Seattle Real Estate in the News…

I was reading the Seattle Times yesterday and came across this pretty interesting article about the Seattle Real Estate market, specifically the limited inventory within the City of Seattle. From firsthand experience we are definitely seeing a scarcity of “quality” inventory in the city and lower inventory overall throughout King County, which the article touches on. We are finding many homes that are of quality price and condition are seeing a ton of activity, and in some cases multiple offers.

…If a home is priced reasonably, “almost every listing is getting at least two offers,” said Phil Leng, a Keller Williams Realty broker in Kirkland.

He said he represented one first-time buyer who offered $61,000 more than the asking price for a Seattle bank-owned home.

I’ve been in multiple offer situations in the past few weeks where I’ve seen the sales price increase significantly over list price due to this shortage of housing supply.  As more and more buyers find that the pickings are slim for a “quality” home, we will continue to see a flurry of activity on the few homes that get it right with their price relative to the overall condition of their home.

To read more visit: Shrinking inventory breaks fall in King County home prices

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