Monday NW Seattle Real Estate Market Update | October 12th, 2020
The big NW Seattle Real Estate news is that limited open houses are back!
New Limited Open House Rules:
- Only 5 persons are allowed in the property at any one time.
- Everyone must sign in.
- Masks required.
- 6ft social distance.
Steve held his first open house in 7 months, this past weekend! We discuss how that went. We’ll keep you all posted on open houses going forward and of any changes that may happen.
We go over interest rates, the NW Seattle area numbers and don’t miss our upcoming Virtual Home Selling Seminar on Thursday November 19th at 5:30PM on Zoom.
Let us know if you’d like to attend or click here to register!
Steve 📲 (c) 206-769-9577 📧stevehill@windermere.com
Sandra 📲 (c) 206-271-7100 📧sbrenner@windermere.com
-Hey, so welcome to week 31. I had to glance at my notes ’cause I forgot what week it was already. And the big news this past week is that open houses are back. And Steve was so excited to hold his first open house, in I don’t know, eight months, something like that.
– Too long. And I think buyers were excited to have open houses back too, yeah. You wanna share what happened this weekend?
– So I had an open house on Sunday, or excuse me, on Saturday, from one to four. And the weather forecast was thunder showers and rain and all horrible, but you know what? That really didn’t happen.
– No, it was super nice on Saturday.
– I was excited that it didn’t have all the rain. And we had 20 people through the house. I was quite shocked. In fact, we now have a limit where only five people can be in the house. And there was a point where I couldn’t let any more people in the house. So that was exciting. And people do have to sign in. So if they wanna come in to the house they have to sign in, for trace monitoring. But yeah, it was exciting, it was fun. Can you tell I was excited?
– Well, and I noticed that there were a lot of open houses that were scheduled in Northwest Seattle over the weekend.
– So I think brokers are eager to kinda get back out there. I mean, most of us are social creatures, so that’s probably part of it.
Interest Rates did tick up just a tad last week.
So conforming is 2.75 for a 30 year, 15 year, 2.25 and jumbo, 3%.
Again, still super super, super, super cheap money. But they did tick up. And you know, interest rates are volatile, right? So they do kind of trade within this little narrow margin. And then, Steve, what has happened with the Northwest Seattle real estate? What’s our stats for last week?
– Well, our stats for last week are that there were 242 homes for sale.
There were 61 new listings, 72% of those were vacant.
We had 38 homes go pending sale, with an average market time of 14 days.
We had 20 homes go pending inspection, with an average market of 22 days.
And we had 49 homes closed with an average market time of 15 days.
And the average price per square foot was $480. – Yeah, that was down by quite a bit. – That was kind of interesting to see.
And then also, another thing that I kind of made a mental note of is that homes that went pending inspection, how many were there, 20?
– Pending inspection, 20.
– Yeah, so 12 of them had more than 10 days on market. So that’s 60% of homes that went pending inspection had more than 10 days on market. And then pending properties, I noticed 26% of them had 10 days or more on market. And so it just goes to show that the longer you’re on the market, sellers, the less favorable terms you’re going to get. So pricing your home properly right at the beginning is really key, besides a lot of other factors.
Oh, and that reminds me, we have a home-selling seminar that is coming up in November. Thursday, November 19 from 5:30 to probably 7:30, give or take. So this would be a great opportunity to learn about the selling process. It’s a fun, interactive workshop. And who will be there?
– Who will be there? Well, you know who will be there will be me, most importantly, and you, and our favorite inspector, Brandal from V.I. Inspections, and our favorite lender, Dietrich from Guild Mortgage. So they’ll share information they have. We actually have a lot of fun doing these. And we always look forward to posting ’em.
– Yeah, it’s a ton of information, again, just about prepping your home, pricing your home, the whole process. We don’t market to you. It’s just really great seller information. It’s not a listing presentation. So you don’t need to worry about that.
And I think that’s it. I think everybody should have an awesome, awesome week. And not sure what the weather will be like.
Okay. Okay everybody, have a great week. We will talk to you next Monday.
Cheers! Steve & Sandra
