Monday, March 16, 2020 / by Cory Brandt
The market is a little whacky. The stock market is a roller coaster, but the real estate market in our area is on fire. I can't say I would have predicted that response...
The Coronavirus has slowed the rate of new listings to a trickle. The result is in, King County, we are back to selling 40% more homes than we list. We're burning through the active listings quickly, driving prices up, and increasing competition. Bellevue, Redmond, and Seattle are especially hot. We're seeing another big influx of Asian money. Even though we're also getting hit, our region appears to be a safer bet to them than their home markets. I'm guessing that some of that is being redirected away from commercial investments like strip malls, realizing many of the service-oriented tenants won't make it if people work from home.
Sellers appear to be frozen, glued to the TV, or afraid they are going to list and the prices will suddenly drop out from under them (we haven't seen that). Instead, we're seeing multiple offers and escalation clauses.
The low-interest rates have made homes available to buyers that people couldn’t buy previously. For many, this is offset by the stock market drop taking away their down payment Like I said…whacky.
If you want to shop, but don’t want to be exposed to guys like me (can’t blame you) then we’re happy to FaceTime, Skype, or FB Messenger you while in the home. We’ve sold many homes sight unseen. And if it really just me, then Shelby and Kaitlyn are happy to show you around (they've been knocking it out of the park...in fact Kaitlyn just closed on her new home last week!). They’re dialed in and out there every day...armed with hand sanitizer and Costco toilet paper (I'm kidding).
Cory and Team