Seattle’s real estate market is cooling. But how long?



Houses in West Seattle

Summer slowdown This is normal in Seattle real estate. Families are more likely to fight for pioneer parking spaces and San Juan Islands seats on the ferry than wasting precious sunny days bargaining for houses. The return to school is near; exciting conversations can wait.

But when the coronavirus pandemic threw the traditional views of finding a home out of my head, the traditional summer relaxation began. Shutdowns reset the real estate clock. Spring is now summer… AND the fall… AND winter

But in July Zillow and Redfin At the national level, signs began to be noticed that the hot market was cooling down. AND Northwest Listing Service Figures for the Month confirm that the Seattle area does indeed have a slightly more regular home shopping season.

While inventories remain extremely low, almost 10 percent fewer contracts were awarded in King County last July than a year earlier. Single-family homes do not face the flow of requests that were typical during the Covid era. “Instead of 15 offers, you get two or three, which was amazing until two years ago,” says Scott Hotts, vice president of Skyline Properties.

According to Hotts and Wendy Carrington, broker John L. Scott of Seattle Center, the drop in competition has an obvious reason: Buyer fatigue. People I’ve had enough trade wars… “I have heard from countless couples and groups … that they are just very tired of the ruthless battlefield that is acquiring a home in our area,” Carrington says, noting that there have been an average of four or five attempts to seize property.

It wasn’t always this way, according to Hotes. Multiple sentences were not pre-set before the pandemic. “If you have a house on the market and you sold it in less than 30 days and received more than one offer, you were a god-like person when it came to a listing broker,” he says. “Now, if you have less than 10, you go, but what is wrong with me? Why am I doing my job wrong? “

The fall in supply in July should not cause a decline in sellers. Prices in King County were still higher for the month than in June, and Carrington says in her experience the quality of the offer has not deteriorated as the quantity has decreased. Cash offers or “really good salespeople” are still common, especially for single-family homes: with no office return dates yet, people still need space for Zoom rooms.

Shoppers will likely continue to see less competition in August as Seattle residents flock to their holiday destinations (non-smokersi.e.) before the classes return to the session. But autumn will come, as history shows, the competition is heating up again. “We expect this to be just a small mistake,” says Carrington. “Maybe freshen up.”

Restoring the collective psyche of buyers? It may have to wait until winter. At least.


Source link