Sunday's Seattle Times reported that Seattle's metro housing market is ranked 6th in the nation for the greatest percentage of real estate transactions that sold for more than list price, during the second quarter of 2014. Almost 40% of all listings sold for more than list price in this area. Double-digit appreciation in the last year is driving some of the current demand. Many local brokers are seeing bidding wars, particularly in Seattle's most desirable neighborhoods. Almost half of all listings in Seattle sold for more than list price. Half of the single family homes in Seattle's hottest neighborhoods sold in less than one week.
The most competitive buyers often pay cash and waive all contingencies for inspection, financing, and appraisal requirements. They may pay to do a pre-inspection prior to submitting an offer, or simply rely on what they can see during a walk-through.
I have a current client submitting a bid on a fixer/tear down house in Crown Hill, submitting an all-cash offer, no contingencies, at 3% above list price. All offers are due in by noon today. We are keeping our fingers crossed that he gets his offer accepted.
This, folks, is what a Seller's Market looks like. If you are thinking of selling, get a FREE quote on the market value of your home in today's market, by messaging me privately at HomeLandInvestment@gmail.com or leave a message on my recorded hotline at 888-621-4999.
Happy Investing!
Post Script: My buyer did not get the house. I told him his offer was not high enough....Moral: Find an agent you respect, and then trust their judgment on market values....
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