Seattle Market Update
Low interest rates continue to give buyers great buying power but they also face rapidly increasing home prices and sparse inventory. Competition from other buyers is so fierce that many buyers are waiving inspections, offer well above asking price and waive financing and appraisal contingencies. Waiving some of these contingencies greatly increases the financial risk to buyers but more and more buyers feel it is the only way to combat competition from other buyers.
The median King County home sold for $742,950 last month. Other median price stats: Seattle $825,000, Eastside $1,050,000, North King County $683,900, Southwest King County $500,000, and Southeast King County $549,900.
New Technology Tools
New tools like virtual walkthroughs, 3-D mapping and drone surveys were adopted years ago, but only on a case-by-case basis or for high end properties. Coronavirus has made these tools more common. Despite the coronavirus-accelerated move to more sophisticated digital marketing tools, most buyers want to see the property in person before they commit to a purchase but they are using these tools to narrow down the number of properties they want to tour in person.
Eviction Protection for Tenants
Mayor Jenny Durkan has handed yet another pandemic rent reprieve to the city’s residential and small business tenants, extending Seattle’s current eviction moratorium through the end of December 2020.
This City Council legislation passed in May already gave residential tenants eviction protection through the end of the year. The biggest beneficiaries of the new order are small businesses and nonprofits, which now have the same assurance.
Spacious 2 bed/1.5 bath Capitol Hill Condo: 150 Melrose Ave E #204, Seattle, WA 98102. Enjoy views of the city, mountains & Space Needle. Walking distance to grocery, shops, restaurants & transit. Large windows allow natural light to brighten the space. In-unit laundry room, gas fireplace, garage parking, storage unit and hardwood floors. No rental cap. Pets allowed. Low HOA dues incl w/s/g. Well run HOA. Don’t miss this opportunity to live on vibrant Capitol Hill, close to downtown & South Lake Union. https://www.matrix.nwmls.com/Matrix/Public/Portal.aspx?ID=29770533030
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Any questions, comments, or feedback? Contact us any time.
Kerstin & Krisanne
Brooks & Heinze Team
at Skyline Properties, Inc.
Kerstin Brooks: 206.276.5827
Krisanne Heinze: 206.920.2541