Eastside weekly wrap-up: heat wave as buyer competition heats up…but no sellers!
Better late than never – I kept telling myself I’d write this during Game 7 drama for both the Celtics and the Kraken but that was clearly wishful thinking. Thank you for a great season Kraken! We’ll get the cup next year!
In real estate news, it is hot out there…but not for listings and sellers. They’re chilling on the sidelines which is not good for buyers. Sellers put 173 homes on the market on the Eastside this past week. This isn’t a big drop week-over-week but we’re seeing a tapering of new listings when we should be seeing more and more homes on the market right now. Sellers are trapped by their current low interest rates and the high home prices mean they can’t buy the next home.
Meanwhile, buyers are challenged by those same high prices and interest rates (we kicked of the week at 6.67%) but they’re still determined! After taking a break, we saw the biggest week for pending sales with 168 homes getting under contract. The increased activity is great for sellers who might be thinking about selling – the buyers are there. Buyers, expect more listings this week (hopefully), and then slow next week for the long weekend and then one more week of higher listings (again, hopefully) before we slow down for the summer.
Only a couple of homes caught our eye this week on the Eastside, both on Mercer Island. Matt likes this 60s contemporary home and I like this 70s contemporary perched on a hill with great summer views.
P.S. Our next home-buying class is in-person! RSVP here. (We have a Zoom option too.)
