Sales above the required prices for real estate in Seattle without delay

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Newcastle at home

Buying a home “Above Asking” is almost self-evident in Seattle these days. Property prices in and around the city have plummeted. annual price increases are steeper than ever in history… But how much “higher” has changed dramatically since the beginning of 2020, according to new Redfin report

Until June 16, 2021, a whopping 4,658 homes in the Seattle metro area had sold at least $ 100,000 more than their list prices, up from 378 in the same period in 2020. And close your eyes, home buyers: 580 homes were sold for $ 300,000 or more. higher sticker prices compared to 16 years ago. Nearly 90 of these homes were in Bellevue, and the headquarters wars in Redmond (70, greater than zero), Sammamish (54, greater than one), Kirkland (46, greater than two), and Issaqua (35, greater than zero) were nearly as bad.

Of course, a significant portion of the 2020 period studied by Redfin included a property freeze caused by the coronavirus pandemic, making the year-over-year difference more significant. However, in January and February 2020, nothing stopped shoppers from avoiding list prices, and as generously (recklessly?) As they are now. “I’ve never seen anything like this housing market,” Seattle-based Redfin agent Scott Petrich said in his report. “It is supported by employees at local technology companies such as Amazon and Microsoft, and companies with large offices in the area, such as Google and Facebook. Many of them did not want to work remotely during the pandemic in small apartments, which prompted them to look for large homes with office space. Most of these people have the money to compete with other buyers and raise prices. ”

This perspective is consistent with results from other major cities, including the only location where final sales exceeded initial requests in 2021: the tech-dominated Bay Area, where homes averaged about $ 90,000 more than requested. Seattle is a bit forgiving for now, with an average of $ 47,878. But this is unlikely to help domestic hunters.

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