are we back to bidding wars? (Seattle, Bellevue: for sale, how much, new home)

[RVD90277]

this article over the weekend said that seattle is 2nd in the country only after the bay area in terms of multiple offers, etc.

is it really this crazy out there? the homes in my neighborhood of woodinville seem to sell really quickly (within a week or two) but i don't know if they are going for higher than asking price, etc.

Bidding wars: Homebuyers fight to pay more for Seattle homes | The Seattle Times

[homesinseattle]

For properly priced and marketed home listings, we've had bidding wars for a solid two years now, with no sign of abating. It does depend on the price point. A few months ago I had a $785k listing attract 8 offers and escalate to $970K. Last month, I had another 1.495mil listing attract only 2 offers and escalate to 1.55mil. In Seattle right now, $600-$1mil price point seems to be the sweet spot, in terms of multiple offers and escalating.

[flyingsaucermom]

It's been really hot in the Highlands for 2-2.5 years now with the overwhelming majority of homes selling for above listing price.. lately $40-60k isn't unusual. One agent said she anticipates all sale prices to be 10-15% higher than listing.

There are a few homes, higher priced ones ($875k-$1.2mm) that are still sitting after several weeks. I've seen both of them and they're certainly as nice as all the neighbors, but I don't think they show well. One of them is painted an ugly, dark green-brown and the other seems to absorb light on the inside It has this funky layout where the stairs are in the back of the house and although I've seen it work, it doesn't on this one... I don't know.. the energy is just wonky...

We've had four units in my complex go on the market on a Thursday or Friday and all went pending above listing price on the following Tuesday. I think that's how they do it these days.... you list for the weekend and on Tuesday you look at your bids. What a lucky market for sellers!

[Ira500]

Originally Posted by RVD90277

this article over the weekend said that seattle is 2nd in the country only after the bay area in terms of multiple offers, etc.

is it really this crazy out there? the homes in my neighborhood of woodinville seem to sell really quickly (within a week or two) but i don't know if they are going for higher than asking price, etc.

Bidding wars: Homebuyers fight to pay more for Seattle homes | The Seattle Times

Yes, it really is this crazy out there. Not everywhere. Bonney Lake is not as hot as Woodinville(or Queen Anne, or Ravenna, or West Seattle, or Bellevue, or Sammamish), but even houses in places like Skyway are seeing multiple offers and selling for over asking price. Inventory of homes for sale remains terrible.

[Thom52]

I am hoping its back and creeping over to the eastside.

We are putting our North Rose Hill house on the market in just over a month, so we are hoping it turns into a bidding war.

Our neighborhood has always been underpriced compared to the rest of the Seattle area, even with Microsoft a few minutes away. Then they added Google a few minutes away. Then traffic became insane.

Now the values are catching up with the rest of the area.

We have watched the area evolve over the last 30 years, from a casual suburban area on the edge of farm country, to an urban center. Pretty amazing to see it evolve.

[AnneJL]

I'm in the Snoqualmie Valley, have been my entire life and the growth is INSANE!!!! Last I checked there were 700 new homes in the pipeline to be built, and that's just for one area of the Valley.

When I've asked people why they're moving out here, especially when they seem to prefer city-like bylaws and amenities, the answer has been the same. There just weren't enough homes available for the right price further in on the upper Eastside. And from my experience so far, the majority have been tied to IT careers. So now, even in rural North Bend outside of city limits, our neighbor's homes both went within 2 weeks of being on the market. And they're going for California prices.

Most of us who have been here for generations could not afford to relocate within our area. The COL is skyrocketing. I think it's so funny out here we are now called 'the Seattle area'. That's how much the city's population is booming and bleeding out. And it's going WAY too fast for the current infrastructure.