For the sixth consecutive month bidding-wars have exceeded 50 percent for all home sales, reaching nearly 57% for the previous month alone.
Despite the ongoing pandemic and in many ways because of it, 2020 has been a record setting year for home prices and sales in and around the greater NW. Some sections of the housing market increased by nearly 30%.
With record low inventory literally causing a Housing Shortage Crisis We have many buyers out there looking and with a lack of inventory, we may just have a buyer for your home. All it takes is 30 seconds to fill out the form below. Let us know what price you would take for your home, and if we have a buyer, we'll let you know! To learn more about what we offer our home seller clients, CLICK HERE.
COVID-19 has not only created pent-up demand, but many buyers are also in the market purely because they're working/schooling from home and realizing their space is no longer big enough—particularly now that the temperature's dropping so they can't easily escape to their back patio to catch up on emails alone.
With people spending so much time in their homes, including working from home and virtual schooling, there's a great emphasis on being happy there. Thus translating into lack of space is a complaint agents hear more often now.
And if people are allowed to continue working from home rather than commuting to an office, they might also realize that they can shop for homes farther outside cities—great news for home sellers who live in more remote areas.
While spring is typically real estate's busy season, the "silent spring" of 2020 saw the housing market grind to a near halt amid pandemic-mandated lockdowns. This, in turn, created pent-up demand to purchase property that is only now being unleashed.
“We currently see buyers sticking around in the housing market much later than we usually do this fall,” says Danielle Hale, chief economist at realtor.com®. “If that trend continues, we will see more buyers in the market this winter, too. So this winter is likely to be a good time to sell.”
"There are plenty of people in the pipeline ready to hit the market this late autumn and winter," Yun agrees.
Many real estate agents have noticed this glut of eager buyers first-hand.
“Winter is usually a slower season, but this year we're not seeing any sign of letting up,” says Matt van Winkle, a real estate broker and owner of Re/Max Northwest Realtors in Seattle. “The selling season was delayed because of COVID lockdowns and stay-at-home orders, so several months of usual busy sales periods were delayed.”
This buyer demand likely won’t wane anytime soon.
“We will see an extended purchase season in 2020 and into 2021,” says Shelby McDaniels, channel director of corporate home lending at Chase.
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