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.  

Perhaps sellers should simply write the offers. 

The Spring buying and selling season is in full swing.  The competition seems to just keep stiffening with many buyers waiving contingencies and bidding wars pushing prices up.  New inventory is coming on and being snatched up as quickly as it surfaces.  The Puget Sound Regional Council estimates 1.2 million more jobs will be created by 2050. In a recent note, the NW Reporter predicted massive regional population growth (“Planning for nearly 6 million Puget Sound area residents by 2050”).

Key Takeaways

 The vast majority of respondents expect home prices to rise over the next 3 months

More than 2 in 3 repondents say today’s market is more competitive vs. last month

Inventory shows signs of improvement with more homes coming to market

Buyer traffic has increased

75% of respondents said buyers are placing 4+ offers being having an offer accepted

Most listings are receiving more than 5 offers

Seller concessions remain uncommon

Low appraisals are still not common

The Spring inventory spike is being met with record numbers of First Time Home Buyers who are entering the fray.  Those who may otherwise wait until the frenzy fizzles are being spurred to action by the threat of likely looming interest rate increases and the continued price appreciation that this region is experiencing.

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

Prices will increase most likely until Sept/Oct then flatten out for a bit.”

Inventory went up 15% last week. I’m starting to get low appraisals. Two so far, one at $40k short, the other only $8k short.

The winning bids are waiving low appraisals, inspections, sometimes financing and even title(after review of course and full approval). Even so, it is tough out there!

I feel like the market is staying on the same pace as it did a month ago. Buyers are still having to submit multiple offers on different homes, and there are not many homes out right now. Buyers are definitely paying a higher price for the homes as well. I do also see a lot of pre-inspections happening from the sellers up front.

I believe there will be more homes on the market in the next few months as the title reps and agents I talk to say they are opening more titles than they have in the last 6 months.

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

Here are the raw survey results from our network of real estate professionals:

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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