At Windermere, being “all in” means our agents love what they do, acting beyond themselves, and being there when it counts. During these uncertain times, I want you to know that I am more focused than ever on taking care of my clients and helping them move their dreams forward. As a Real Estate agent, I am honored to support my clients who have purchased and sold their home during Covid19 stay-in-place orders. My first thought is the safety and well being of everyone engaged in the process.
We focus on the positive; we have tools, techniques and an amazing, creative team that has allowed us to move forward with our clients. We are proud to say we have completed every deal, on time.
If you need to sell or purchase a home or know someone, we can help get the job done. We can do this for you today. We especially appreciate your referrals at this challenging time. Please know, we are doing this with safety and health as our first and highest priority.
Many small businesses have been impacted by COVID-19 due to mandated closures and customers staying at home. We can help them by doing things like:
- Order take-out from restaurants that offer it, and pick up directly if possible rather than 3 rd-party delivery to avoid fees charged back to the restaurant.
- Buy gift cards from service providers like hair salons (gift them or use them later).
- Buy locally whenever possible, and look for online stores from local providers.
- If you can afford to continue paying service providers who can’t work but depend on your income, do.
- Check into online services and classes offered by local fitness studios, tutors, financial planners and more.
- Tip delivery people generously if you can. They’re on the front lines of exposure. (And of course if you feel sick, avoid direct contact with them.)
First posted at windermere-bellevue.com
Windermere Chief Economist Matthew Gardner has been following the situation closely, watch this video for his thoughts on how COVID-19 will impact the national housing market and economy.
As expected we have seen a dramatic increase in Sold prices for February 2020 numbers over the same time last year. This is primarily due to the 4th Quarter correction in 2018 of homes that closed in February 2019. Market times are falling and Multiple offers are heating up as February 2020 saw more than a 1/3 of the homes sell for over asking price by an average of 5%. Inventory has now dipped to 0.8 Months and even though some Buyers & Sellers have put their Real Estate decisions on hold due to current uncertainties (Virus/Stock Market/Economy) we are still seeing strong activity. This might well be the case for some time to come as interest rates are at an all-time low (3.47%), prices continue to rise and jobs keep flowing into area at a steady pace
As expected, the market has drastically picked up due to extremely low inventory and heighted Buyer activity that had been holding off purchasing during the holidays. Since these stats are not a rolling 12 month average they are going to appear skewed due to the small sample size, but they do show year over year with many areas growing significantly from January 2019. Pretty much every market has been on fire with Multiple offers on just about everything available for sale. The Days on Market (DOM) have dramatically gone up, but that is primarily due to homes selling that had been on the market for a while that Sold over the holidays. We expect to see the DOM fall significantly over the next couple months as most new listings are now selling in under 14 days & in many cases less than a week. (Pro Tip- Buyers be prepared to put your best foot forward & Sellers to make sure their home is parade ready to get the highest dollar!)
The increased amount of viewership of listings on Realtor.com in January 2019 shows that Buyer interest is absolutely heightened in January around the Puget Sound more than any place due to the limited inventory and the shear amount new jobs being created in our marketplace. This trend shows there is no better time to list a property than now, when the Buyers are actively looking.
“December 2019 stats show that we are creeping in on the highs we saw in 2018 in most areas and in several other areas prices have already surpassed the previous year. Inventory is now below 1 month which means if there weren’t anymore listings coming on the market there would be nothing to buy in 4 weeks. December 2019 Pendings were up 11% over last December and it appears that momentum is going to carry into a very busy January 2020. Sellers are in an great position right now and those listings that are positioned correctly (Price/Condition) are once again looking at multiple offers.”
– Inventory across the NWMLS at the end of December was down 31% from last December.
– Inventory in King County was down 38.8% (Condo and Residential Combined) while Single family was down 41.1%. Currently sitting at 0.9 Months across King, Kitsap, Snohomish and Pierce counties.
– Median Prices across the Puget Sound (4 Counties- King, Kitsap, Snohomish and Pierce) were up 10% while King county rose 3%. This is primarily due to much more New Construction up North and down South.
– Closed sales across the NWMLS in December were up 11% from last December.
– King County is starting to see Multi-Million-dollar sales being purchased with cash at a much higher rate than the previous couple years.
– Rental Properties are very tight as anything New is being reserved prior to being finished.
– Opportunities for Buyers prior to the Spring market are starting to dwindle and Sellers waiting for the Spring market may see an inordinate amount of competition.
– January 2020 may turn out to be the start of the New Spring Market!
It was a great year! We enjoyed celebrating the upcoming holidays with our clients and partners! It means a lot to us to be a part of such an important journey in your life. Thank you for allowing us to serve your Real Estate needs.
Thank you for coming and Happy Holidays!
Buying/Borrowing Power is now up 12% due to extremely low interest rates (Roughly 3.70%) compared to this time last year while prices are continuing to climb and have reached 2018 prices in most areas. November pendings were up 20% over last November effectively reducing available properties towards all-time lows where we are currently standing at 1.2 months of inventory. There doesn’t seem to be any relief in the near future with a flood of new tech jobs entering the marketplace, but Buyers are still being very selective about purchasing properties that are in turn key condition.
First posted at windermere-bellevue.com