Buying in Seattle this Spring? Be Prepared for Bidding Wars
Traditionally, spring is the busiest season for real estate. Buyers come out in force and homeowners list their houses for sale hoping to capitalize on buyer activity. This year will be no different! Buyers have already been out in force looking all over King County for their dream homes and more are on their way, but the challenge we are having right now is that the inventory of homes for sale in the Seattle area has not kept up with demand, which has lead to A LOT of competition for the homes and condos throughout the Puget Sound region that are available. A recent Bloomberg article touched on the current market conditions:
“It’s the 2017 U.S. spring home-selling season, and listings are scarcer than they’ve ever been. Bidding wars common in perennially hot markets like the San Francisco Bay area, Denver and Boston are now also prevalent in the once slow-and-steady heartland, sending prices higher and sparking desperation among buyers across the country.”
Sam Khater, Deputy Chief Economist at CoreLogic went on to explain why buyers are flocking to the market in big numbers:
“In today’s market, many buyers think the trough in [interest] rates is over. If you don’t get in now, it’s just going to be worse later. Rates will be higher, prices will be higher, and maybe inventory selection will be lower.”
In many markets, including Seattle, “thirty-five percent of properties are selling within the first week or two of hitting the market.”
In today’s competitive atmosphere, you need a Seattle real estate professional on your side who knows your exact market conditions and can be an advocate for you, assist you with negotiations and give you the expert advice you need to win the bidding war and make the move into your Seattle area dream home.