Real Estate Update – February 2020

There was a day last week, when the following occurred while doing a search of homes on the NWMLS;

  • City: Bellevue
  • Number of Bedrooms: 3 or more
  • Price: Under $1 million
  • Results: ZERO

Yikes. Even right now, on a Thursday right before going into the weekend, there are only 2 active results that meet those search parameters. To say inventory is low would be an understatement.

It’s hard to imagine things getting much more difficult for buyers. Here’s hoping inventory turns around and that we’re able to reach a much more balanced market, if that could exist.

It seems as though every time inventory does build itself up a little bit, there are articles about the market crashing and how buyers think they’re in control now. We (Mitch and I) will see it first hand as well, with low ball offers, and buyers all of a sudden getting picky. I think the end result of that is that sellers decide to wait, and new listings decide to hold off and try the rental market instead.

So, hopefully we’ll be blessed with an influx of new listings soon, and a market where sellers can get a price they want, and buyers can still do all their due diligence while taking advantage of low interest rates.

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