Snowy Bidding Wars


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We’re starting to feel like a broken record, but this continues to be the strangest holiday season in the Seattle real estate market. New homes are continuing to hit the market at a blistering pace with aggressive price points AND we’re seeing bidding wars on many of them.

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The craziest story from the field this week was a small rambler in Mercer Island that was listed at 3PM last Thursday, Dec 8th, just before dusk and as the snow was starting to fall. The offer review date was supposed to be Tuesday Dec 13th. We decided to wait until the morning to see it in daylight. We arrived to a snow covered house and a revolving door of people touring the home. While it was in a great location, the house had excessive deferred maintenance and was given a quick whitewash of fresh paint to mask the pet odors. We came back Saturday morning with a contractor to estimate the work needed. By Saturday evening the listing agent said they were expecting an offer that day ahead of the review date. By Sunday the listing agent had two plus offers in hand and the seller accepted one Sunday night, well before the published review date. We were told all the offers were cash, fast close, no contingencies and well over list price.
It’ll be interesting to see what happens to this house, as it’s too expensive to tear down and too small to remodel with a profit in the short term; however, once the light rail station opens the value is certainly going to increase.


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