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A harbinger of the 2021 market is tight listing inventory, low interest rates, and high buyer demand continuing to drive momentum.

“Insatiable buyer demand” is keeping inventory scarce as house hunters try to outmaneuver and outbid each other, according to reports from Northwest Multiple Listing Service (NWMLS). Its statistical summary for the end of 2020 showed strong activity throughout the holiday season with double-digit increases in new listings, pending sales, closed sales, and prices.

Measured by months of inventory, there is only about two weeks of supply (0.53 months) overall. Only five counties had more than a month of supply, well below the four-to-six months of supply used by…

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Covering housing news and more. Our informative and locally based real estate news blog will feature the latest housing statistics for Sammamish and Issaquah as well as information on Bidding Wars, mortgage rates and local information that affect your home and commute like the new Klahanie Bridge on Issaquah-Fall City Road.

We’ll dive deep into the stats and strive hard to provide detailed analysis the is helpfully while also being easy to understand.

If you ever have a question or suggestion we’re here. Just reach out to us and let us know and we’ll be happy to answer!

Check out some of our most current stories below:

Klahanie Bridge / Issaquah Fall City Road Construction Delayed

Housing Crisis 2021: Lack of Inventory

What to Know…

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Due to unforeseen circumstances, including construction delays caused by necessary third-party utility relocations and inclement weather, the City of Sammamish's Public Works Department has determined the road opening by end of January is not feasible.

The City of Sammamish has looked at options to hasten the construction or partial openings but has determined in an abundance of caution that these options are not safe nor realistic due to weather events and fiscal constraints.

Upon reviewing the contractor's updated and current schedule, and the status of utility relocations, the bridge and roadway are now scheduled to be opened to traffic on May 1, 2021.

We understand this inconvenience and thank you for your continued patience as we work to…

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Certainly exacerbated by the pandemic, this housing crisis is all about one thing: supply

A harbinger of the 2021 market is tight listing inventory, low interest rates, and high buyer demand continuing to drive momentum.

“Insatiable buyer demand” is keeping inventory scarce as house hunters try to outmaneuver and outbid each other, according to reports from Northwest Multiple Listing Service (NWMLS). Its statistical summary for the end of 2020 showed strong activity throughout the holiday season with double-digit increases in new listings, pending sales, closed sales, and prices.

Measured by months of inventory, there is only about two weeks of supply (0.53 months) overall. Only five counties had more than a month of supply, well below the…

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This is the real estate climate we're currently living in—and it has everything to do with the COVID-19 pandemic.

The COVID-19 pandemic has had a major impact on the real estate industry, and as a result, many parts of the country are experiencing what is known as a seller's market. The pandemic caused everyone to reevaluate where they're being quarantined.  Take the simple fact that a home is no longer a home, the home is now a workplace as well. It's also a school. And that really has gotten a lot of people in a position where they've decided to pull the trigger and change the condition that they live in.

"Simply put, a seller's market is a marketplace in which sellers have a competitive advantage due to pent-up buyer demand and low home…

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Sammamish was one of the hottest markets on the Eastside for 2020. Overall, there were substantial increases in price coupled with declining days on market and bidding wars often driving homes sales well above asking price.

Several neighborhoods such as Trossachs and Klahanie saw record prices for homes sold and also record increases in price per sq foot.

Here is a quick breakdown for Trossachs, Beaver Lake, Aldarra, and Klahanie.

So, What’s in store for 2021?

  •        All indications are continued price growth estimated to be at least 10% or higher.
  •        Bidding Wars and multiple offers on homes.
  •        Low inventory
  •        Low but slightly increasing interest rates

Take a look at the stats below for a full breakdown.…

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Klahanie was one of the hottest markets on the Eastside for 2020. Overall, there were substantial increases in price coupled with declining days on market and bidding wars often driving homes sales well above asking price.

One example detailed below listed at $1.1 million and sold for $1,220,005 in only 6 Days on Market which equates to 110.91% of Asking Price!

So, What’s in store for 2021?

  •        All indications are continued price growth estimated to be at least 10% or higher.
  •        Bidding Wars and multiple offers on homes.
  •        Low inventory
  •        Low but slightly increasing interest rates

Take a look at the stats below for a full breakdown. Please remember that each home is different as are the motivations of each…

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KIRKLAND, Washington (January 6, 2021) – “Insatiable buyer demand” is keeping inventory scarce as house hunters try to outmaneuver and outbid each other, according to reports from Northwest Multiple Listing Service (NWMLS). Its statistical summary for December showed strong activity throughout the holiday season with double-digit increases in new listings, pending sales, closed sales, and prices.

Northwest MLS brokers added 5,260 new listings to inventory during December, a hefty 39.3% increase over the same month a year ago. Last month’s additions fell short of meeting demand as members reported 6,883 pending sales (mutually accepted offers). That number surpassed the year-ago volume by 940 transactions for an increase of 15.8%.

Pending sales…

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Brokers/Agents working at The Cascade Team are asked to NOT include any Buyer letters or allow them to be received with offers on properties they represent:

The Fair Housing Act provides, in part, that sellers cannot refuse to sell a house based on race, religion, color, national origin, sex, family status or disability. Furthermore, the law further protects homebuyers from discrimination based on age, sexual orientation, marital status, veteran status, ancestry or source of income.

Homebuyers ask all the time about buyer letters. You know the letters I mean: the ones where the buyers write about how much they love the house and why they or their family or their kids will love living there and why the sellers should pick their offer.

That…

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2020 was a unique one for real estate. Though the pandemic slowed the majority of the economy down, the housing sector boomed.

In fact, it saw almost unprecedented success. Buyer demand soared (up 40% at one point), bidding wars were a constant presence, and mortgage rates bottomed out — hitting a new record low more than a dozen times over, according to Freddie Mac.

The market even bucked the traditional fall slowdown, with unseasonably strong demand well into the cooler months. All this, despite an ever-worsening pandemic.

But now that 2020 is (finally) at its end. Will it be the end of the current housing boom as well?

Probably not!

According to experts, we can expect more low rates, still-rising prices, and a continued exodus to the…

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