March and April are usually my busiest months of the whole year. This year feels different— I am busy but for different reason. The log jam of my buyers that can’t find homes due to lack of inventory, and my sellers that are waiting for the sunshine to finally come out and add some color to their yards is piling up. When this dam finally breaks I am going to be just trying to stay afloat. I am hoping that many other agents in the area are also on the brink of listing several homes and maybe we will see a small spike in inventory over the next few weeks and months.
However, I am happy to report that, I do have two buyers that are currently pending on homes that they did not have to compete on, and they are both in Seattle. Both were able to have an inspection contingency, and negotiate on the items. There ARE homes out there that are not going for 20% over the asking price, you just have to be patient.
Now if I could just figure out how to get the sun to come out!
How far does your budget go?
Affordability is a key factor when shopping for a home. Below you will find four properties that have closed in the past 30 days in Seattle, Bothell, Issaquah and Auburn.
Capitol Hill, Seattle
Address: 1620 Belmont Ave
Sold Price: $500,000
Address:22714 4th Ave SE
Sold Price: $501,000
Address:4155 248th Ct SE
Sold Price: $510,000
Address:10913 SE 304th St
Sold Price: $499,950
IN THE NEWS
19 homes sell for more than $2 million or more this year
Prices are up around the region, with more interest coming to high priced homes, 127 homes recently sold for $1 million or more. The median price of a single-family house in King County is now $560,000, and prices are up 14 percent. Puget Sound Business Journal says “the number of homes for sale will increase as the spring selling season begins, but with that will come more buyers.” The inventory crunch is pushing home prices up as buyers compete to win the sale.
Region’s prices reach new high, median price hits $700k
Prices in March reached a new record, with an almost 7% jump from the month before in some areas. The median price in Seattle has reached $700,000 for the first time, doubling from five years ago. Wow. Almost 3/4 of a million dollars. The Seattle Times says “Demand — propelled by rising employment numbers, growing salaries and tenants desperate to escape soaring rents — has far outstripped a supply of homes for sale that reached an all-time low in February, creating intense competition and driving up prices.”
I am often asked if this is a “bubble,” and although I do think it will level out eventually, it feels so different from the bubble of 2007. The banks aren’t justifying these insane prices, the buyers are waving their financing contingencies and putting in more cash to cover the difference of a low appraisal. This is supply/demand and buyer generated by a pool of buyers that have more cash than we have ever seen before. We think millennials live with their parents longer, at this rate my kids will never be able to afford to move out!
How many construction cranes does Seattle have?
Apparently there is a rumor going around that Seattle has more cranes than Dubai, which with 900 cranes building some of the tallest buildings in the world, all at the same time, is very difficult to compete with. KUOW has a story looking at the number of cranes around the city, and surrounding area. We do have more cranes than L.A., San Francisco, and Chicago. Spoiler alert: Seattle has 60.
Trending: Terrazzo is making a comeback
Do you remember the flooring material with the tiny bits of glass found in large high traffic buildings? It’s called Terrazzo, and Apartment Therapy says it’s making a comeback. This time around it’s being used not just as a flooring material, but also for countertops.
Bidding wars have reached South King County! Listed this home in Covington for my clients, and in just 2 days we had 4 offers and it is pending for well over the asking price!
Custom-built home in the High Valley neighborhood hits the market this week for $699,000. Check out the 3D virtual tour, and walkthrough this home from the comfort of your living room!
FIND #heathershousefavs ON SOCIAL MEDIA
Did you know, the mobile app has a mortgage calculator as well as a calculator to estimate your net proceeds from your sale? These tools can be found in the House Hunt and Sellers sections of the app.
Whether you are a first-time buyer, seller, or a seasoned market veteran— the Heather Maddox Homes app will be a valuable tool to explore your Real Estate market. Heather Maddox Homes focuses on top-notch customer service and client education as we help you navigate the milestones of homeownership. D
I can’t believe in a few short months we will be moving into Blackberry House! Currently it is projected to be complete by June 1st. I also have to put in a plug for my awesome builder, JB McHugh Construction, because they have stayed on schedule the entire time. It’s been a marathon of decisions and negotiations to make, like paint colors, flooring, cabinetry and tile. Hadley wants a pink wall and purple ceiling, Harper wants just about every color in the rainbow! Thankfully Shawn and I are on the same page on just about every decision (aka he is letting me make most of them), and it’s going to be so nice to move in and enjoy our new home. We are literally in the HOME stretch. Check out the Blackberry House on Instagram.