With Seattle rated as the hottest city in America for real estate combined with relocations around 90,000 over a 12-month period, excellent job opportunities, and low real estate inventory, home prices are skyrocketing. Many offers on the eastside are excelling into 15-20% above list price with multiple offers. Some buyers are attempting to circumvent the multiple offers and go straight to the highest offer in hopes sellers will accept prior to the review period (this has worked for me a few times with my clients).
When will this end? Some experts are warning that a housing bubble is likely to burst soon. Others state the real estate market may slow early 2018 but will gain speed the second half of the year.
Historically, 2018 puts us into the 10-year cycle of flattening although we have other variables that come into play such as large job growth, increase of migration to the area, and international demand. It is definitely a good time for sellers to “cash out”.
Furthermore, contingent offers in all price ranges are on a slow increase which could be caused by the time of year but we are seeing a few homes selling below list price. The theory that some properties do not sell is correct, some are not selling as quickly.
Early spring will show how the real estate market will play out this year and whether we will see a slower pace with price adjustments or continual fast pace with outrageous multiple offers. In any case, inventory will remain low.