Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Seattle Real Estate Forum
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 5 years ago on . Most recent reply

User Stats

35
Posts
11
Votes
Jason Woods
  • Rental Property Investor
  • Bellevue, WA
11
Votes |
35
Posts

RE market still going strong in Seattle, but I'm getting nervous

Jason Woods
  • Rental Property Investor
  • Bellevue, WA
Posted

I just accepted a full price offer on a property we listed 5 days ago in the Bellevue/Eastside of Seattle area. This is a property we acquired a year ago, it's a fix-upper in a conveniently located neighborhood, the project took much longer than we anticipated, and with a quite a bit of budget overrun as well. I have been watching local RE market very closely in the past 2 months as we are finally getting ready to sell. With all the lockdown, stock market crash, and many folks got impacted and lost their jobs, I was getting nervous.

So last weekend we decided to take the property to the market, before the government lockdown is lifted. RE is considered essential business and it's allowed to have people tour the house with PPE and social distancing. It's a really weird time to sell a house, it'll be one experience for history books :-). We listed property and received a full-price offer 4 days later, and we reach mutual the next day. I was quite nervous going in and wanted to get the property sold asap, so I was pleasantly surprised to see the RE market is still going so strong in Seattle area. Even during the midst of lockdown, we had many groups touring our property over the course of 5 days. I didn't see price drop at all, it probably went up 5-10% YOY in the area our property is located. There are definitely less buyers given the covid-19 situation, but there is very few houses available for sale as well, so whatever are in the market all got sold pretty quickly. I will make ~10% net profit from the sale.

I think the housing market will retreat in Seattle area in the next 1-2 years, the full economic impact of the virus and lockdown is not yet showing up in RE market yet. That's why I was nervous and want to sell quickly, I want to get some funds back as cash and have the dry powder to load up if another crash comes.

Most Popular Reply

User Stats

1,484
Posts
425
Votes
Adrian Chu
  • Real Estate Broker
  • Seattle, WA
425
Votes |
1,484
Posts
Adrian Chu
  • Real Estate Broker
  • Seattle, WA
Replied

High end over $2m have always been hit or miss. The house has to be super awesome and someone will buy it. 

I've recently been showing homes ranging from $800k to around $1.4m.

Loading replies...