Matt Holmes

Matt Holmes

Co-founder at CoBuy
Global explorer. Dual US/UK national. Former investment banker. Real estate enthusiast. Rock&roll lover.
Matt Holmes

We surveyed 20 top real estate pros from our network of agents, loan officers, and builders in and around Seattle to get the skinny on what’s going down in the Seattle housing market.  Data is a funny thing – often sliced, diced, and compiled to suit a purpose.  Our goal is simple: ask people who are well-positioned in the market what they’re seeing.  We asked 10 multiple choice questions + 1 open-ended question, and we’ll do the same next month.  

Competition for homes in and around Seattle is fierce.

This is hardly surprising when you consider the facts.  The local economy is on fire and high-paying jobs abound.  Boomers are reluctant to leave their homes and downsize as they grapple with the question of where to go?  Geographically, building out is not an option and building up is met with resistance from the NIMBY contingent of homeowners.  Interest rates remain nearer to historic lows than not, incentivizing some renters who are able to get a down payment together to pull the trigger now ahead of anticipated rake hikes.

Key Takeaways

Home prices are expected to rise over the next 3 months

The market remains uber competitive

Inventory is largely unchanged versus last month (still very thin)

Buyer traffic through houses on the market is up

Buyers are placing upwards of 4 offers before reaching mutual acceptance

Listings are often receiving 5 or more offers, with some receiving more than 10

Seller concessions are rare

Appraisals are still rarely coming in low

Home prices in the region continue to be buoyed by strong underlying fundamentals and substantial demand.  Without an external shock, few industry professionals we speak to expect a departure from the current trends.  If you are looking to buy a home in the near future, it’s safe to say you can expect exceptionally competitive market conditions.

Here’s what some of our respondents had to say about the market:

“I was at a property in Renton this weekend that had 100 attendees at the Sat. Open House and 50 on Sunday.”

“It continues to be a tough market for buyers due to the low inventory and fierce competition.”

“Rising rates are becoming a bit of a concern since buyers that have been pre-approved for up to a year may no longer qualify at their original top end.”

“Buyer activity is way up since the turn of the year but listings haven’t increased yet.”

If you’re looking to team up with friends, family, or your partner to increase your purchasing power to buy a home, check out our new calculator to get an idea of what you may be able to collectively afford.

CoBuy’s new calculator helps you get a picture of how much you can afford.

Survey Responses

For more info on how to get in on the housing market, check out CoBuy or subscribe to our mailing list.  Our online platform makes it easy to buy a home with friends, family, or a loved one.  We guide you through the process from start to finish, assisting with planning, joint financing, and preparing a co-ownership agreement.

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