It has been amazing to see how Covid 19 has steered our Northwest Real Estate market in just 5 months. As most of you know, lack of supply, low interest rates and high demand have combined for a perfect storm of crazy when it comes to buying or selling real estate. Here are a few of my observations both macro and micro.
WHY ARE PEOPLE BUYING?
- First time homebuyers are looking for a “space of their own”.
- Move up buyers are looking for more sq footage. They may want outdoor space, need areas for home schooling + office space or they might be moving family in.
- The increase of work from home options are allowing former commuters to move to more affordable areas.
- The lowest interest rates in history are giving buyers a little more purchasing power.
WHY ARE SELLERS SELLING (OR NOT)?
- When you can suddenly work from anywhere, you can move closer to family or away from the city.
- Fear is an obvious factor. Some sellers see this as an optimum time to sell high because they fear a drop in the housing market.
- Some sellers are fearful of having anyone in their house and therefore selling their house is not an option.
- Landlord laws have changed drastically even before Covid. Many former rentals can be sold quickly for high value.
- Flippers have jumped back in to the local market. Homes are being rehabed and resold in as little as 3 months.
- Job security – small business failures will unfortunatly drive Northwesterners to more affordible areas.
WHAT’S HOT – WHAT’S NOT?
- McMansions are making a comeback.
- Additional Dwelling Units are a desirable feature in homes.
- The permit requests for building either ADU’s or Cottage Homes are up.
- The vacation / second home market is booming. Buyers are looking for places to “stay-away”, “get- away” or invest in.
- Reverse offers – an old sales tool where the buyer makes an offer to a seller allowing the seller to set the price and terms prior to a buyer seeing the property.
- Condo’s in certain areas of Seattle are a HOT buy.
- Condos anywhere with an internal air circulation system will become more difficult to sell.
- Election years alway bring with them a pause in the real estate market.
- There is no reason to think that local real estate prices will go down.
- There is every reason to think that supply will stay low.
Beautiful home in University Place
|Home size||2,248 sqft|
|Lot Size||11,309 sqft|
|Days on Market||49|
RAMBLER - GATED COMMUNITY OF BERKSHIRE! This graceful custom built rambler will feel like home the minute you walk through the door! Functional floor plan includes Master Bedroom & office in one wing - 2 bedrooms & full bath other. Formal living and dining rooms + large open kitchen/family room combo leads to an amazing private back yard that provides a welcome oasis year round. This "right size" subdivision in the heart of University place offers convenience and safety.
Property Type(s): Single Family
|Last Updated||10/16/2020||Tract||University Place|
|Year Built||1997||Community||University Place|
|School District||University Place|
|Elementary School||Sunset Elem|
|Jr. High School||Curtis Jnr High|
|High School||Curtis Snr High|
|Lot||0.2596 acre(s)||Area||33 - University Place|
|HOA Dues||98||Sewer||Available,Sewer Connected|
|Taxes||8046||Utilities||Cable Connected,High Speed Internet,Natural Gas Available,Sewer Connected,Electricity Available,Natural Gas Connected|
|Appliances||Dishwasher, Disposal, Dryer, Microwave, Range/Oven, Refrigerator, Washer|
|Construction||Stucco, Wood Products|
|Exterior||Cable TV, Fenced-Partially, Gas Available, Gated Entry, High Speed Internet, Patio, Sprinkler System|
|Garage||Attached Garage, Yes|
|Interior||Bath Off Master, Central A/C, Dbl Pane/Storm Windw, Dining Room, Fireplace in Mstr BR, French Doors, Hardwood, High Tech Cabling, Security System, Skylight(s), Vaulted Ceilings, Walk-in Closet, Wall to Wall Carpet, Wet Bar|
|Lot Description||Curbs, Paved, Sidewalk|
|Master on Main||Yes|
|Style||10 - 1 Story|
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