Competition to buy homes declined last month in most areas, but not Seattle.
In fact, Seattle posted the biggest increase out of 22 U.S. markets in the share of listings attracting multiple offers, from 49.2 percent in August to 57 percent in September, Seattle-based online real estate firm Redfin reported. That said, Seattle is still behind San Francisco, Orange County, Los Angeles and Boston for the overall percentage of listings with competition.
Across all 22 markets, the share of homes with multiple offers was 58.3 percent in September, down from 60.5 percent in August and 62.7 percent a year earlier. Competition peaked at 76 percent of listings in March.
"The bargaining power that sellers had earlier this year is gone," Marshall Park, Redfin's Washington, D.C., market manager, said in the report.
Homes sold for an average of 0.4 percent below asking price, but 1.4 percent above asking price in the Seattle area. San Francisco was the only other market where sales prices topped asking prices.
The report also showed the varying ways people make their offers more enticing in different areas. Waiving the financing contingency, for instance, is relatively popular in San Francisco but unseen in Seattle, where winning bidders are more likely to include a personal cover letter to sellers. Pre-inspections are common in Seattle and San Francisco, but not elsewhere.
Click through the gallery above to see more details on the most competitive markets.
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