While the number of pending sales is up in most neighborhoods across King County, the number of homes available for sale continues to fall—down 8.3-15.5% from [the very tight levels of] last February. As interest rates have slowly started to rise, so has the motivation of buyers, who are competing in multiple offer situations more often than not. In some neighborhoods, 10 or more offers on a single listing is the new norm.
The stability of the Seattle area real estate market will depend on creating much needed balance by adding new listing inventory for sale. Without it, prices will soar—with only those buyers willing to pay above market value, and waive the security of investigative and review contingencies, in a position to purchase the few available homes.
Not only is this not a good situation for buyers, it is not a sustainable environment for sellers. Any lengthy continuation of…
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