The market has definitely heated up over the past few weeks, which was expected. More and more traditional single family homes (not townhomes) are having reviewing dates. The vast majority of new townhome listings do not have review dates. However, I did notice a few more townhomes with review dates this past week. Increased review dates are an indication that Listing Brokers are feeling the market heat up.
What I did notice this past week was how many listings in SW Snohomish County went pending with just a few days of market time. Nearly a third of the Pending homes had only three days or less of market time, and none of these listings had review dates. I think it would be safe to say that these Sellers probably ended up selling for less than the market would bear.
In NW Seattle a little over a quarter of the Pending listings had 3 days or less of market time. Only one of these had a review date, and presumably they took an early offer that was compelling and over asking. I think it is safe to say that most new listings that are not townhomes should probably have a review date.
Pricing is always super challenging during the first quarter of any year because we are working off of closed homes from the fourth quarter, which tends to be the lowest sold prices of the year. This time of year, we are always warning our Sellers of the pricing challenge. In order to protect Sellers, it makes sense to have a review date. Anytime the market is changing and heating up, review dates are in order!
And as always, if you have any additional real estate questions, feel free to call/text us any time! We’re always here to help!
STEVE HILL
Broker | REALTOR®
CELL 206-769-9577
SANDRA BRENNER
Managing Broker | REALTOR® | MCNE | SRS | CRS®
CELL 206-271-7100
WINDERMERE REAL ESTATE / NORTHWEST
311 N 85th St
Seattle, WA 98103
MAIN (206) 527-5250
brennerhill.com
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