How hot was it?
Remember that line from the old Match Game on television? Well, the Eastside’s real estate market is so hot that cops were called to an open house last month in Clyde Hill were over 60 brokers came to the event with potential buyers. This is the house that listed for nearly $2.9 million and they completely clogged the private driveway come up cars were parking on the lawn, and a neighbor had to call a police officer to come in direct traffic.
That sounds crazy but Bellevue Washington is in an extremely competitive market right now. Home prices have remained relatively stable over the last years but projections predict that the home value Index will rise 4.5% over the next year and that’s causing a lot of buyers to jump on the bandwagon early. Currently, the average home price is about $920,000 with less than 17 days on the market. On average, home prices are selling at 99.7% of their asking price and many far above asking price depending on the location, value, and price.
What’s causing all the commotion?
More and more people are flooding into the Puget Sound region because of jobs, recreation, and people are buying and selling to either cash in the equity on a home they may have owned for 10 years that now is double in price or they need to downsize or upgrade. There are a variety of reasons and variables causing the mad rush on the east side but because Seattle’s taxes tend to be higher, people are looking to the Eastside in places like Kirkland, Bellevue, Mercer Island, and Redmond, even though these cities remain some of the highest-priced cities in the state.
New condominiums and luxury towers are going up in Bellevue and I’ve never seen more cranes in my life throughout the city. This is all great news for the housing market but what’s the little first-time buyer supposed to do?
Well, it comes down to having the right real estate agent to help you negotiate the tricky and somewhat crowded real estate market in the Seattle and Eastside. Whether you’re looking for your first first home or your 10th home, having a real estate agent that understands the market, how to negotiate with sellers and listing agents, and has a proven track record of finding the right homes and getting the price and terms for my buyers.
Learn more about Seattle’s housing shortage
The Eastside real estate market is so hot that as soon as a property hits the market it’s typically under contract within 24 to 48 hours depending on how it’s priced.
So, should you sell right now? The answer is a resounding yes! Now is the time to sell before things really heat up in the spring and early summer. You can jump ahead of the crowds, have less competition (*cough, cough) for the most part anyway, and potentially gain more profit than if you waited a couple of months.
Have a home in the Puget Sound area? Contact me at any time to get your home valuation and how quickly your property could sell.