Eastside weekly wrap-up: 23 offers in Bellevue!!
The big news out of last week was the huge drop in rates as a nice Christmas present to buyers everywhere. We’re hovering right around 6.65% right now and buyers have to be jumping up and down with that break. In real terms, if you’re buying a $1M house with 20% down, that’s a difference of $200/month from when rates were around 7% just last week (lots of assumptions around credit and no points etc so it’s a good reminder to chat with your lender about your own purchasing situation)!
Speaking of million dollar houses, we heard over the weekend that a fixer-upper in Bellevue had 23 offers on it and went 17% over list to an all-cash buyer. Like we’ve been saying for a few weeks, drops in rates should bring buyers back to the market but with low inventory, expect to compete for those homes!
For the weekly activity in the market, we continue the end of year slowness. Just 66 homes hit the market last week but buyers, likely due to the rate drop, put 63 homes under contract. There were also 24 cancelled listings bring active inventory down to 511 homes for sale across the Eastside. This means new listings are going to get a lot of eyeballs so it doesn’t hurt to take a second look at homes that have been on the market for a few weeks – those sellers are more likely willing to negotiate with buyers!
If you haven’t yet, there’s still time to support our end-of-year fundraiser for Mary’s Place. Mary’s Place is an organization that provides safe, inclusive shelter and services that support women, children, and families on their journey out of homelessness. A small amount goes a long way to make sure No Child Sleeps Outside. Urban Living will match all your donations. You can donate via Facebook, or if you’d prefer to donate directly, just forward me your receipt and we’ll match it. Last year we raised over $5,000!
We hope everyone has a great holiday weekend! Be sure to check the road conditions for the pass if you’re heading that way and be safe out there!
