As the ever changing real estate market in Seattle shifts, we occasionally sit down with our Co-owner and Seattle real estate broker of 21 years, Heidi Ward, to discuss the current market situation and where it might be going.
Let’s get straight to it, is it too late to take advantage of the Fall real estate market?
I would need to see what your home looks like!!! Given the continued level of interest on the part of buyers, I would say that there is still a fair bit of runway left to take advantage of the 2021 real estate market, even as we transition beyond fall and into winter. It strikes me that conventional seasonal “norms” aren’t quite as reliable as they used to be.
We’re hearing some listings are still selling with multiple offers, and others are sitting on the market. What gives?
I call this “a tale of two markets.” Sustained lack of inventory, combined with technology delivering new listings instantly to buyers’ phones, has created an environment where buyers pounce upon new listings en masse in about the first 48 hours or so of a listing going live. If that listing wasn’t positioned properly (read: priced correctly for the current market) the swarm of buyers will just…sort of…dissipate. And that is how you end up with days on market! Conversely, that same listing could have been more skillfully positioned so as to spark into a multiple-offer situation.
Does the average buyer have a better opportunity to snag a house now?
Potentially. To any buyer considering engaging in the market I would say be prepared for literally anything. Know what you want and what you are capable of doing with regard to your financial situation. Be ready to engage in a competitive situation if you are so inclined and the opportunity presents; and also be on the lookout for situations where a really good home just wasn’t positioned quite right, and perhaps didn’t fly off the shelves.
Based off of what you’re seeing today, do you have predictions for the Spring real estate market?
Oh boy! I’m not comfortable making predictions about next week’s market!!! Fine, I’ll give it a whirl…it seems to me that we will continue with this low inventory situation for a while. There just appear to be so many would-be sellers who keep not selling for one reason or another (usually it’s because they do not know where they themselves are going.) It seems to me that unless/until we start to see an influx of inventory, the basic principle of supply and demand will keep things rolling along.
If I wanted to put my house on the market next spring, what should I be doing now?
First, keep in mind that when I think of “spring” with regard to real estate, I’m thinking as early as February potentially. So it makes sense to be thinking of what to do now. Bear in mind the supply-chain issues causing massive backlogs for all sorts of things, and it can be extremely challenging to line up various contractors these days. The sooner you have a plan in place for what you want to do for market prep, the more likely you are to be ready to go when the time is right!