The housing market in Seattle is currently a strange one. Low-interest rates have signaled a frenzy of buyers to make their moves. But with not enough inventory to choose from, homes prices are surging. Some buyers are hoping the Coronavirus pandemic will cool off the region's housing market, but they are out of luck. The market remains hot.
Sale prices of lower cost and mid-range homes remain torrid, with multiple offers on a single listing common. The virus has, however, altered the way sellers handle open houses—especially in Washington state, one of the nation's Coronavirus epicenters. Some Seattle real estate agents no longer want to host open houses and are opting to instead screen potential buyers for by-appointment showings, to ensure they are only dealing with (and limiting their exposure to) serious buyers. Others are implementing virtual-tour viewing into their marketing options for buyers.
The real estate industry can quickly change. For now though, one thing is for certain: it is on fire. Agents are getting more showing requests than ever, and properties are receiving multiple 'above list-price' offers. Some homes are going pending in as fast as 12 hours.
Only time will tell how this virus pandemic will affect the Puget Sound housing market over time, but right now, the market is tightening and offers are flowing in faster than agents can keep up!