Driven by low inventory and increased buyer urgency during the coronavirus pandemic, the Seattle area housing market has seen a significant number of homes selling above ask recently.
Zillow recently published a new report indicating that 44% of homes sold above ask in September, up from 25% of homes in September 2019. Particularly impacted were homes in the $405-515K range. Defined in the report as the lower fifth of all homes, a whopping 52% of homes in this band ended up selling above ask.
This isn’t limited to just Seattle. Around the country, around 22% of all homes sold above ask, the highest percentage since January 2018. While it is not uncommon for homes to sell above ask, the percentages of homes doing so is largely unprecedented. The local 44% of homes selling above ask in Seattle ranked the region as the fourth highest nationally. San Francisco led the nation in homes selling above ask, with 49% of homes attaining higher prices, Buffalo (46%) and Milwaukee (44%) rounded out the top three.
If you are interested in seeing which neighborhoods in Seattle have had the highest numbers of homes selling above asking price, I update my Seattle Real Estate Trends page monthly.
While local economic factors are crucial in selling above ask, home preparation is also very important. If you are considering listing your home to take advantage of the unusual buyer urgency, it is wise to connect with a local realtor that understands what buyers are looking for and how to prepare your home to be universally appealing to attract multiple offers. If you are looking for a realtor that knows how to maximize a home’s potential and market it efficiently here is more information.