Buyers were active in NW Seattle this past week! There was a pretty big jump in the number of homes that went Pending Inspection (PI). Reminder, this is when the Buyer’s purchase of the property is subject to their subjective satisfaction of a home inspection. Because this addendum is to their subjective satisfaction, the Buyer can exit the contract and get their earnest money back. They don’t even have to have an inspection. They can tie up the property and then change their minds. Out of the 17 homes that went PI, only four had any type of report. However, looking into these four, only one listing had both a home inspection and a sewer inspection. Two listings had home inspections, but no sewer report, and one had a sewer inspection, but no home inspection. Why? I always want to ask brokers who have done one, but not the other…why? Honestly, it serves no purpose to only do one. You are still leaving your potential Buyers no other option other than to write an offer, with an Inspection Addendum. This is NOT serving the Sellers! As I am sure you all know, Steve and I are proponents for both a home and sewer inspection.
OK, off my inspection rant, and on to what else is happening in the markets. Inventory levels and new listings are down in both markets, and homes going under contract were up in NW Seattle. Interestingly, homes going under contract in SW Snohomish County were down by over 31% for the past two weeks. This is primarily because activity was down by 42% for the week ending 10/27, but this past week the activity was pretty decent.
Good news for Sellers in both markets, the sold price per square foot was up for the past two weeks.
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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