By Mark Corcoran and Mike Gusick

Many people are wondering whether it’s a good time to buy or sell real estate whilst in the middle of a worldwide pandemic that also happens to coincide with an election season that seems anything but stable. One would think that it was a time to hunker down and remain where you are until order can be restored. However, that’s not at all what’s happening in our region. Seattle buyers are lining up to buy and sellers are reaping the benefits of multiple offers and escalation clauses. This has been the same story for years only more pronounced some years over the others, there just aren’t enough houses to go around. Mortgage rates are historically low and people want to live here, so if you’ve got a home that you need to sell, you should be very pleased.

The Seattle real estate market has beat up buyers as long as we can remember. Only a short time after the crash in 2007-8 was it really a “buyer’s market”. The competition over the years has gotten tougher. You can’t just see a home you love and decide to buy it. The odds are several other buyers feel the same way. In order to buy a home in this area a buyer really needs to persuade a seller that their offer is the best. The way to do this is with financial incentives and less contingencies. The answer is simple, sellers want the most money and the least amount of contingencies.

If you are not looking to get into a bidding war you may wish to visit some properties that have been on the market for 14 days or more. Most of these properties were priced too high and the initial buyers passed them up. These are sometimes good opportunities for buyers with lower down payments and more contingencies in their offers. On the other hand, if you are of a competitive nature and want the best of the best, be prepared to shed some of those beloved contingencies such as your inspection (usually an option for an early one) and your financing contingency. Oh, don’t forget about increasing the purchase price, buying in Seattle is not for the faint of heart.

 

MIKE GUSICK
Managing Broker / MCMG Homes
425.223.1518 / mike.gusick@windermere.com

 

MARK CORCORAN
Managing Broker / MCMG Homes
206.601.2551 / markcorcoran@windermere.com

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Mark Corcoran

markcorcoran@windermere.com

206.601.2551


Mike Gusick

mike.gusick@windermere.com

425.223.1518

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