The Southwest King County real estate market experienced a bit of turbulence in late March as the coronavirus crisis evolved. Following state-wide orders, the market virtually paused for a few days, but began picking up after real estate guidelines were adjusted to support social distancing. Now, with these guidelines in place, buyers and sellers can take advantage of historically low interest rates in the mid-threes. With inventory shortages in many price ranges, the focus remains on each new listing.
It’s important for buyers to be Buyer Ready, Day One to boost your chances of success. Additionally, we’ve enhanced our strategies for sellers during this time to attract serious buyers and get your home sold. Though our business practices have adjusted, we’re seeing sales activity starting to pick back up.
Real Estate Market Remains in Motion
SCALE: MONTHS SUPPLY
OUR TECHNOLOGY SUPPORTS SOCIAL DISTANCING
Key Market Indicators – March Recap
Southwest King County Housing Update - Resale Only
Average % of
New Listings (Pending)
in the First 30 Days
Source: Priority Home Lending
Unbelievable Interest Rates
From text notifications about new listings, to home searches conducted on a desktop or through the John L. Scott mobile app, our technology provides key advantages for buyers and sellers, especially in times of social distancing. Many buyers have a specific area and criteria in mind for a home and conduct their initial home search online – viewing photos and sometimes listing videos, all to get a feel for the home before setting foot on the property. Sellers can share a wealth of information online about their home, and serious buyers can set up a private showing to view in person.
It's a great time to buy or sell, please call if you would like to investigate.