Seemingly overnight we are back in a very competitive market for Buyers in certain popular neighborhoods throughout the Seattle area. I saw glimpses of this starting back in very early February, but just within the last 6-8 weeks it has gotten absolutely nuts! I've been involved in 4 different multiple offer situations within the last 2 weeks, and more than 6 within the last month. I'm seeing certain homes sell for potentially up to 15-20% over the asking price with 8-16 or more offers and the majority of Buyers are completing pre-inspections to make their offers stronger. Our listing prices on move-in ready homes in desirable areas are obviously going to start rising as a result of this madness.
It is GREAT for Sellers but exhausting and heartbreaking for Buyers that are struggling to get into a home in our popular close-in neighborhoods.
Hopefully our inventory levels will start to pick up as more and more Sellers realize it IS a good time to sell. We could use a little more balance right now in our Seattle real estate market that's for sure!
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