Things Change Fast in the Seattle Real Estate Market

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2023499085The DivaHQ has a funny saying “Things Change Fast in Divaland.” Most of the time it is referring to the Divas suddenly making a 180 degree switch in marketing or messaging focus in order to capture the current Seattle real estate zeitgeist. But this spring it is hands down all about the intense change periods that have occurred in the Seattle market. The inventory is so low that lately I feel our buyers’ ability to get a home in contract is due to luck and their own intense focus on making it happen rather than normal real estate processes. For our sellers it has been Multiple Offer Monday almost every Monday for what seems like forever! The Seattle Times just released an article that was right on point with the quickly changing times in the Seattle Real Estate Market.

There are a couple of points that we wanted to call out from the article. First off congrats to Ballard and Capitol Hill for matching or exceeding 2007 market peaks this last quarter in home prices. Capitol Hill’s single family homes are selling for 14% higher than the peak last quarter. Ballard is right at the tippy top. I just did a market analysis in Ballard and there were FOURTEEN total homes on the market including townhouses, single-family homes, etc.

The lower end markets in Burien and Shoreline are seeing double digit price increases but are still way below their height. These markets really needed a boost and it is nice to see that folks are discovering these awesome little hoods. Things have changed fast in the southend Seattle markets. Finding a fixer for under $150,000 was a no brainer in White Center and Burien. Now you are lucky if you can find one for $225,000. And to think this change just happened in the last three months! Things change fast in Divaland and the Seattle housing market, that’s for sure.

Advice for our Super Smart Home Buyers

  • Buy something that needs a little work. Everyone wants the sparkly fancy move-in-ready homes. Think about it. The Divas get higher than average sale prices for their Diva Dwelling listings because we make our clients work to get their homes in show-ready shape, meaning sparkly, fancy, and in perfect condition. Sparkly and fancy brings all of the buyers to multiple offer Monday.
  • Buy in an up-and-coming neighborhood with good transit. Our current favorite hoods are Hillman City, Beacon Hill, West Seattle, Maple Leaf, and Wedgwood.
  • Wait for the right house. Do not buy into the frenzy! The right house always comes along at the right time. It is crazy when it happens. Prepare yourself financially and emotionally to win your Diva Dwelling. When the right house comes along don’t over think the process and just go with your gut. Are you going to be happy here for a long time? Yes? Do for it with your heart and soul! 

Advice for our Super Savvy Home Sellers

  • Sell your home now if you have a home that would be a rough sell normally. Is your home on a busy street? Odd size or layout? SELL NOW.
  • Sell your home if you have owned your condo for awhile. Condo prices are not going down any time soon, but the increases are going to level off pretty soon. Why? The condo market is being boosted by first time home investors who want an easy rental. A heavy investor condo market is never a good thing. Look at all of the cranes at the Alaska Junction, Pike/Pine, Ballard, etc. It is only a matter of time before one of those buildings maxes out on what they can get for rent and transitions to condos in order to cash in on these investors.
  • Sell your home if you are ready to cash in and move on up. There are a bunch of you super smart Diva Dwellers who bought during the recession or right before the crash. You have a ton of equity now and we know you have a couple of dogs and some kiddos. You are bursting from the seams of your Diva Dwelling. Cash in! 

As usual please be a smart Diva Dweller. Own a home if you are ready to take on the responsibility of home ownership. There are people, like myself, out there who would never trade in home ownership for anything. I bought my first house when I was 24 and have never looked back. Some of us do not like people dictating what walls to paint, how many pets to have, and who needs a lawn when you can have a nice garden. I would never rent! However, Diva Dude Roy enjoys the security and flexibility that renting gives him. Let’s be honest when the roof opened up and water poured into the Chez Diva I kinda appreciated Roy’s perspective. But in the end my NEW roof is sweet to look at when I am hanging out on my patio at 10:00 PM on a Monday evening making as much noise as I like. And remember things change fast in Seattle’s housing market. Make a choice that is smart for you. Just as things change fast in Divaland.

 

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