The housing market in Southeast King County is already at extreme frenzy sales activity intensity in the more affordable and mid-price ranges as we begin the new decade. Homes priced up to $500,000 are at an extreme shortage of unsold inventory; 68 percent of sales activity takes place in this range. There is a severe shortage of inventory in the $500,000 to $750,000 range. Local buyers are feeling the squeeze, as overall unsold inventory at the beginning of the year was down 57 percent from last year. Some relief will be on the way as the weather warms up and sellers choose to put their homes on the market.
Get Ready: 2020 Housing Market is Hot
HOW TO WIN IN A MULTIPLE-OFFER SITUATION
Key Market Indicators – December Recap
Southeast King County Housing Update - Resale Only
Average % of New Listings (Pending) in the First 30 Days
SCALE: MONTHS SUPPLY
Source: Mortgage News Daily
Unbelievable Interest Rates
When buyer demand is high and inventory is low, you may find yourself in a multiple-offer situation. While an all-cash offer can be enticing for a seller, it’s still possible to beat one with an offer that considers additional “plus” points for a seller. Being fully underwritten as well as offering more earnest money, a quick close, a pre-inspection and fewer contingencies can all boost your chances of coming out on top. Your John L. Scott broker associate can help craft a winning strategy to secure your dream home.