Momentum is building, fast!


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Last week we allayed our concerns over reaching the peak of the market by looking at the fundamentals, specifically that Amazon announced that they’re going to create 100,000 jobs in next 18 months. This week, The Seattle Times reports that Seattle is the second tightest real estate market next to San Francisco. The root cause of the problem, as we’ve been reporting for a while is a lack of inventory.
Basic economics tells us lower supply translates to higher prices. In this market that comes in the form of bidding wars. Which is a great segue into our war story of the week.

War Story of the Week
When we found this beautifully remodeled Bungalow transformed to a Mid-century Modern home we knew it was going to sell fast. We were there just a few hours after it came on the market making one of our video tours and there were agents and buyers queuing up to get inside. When we came back the next day, there was at least one pre-inspection going on. Later we found out there were 13 pre-inspections over the 7 days it was on the market.

From the onsite activity and the Redfin stats showing 444 people loving it and only 21 hating it, we knew it was going to be competitive.


However, with it only being the second wee of January and offers due on a holiday, we thought we might stand a chance, especially since we were coming in $142,000 (29%) over list price and waiving every single contingency. We were wrong. With 25 other offers, there were 3 offers that were even higher than ours. We knew our offer price was higher than the home would appraise for, but the final price will be well beyond what any appraiser will value a 2 bedroom, 1 bathroom, 1,110sf (they included unfinished space in listing) house north of Greenwood on the wrong side of Broadview with 2 apartment buildings looking into the yard. It will be interesting to watch what happens when this home is resold in the future.

Brief Market Update
The velocity of new homes hitting the market this week was nearly identical to last week. We saw 189 new listings pop up in the Seattle/Bellevue/Kirkland area and 30 are already sold.
We put together this summary map of what were seeing in by each region we’re tracking. This week the Magnolia/Queen Anne area had the most activity with over double the first week sales of last week.

We toured and created 26 videos of homes we toured last week. Here’s one of that crazy bidding war we talked about in our War Stories section.

Custom Bushwick video tour of 10737 Phinney Avenue North, Seattle.

Questions? Call or text Rob at 206-295-7760.


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