Realtor Mary Lee

Realtor Mary Lee

Are Seattle Eastside Home Prices Headed Down?

What’s happening in the market, where are prices headed

What a difference a couple of months can make in the housing market. In May, inventory levels were still at record lows and many homes were getting multiple offers. As previously reported, the Seattle area has seen the largest home price increases in the country for the last 20 months in a row, according to Case-Shiller data. With the median house price at $812,500 in Seattle and $978,000 on the Eastside, we are at a tipping point where record-high home prices, overly optimistic sellers and buyer fatigue have converged. The total inventory of homes listed for sale has now grown for three straight months on a year-over-year basis, suggesting a new trend. Redfin data showed 32 percent of homes across the region had price drops last month, up from 27 percent a year ago and the highest for any June since the company started tracking in 2012.

What does this mean for sellers and buyers? Sellers need to be more realistic about the value of their home and shouldn’t expect to get multiple offers or offers with Escalation Clauses significantly over the asking price.

Buyers will likely have more homes to look at in their preferred price range and area and may encounter less competitive multiple-offer situations.

While the frenzied market and bidding wars may have slowed down for now, well-priced homes in top condition are still getting a great response from the market and selling quickly, so buyers should be prepared to be proactive once they find the right home.

As we move towards a balanced market, it allows buyers to catch their breath and sellers to move off their ‘happy hopeful price’ to a realistic home price based on sound principles of valuation.

Smart home sellers and home buyers will engage the services of an experienced local real estate professional to help them navigate today’s changing market.

To download a FREE Housing Market Forecast and Home Seller’s Guide, go to: www.seattlemarketforecast.com

To learn more about Mary, go to: www.whyworkwithmary.com

Visit us on the web at www.maryleerealestate.com

More in Marketplace

Sky’s the limit with this lakefront getaway property

Engel & Völkers Seattle partner with pioneer Lake McMurray family to offer stunning acreage

Crossroads celebrates the giving season with community

Bellevue center launches month of special events and opportunities to give back

Boosting community on Mercer Island can be THIS easy!

Mercer Island Community Fund grants support Island events and programs

Not everyone feels celebratory at the holidays. Remember, it’s okay to take some time and space for yourself, or to ask for help.
Are the Holidays too Much? Tips to Manage Stress this Holiday Season

Leaves are changing colors, pumpkin spice is in the air and little… Continue reading

This could be your new dream home!

40-acre Washington luxury property appeals to equestrians, preppers and more

Local Students Engineering Smart Solutions for Boeing

Collaborative robotics, haptic alert systems for hearing-impaired employees and riveting safety —… Continue reading

Building community at Crossroads Bellevue

From spa treatments supporting cancer research to Halloween fun for kids, find it at the Crossroads!

Everybody wins in Boeing’s energy-reduction battle

There is nothing like a little friendly competition to show how when… Continue reading

The Deadly Truth About Isolation and how You can Stay Connected

New technology campaign helps keep people connected

Global luxury real estate brand takes Mercer Island by storm

Gottesman Chapin brokerage lends solid track record to Engel & Volkers

Boeing inspires the next generation of engineers and technologists

Thousands of young students benefit from company volunteers’ teaching in STEM subjects