Anyone in the market to buy a house in North Seattle knows inventory is low. How low? We are down 45.3%! from last year in King County. Given that data, we can assume inventory is even lower in high-demand areas like North Seattle. I personally have been involved in representing clients in 4 multiple offer situations in the last 6 months. The number of offers range from 10 to 24!!! All went over by over 10%. Most of the successful buyers were cash buyers and all did pre-inspections. This is hard for the buyer that doesn’t want to shell out $400/inspection and possibly another $250 for a sewer scope. One house I know of on Phinney Ridge (just) went pending for almost $100,000 over asking. Sellers were asking under $450,000. House is SOOO not worth 500K+; low inventory is making people do CRAZY things! REALLY tough out there right now. We are about at peak of the market prices and I’ve heard a couple of agents say what we’re all thinking, “didn’t we learn anything last time around . . .?”. Tough to know what to tell buyers. I’m tempted to say “STOP DON’T DO IT! These prices are not going to last”, but what if I’m wrong and prices keep going up? What if interest rates climb thereby making the real cost to purchase a home higher? A plea to any home owners thinking of listing, PLEASE list, we need your home on the market!!! You might do really well selling a home now, give it a shot!
Wishing all you buyers and fellow agents all the best of luck!