Even though the entire world is going through a recession, the Seattle real estate market is still going strong. The apartments in the Seattle real estate market have shown a lot of resilience and are all set to cover the declining sales. If the demand for real estate in Seattle increases, there would be no cheap house for sale in Seattle.
Undeniably, Seattle apartments will still be in shortage. There has been an increase in the new listings on all the websites but the inventory has always been low. People are trying to buy more houses and the agents are trying to meet the supply and demand. July 2020 was indeed a very great month for the housing market in Seattle.
Seattle Real Estate Market 2020: Pre Covid Scenario
Before the novel coronavirus, the prices of houses were rising. In October 2019, the prices for the properties rose by approximately 3%. In January 2020, the prices were at a skyrocketing rate and it was probably the highest growth ever. The market was in very good shape before Coronavirus. Many new houses were added in the listing and the total number of active listings increased as well. Due to the falling inventory, there was a lot less competition in the market and the agents were able to meet the demands of the people. People decided to not list homes in the spring season, which is why there was a decline in the listing, but the price of the property was still the same.
Seattle Real Estate Market 2020 in June
In the month of June, there was a little increase in the prices. The median sales price also increased and the inventory was a little low.
In particular, Seattle is currently a hotspot for all the buyers. However, there is a shrink in demand for properties here. Ultimately, the houses are sold for a lower price and there is a lot of negotiation power involved. The current supply is definitely exceeding the demand and this is the major reason why the buyers have an advantage over the sellers.
Present: Seattle Real Estate Market 2020
Wondering if it is a good time to buy a home in Seattle? Well, the numbers for the market can be positive and negative owing to the current condition. Your profit and loss totally depend upon whether you are a buyer or seller. Some sellers are not willing to sell their properties because of the sudden price drop. However, a few are looking to buy houses to take the advantage of the low rate. Due to the economic downturn and the pandemic, sellers are desperately making use of the technology to sell properties.
Wrapping up
The entire concept of the sector is falling. This is happening because of the virus. The belief is the Seattle real estate market will be at a balance for the remaining part of the year. It is said that the sales will decline over the coming months and the home prices will tend to drop a little bit. You can buy a house for the price, which is lower than the list price, and it may be possible that the seller will pay for all the closing costs. Be wise and take the correct decision!
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