Insane is a fair description of our local real estate market this past week. While many terrific new listings have come to market, just as many more new buyers have come off the sidelines. Extreme multiple offers are the norm for well-priced listings at mainstream price points. The waiving of most or all contingencies, releasing earnest money to the seller on offer acceptance, agreeing to pay the difference if there is a low appraisal, giving the seller up to two month’s free rent back, and paying 10% or more above the listed price are common occurrences in these times. Sustainable? No. But we will likely see prices continue to be driven up all through the spring season. Where and when they level off is anyone’s guess…although it’s a good guess that number will be higher than it is today.
East Lk Sammamish
© Copyright 2016, Windermere Real Estate/Mercer Island. Statistics provided by the Northwest Multiple Listing service and deemed accurate but not guaranteed.