Available inventory is being snatched up quickly in a rush to take advantage of low interest rates.
King County also saw a 31% increase in pending home sales month-over-month, as well.
Inventory still down 19.5% from twelve months ago.
Until inventory grows, expect a heightened focus on each new listing coming on the market.
King County had the steepest drop in active listings, shrinking nearly 59% from a year ago.
The market remains virtually sold out.
The imminent rise in interest rates has buyers scrambling to find properties to buy.
No relief in sight by way of increased inventory to meet demand.
THE NEW state of real estate in King County goes a little something like this: Homes are about as expensive as they have ever been, and the suburbs are still hot.
The average price for a single-family home in King County is now more than $1 million, $1.055 million to be exact. That’s a 20.1% increase from the 2020 average of $878,000.
Snohomish and Pierce counties saw similar percentage gains year over year. The average price of a single-family home in Snohomish County rose from $600,000 in 2020 to $741,000 last year, a 23.5% increase. Pierce County saw a 19.3% increase from $467,000 in 2020 to $577,000 last year.
Fueled in part by extremely low inventory, population growth and an influx of high-paying tech jobs in recent years, all three counties have seen a similar housing value growth line in the last 10 years.
In a market like this you need more than an agent to just stick a sign in the yard. You need a detailed marketing plan that’s going to get your home maximum exposure quickly. Then when the offers come in you need someone with experience in negotiating the best deal for you.
And while top dollar is important there are many other factors to consider. What about appraisal issues if prices get bid up? Do you need to stay in the home for a while past closing to find a new house for yourself? Inspection, Title, Financing, and countless other contingencies come into play.
We looked at the data on thousands of offers agents for The Cascade Team wrote and received in the last two years to see how the strategies we track affected the results of winning a bidding war: Bottom line, we know what to look for and we know how to get you the best deal for your home!
Be sure to ask these important questions before you hire a Broker to help sell your home:
Your Home is Your Greatest Investment
Know these questions and answers before you interview a broker.
The difference can cost you thousands.
1. Do you provide a unique personal property website for my home?
2. Is your agent experienced in dealing with multiple offer situations and negotiations?
3. Will my site be re-targeted; to ensure that once my home is viewed it is continually visible when other sites are visited?
4. Text communication has a response rate of 89% compared to email’s 11%. Do you have an integrated text platform for direct communication?
10. Will you provide a SmartBoard for my home? They capture reported traffic to my website and are environmentally responsible.
True Full Service, Marketing & The Latest Innovative Technology, for a 1% Listing Fee!
At The Cascade Team we understand first and foremost that it isn't about "Us". It's all about "You"! We are dedicated to giving each of our clients the best experience imaginable. Simply Outrageous Service isn’t just a catch phrase for us. It’s how we do business!
From day one we’ll be with you every step of the way. We’ll keep you informed, we’ll be there through the tough negotiations, and we’ll help you make the right decisions for your family.
Our dedication to your successful dealings (buying or selling) are unwavering. We firmly believe in the WOW factor. And when you work with The Cascade Team that’s what we intend to deliver. Service and Quality that are so far beyond your expectations, that well….. It’s Simply Outrageous!