There Are Always Opportunities in Seattle’s Real Estate Market

No matter what type of real estate market we’re in—whether it’s a seller’s market, a buyer’s market, a soft market, a challenging market, etc.—there are always opportunities.

It’s just a matter of knowing where to look.

Both buyers and sellers can “win” in this market. There are deals to be had across the board. It’s about finding the opportunity for both. It’s about finding wins for all parties! We love looking for the opportunities and sharing it with our clients!

We’ve observed some interesting trends in Seattle real estate, and we wanted to share our insights with you. While the numbers are changing by the minute, there are some strong trends we’ve observed from conversations with our buyer and seller clients, with our colleagues, and with other real estate industry professionals.

The numbers are changing drastically these days, and things like median home prices vary so much by neighborhood and home type. It is a very nuanced market and factors like micro-neighborhood, home type, home condition, and much more all come into play. So as always, please contact us if you’d like to chat about something more specific. We are always happy to talk things through with you, whether you’re thinking about buying, selling, or figuring out what updates to make to your home.

Now let’s get into it—here is what we know to be true today!

 

There’s a great deal of opportunity for condo buyers right now. Take your time and enjoy the search! Especially if you’re buying new construction, there’s so much you can ask for when you’re putting together your offer. Don’t be afraid to ask for credits, appliance upgrades, parking benefits, etc. Many builders and sellers are motivated to get the deal done. Get creative!

 

Townhomes are generally selling a bit slower right now. If you’re searching for a new construction townhome, there may be extra opportunities here. Don’t be afraid to ask for more, whether it’s a closing cost credit or appliances/window treatments. Builders have room to play, and are motivated to sell new developments so they can move onto their next projects.

 

Single-family homes are still very desirable for buyers. While you might still have to compete to win, it’s not in the same way it’s been in the past. Other buyers aren’t as aggressive as they were ~2 years ago, for example.

Competition for single-family homes is lower, and one of the reasons why this is the case is because there are a lot more homes on the market. However, the single-family homes you’re interested in and want to buy are going to be the same homes that almost everyone else is interested in, too. While there’s more inventory available, the quality of the homes across the board isn’t necessarily great.

Buyers are no longer desperate to buy a house, and the hoops they have to jump through to buy a home are tempering that interest.

 

Unless your condo is really something special or unique, or if you’re in a building with high demand, you should expect that your condo will be on the market for a while. Prep your condo well to make it as desirable as possible to buyers.

 

 

The way you prepare your townhome to sell is incredibly important. There is a sea of townhomes for sale in Seattle right now, so you need to make a solid first impression.

 

Since we are also always working with buyers, we view our listings from a buyer’s perspective. When we’re out on tour, we are seeing townhomes that are in need of a few very simple updates (like new carpet and fresh paint) that could make a huge difference (as in, the home would definitely have sold already!).

 

There is a reason why we work so hard to present our listings the way that we do; properly preparing your townhome, pricing it correctly, and having a solid marketing strategy are all crucial.

 

You have a lot of competition, so you need to seize the opportunity when you have a potential buyer’s attention.

 

If anyone is at the helm of Seattle’s real estate market, it’s a seller of a single-family home.

 

While single-family homes are highly desirable, sellers are still at the whim of buyers’ feelings on any given week. To increase the chances that you’ll have the outcome you want, you still need to have everything dialed-in to perfection—your home needs to be properly prepared, have a strong marketing strategy, and be priced correctly.

 

If you have an older home, be prepared for buyers to have a bit of pushback on things like low ceilings in the basement, a lack of bathrooms, or older systems, for example. And if your home has a major red flag, be prepared for your home not to sell. Issues like these can be a major stopping point for buyers right now. Buyers are up against a lot right now—prices, interest rates, and HOA dues when applicable are all hurdles they have to overcome. Your listing needs to make it all worth it!

 

On another note, more than ever, we’ve observed that buyers are perfectly fine with buying a home that is move-in ready but not “perfect.” Making sure your single-family home is fresh and clean may be more important than remodeling the kitchen (but still having old bathrooms), for example. Buyers will also pay for finishes, but these days they are far more interested in buying something than can fix up on their own. They’d rather save some money today with interest rates as high as they are, and pay for updates later down the line.

 

To put it plainly, when you’re selling your home, you will want to follow our advice. The market is extremely nuanced right now, and there is no “one size fits all” strategy. You need to know how buyers are thinking about things on any given week! Looping us into your sale preparation as early as possible is one of the keys to success.

 

Whether you want to buy or sell a home next month or next year, it is truly never too early to make a plan. We’re always happy to chat and dive into the details!