You Never Know…

BACK TO THE FUTURE
It’s been a couple months since my last newsletter and the anticipation is palpable. As you may know, the local real estate market maintained its frenetic pace right through the holidays and the first month of 2021. While the COVID lockdowns have devastated portions of the economy nationwide, the sectors that are driving the residential real estate market in our area continue to thrive. Those who can do their job with a laptop and a smart phone are adapting to the new reality and forging ahead. Many are looking for new housing arrangements that include more flexible spaces for offices or classrooms and others are moving out of the city (or state) entirely, having been liberated from physical offices and daily commutes. Buying power is enhanced by extremely low interest rates, but buyers still heavily outnumber sellers in our market, and face lots of competition for the historically low number of homes available for sale. Sound familiar?

We’re back to the future of the seller’s market of 2017 and 2018, complete with offer review dates and multiple offer scenarios. Half of all single-family homes sold on the Eastside last month closed at or above their list price – up from 22% a year ago. And 65% of January’s sales sold in 15 days or less! One by-product of this new market reality is a thriving ecosystem of off market sales. Sellers hesitant to list properties in COVID times are being paired with buyers willing to “hit the bid” in order to avoid the hassle of competing on the open market. I’ve helped several clients through such deals already this year and there are potentially more on the horizon. Here’s a sampling of some current buyer and seller profiles that could turn into win-win scenarios by putting the right parties together. Food for thought.

Seller Profiles:
2-bedroom Bellevue condo in the $300s
2-bedroom West Seattle condo in the $400s
2-bedroom Kirkland view condo – $2M
4-bedroom Enatai home @ $2.5M

Buyer Needs:
3-bedroom Kirkland house (east or west of Market) — $1.5M+
3+ bedroom house in Madison Park (fixer ok) –$1.5-$2.5M
West Bellevue waterfront lot/remodel — up to $10M

If anything here piqued your interest, or if your property or wish list should be added to one of these lists we should talk. You’d be surprised what might happen.

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