Mary Lee

Mary Lee

Are Seattle & Eastside Home Prices Headed Down?

What’s happening in the market, where are prices headed

What a difference a couple of months can make in the housing market. In May, inventory levels were still at record lows and many homes were getting multiple offers. As previously reported, the Seattle area has seen the largest home price increases in the country for the last 20 months in a row, according to Case-Shiller data. With the median house price at $812,500 in Seattle and $978,000 on the Eastside, we are at a tipping point where record-high home prices, overly optimistic sellers and buyer fatigue have converged. The total inventory of homes listed for sale has now grown for three straight months on a year-over-year basis, suggesting a new trend. Redfin data showed 32 percent of homes across the region had price drops last month, up from 27 percent a year ago and the highest for any June since the company started tracking in 2012.

What does this mean for sellers and buyers? Sellers need to be more realistic about the value of their home and shouldn’t expect to get multiple offers or offers with Escalation Clauses significantly over the asking price.

Buyers will likely have more homes to look at in their preferred price range and area and may encounter less competitive multiple-offer situations.

While the frenzied market and bidding wars may have slowed down for now, well-priced homes in top condition are still getting a great response from the market and selling quickly, so buyers should be prepared to be proactive once they find the right home.

As we move towards a balanced market, it allows buyers to catch their breath and sellers to move off their ‘happy hopeful price’ to a realistic home price based on sound principles of valuation.

Smart home sellers and home buyers will engage the services of an experienced local real estate professional to help them navigate today’s changing market.

To download a FREE Housing Market Forecast and Home Seller’s Guide, go to: www.seattlemarketforecast.com

To learn more about Mary, go to: www.whyworkwithmary.com

Visit us on the web at www.maryleerealestate.com

More in Marketplace

Setting the stage: Discover how prepping your home for sale can pay dividends

Staging your home helps tap into buyers’ imagination, says Engel & Völkers realtor

Community group urges common CENSE in energy proposal

3 essential questions to ask of Energize Eastside project

3 ways to support a loved one living through dementia

The right team brings care, support and active engagement

Opportunities abound: Airpark 137 development site in Moses Lake prime for investors

Engel & Völkers listing allows for tax advantages through federal Opportunity Zone program

Washington customers win as Comcast taps the latest tech

Technology has drastically changed the way we communicate – how we connect… Continue reading

This year, the Bellevue College Foundation awarded 170 scholarships, for a total of $360,000! Among the recipients were students Quiniece Hubbard and Sharlene MacPherson, here with BC Foundation Board President Jim Chesemore and BC President Dr Jerry Weber. Photo by Alabastro Photography.
Apply today! College scholarship program breaks down financial barriers

Deadline to apply for Bellevue College Foundation scholarships is March 4

More than 100 Boeing employees joined 6,000 attendees from around the world at the 2018 Out & Equal Workplace Summit in Seattle, where Boeing was the event’s first-ever Host City Sponsor.
BoeingPride on full display at Out Equal Summit

Company plays host to more than 6,000 workplace advocates in Seattle, WA

LIVING GREEN: Sustainable homes a great place to start

Puget Sound area residents can find their green real estate expert at Engel & Völkers

Boeing reaches out to help military members and their families

Growing up on a military base can have its share of challenges… Continue reading

A $1-million grant from Boeing to The Nature Conservancy will help restore Northwest forests burned during wildfires and support tree planting in urban areas in Washington.
                                A $1-million grant from Boeing to The Nature Conservancy will help restore Northwest forests burned during wildfires and support tree planting in urban areas in Washington.
Boeing announces nearly $250 million in corporate giving

Includes $55 million in new grants to charitable partners and their programs in 2019 and beyond

First BOEING 777X flight test airplane comes together

Boeing’s longest passenger jet to fly in 2019

Community comes to Crossroads this winter

Enjoy entertainment, family nights and more