currently it shows no signs of slowing. In June on the East Side 78% of all homes sold above list price for a median difference of 14%. In Seattle the % of homes going over list price dipped slightly month over month but still posted a median gain of 10%.
With both interest rates and supply so low and demand at an all-time peak, we can expect the trend to continue. Consider as well that many companies are re-thinking their remote work policies, requiring a minimum number of days in office. Now consider that a top criterion from most buyers is reasonable commuting distance is it any wonder that competition remains fierce? Oh and the recent headline by Time Magazine naming Seattle as one of the 100 greatest places in the world…..Nationally there appears to be a cool down but real estate is local and in our area it’s still competitive.
𝐖𝐡𝐞𝐧 𝐨𝐮𝐫 𝐦𝐚𝐫𝐤𝐞𝐭 𝐢𝐬 𝐥𝐢𝐤𝐞 𝐒𝐢𝐦𝐨𝐧𝐞 𝐁𝐢𝐥𝐞𝐬, 𝐲𝐨𝐮 𝐜𝐚𝐧 𝐞𝐱𝐩𝐞𝐜𝐭 𝐟𝐢𝐞𝐫𝐜𝐞 𝐜𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐲𝐨𝐮 𝐧𝐞𝐞𝐝 𝐭𝐨 𝐰𝐨𝐫𝐤 𝐰𝐢𝐭𝐡 𝐚 𝐭𝐫𝐮𝐬𝐭𝐞𝐝, 𝐞𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞𝐝 𝐚𝐠𝐞𝐧𝐭 𝐰𝐡𝐨 𝐜𝐚𝐧 𝐡𝐞𝐥𝐩 𝐲𝐨𝐮 𝐜𝐨𝐦𝐩𝐞𝐭𝐞 𝐚𝐧𝐝 𝐰𝐢𝐧 𝐰𝐡𝐢𝐥𝐞 𝐡𝐨𝐧𝐨𝐫𝐢𝐧𝐠 𝐲𝐨𝐮𝐫 𝐛𝐮𝐝𝐠𝐞𝐭 𝐚𝐧𝐝 𝐫𝐢𝐬𝐤 𝐭𝐨𝐥𝐞𝐫𝐚𝐧𝐜𝐞.
Call/text or email me anytime! ginam@windermere.com.
