Why does the housing market still so hot during pandemic?

The Seattle region housing market kept on indicating strength during the Pandemic, with growths compared to the last month in both new listings and pending sales.

A report from Northwest Multiple Listing Service (NWMLS) — which covers 23 counties in the area — showed that the region had 10,175 sales during September, the highest record since June 2018.

“I believe this significant increase speaks to sellers becoming much more confident and buyers competing more effectively, most likely due to low-interest rates,” said Mike Grady, president, and COO at Coldwell Banker Bain. “It’s as if we just completed our typical ‘spring’ market.”

As indicated by the report, King County had 3,535 closed sales in September, an expansion of 41% over a similar time last year, and a slight increment over the number of closed sales in August. The number of listings during September was down compared with August, however, it was up compared to September 2019.

The all-out dynamic listings were still well below what it was simultaneously a year ago, indicated the low inventory of the housing market. In September, the number of active listings in King County was 3,970, an almost 27% decline from the 5,431 active listings available in September 2019. Prices are still going up in the region. In King County, the median closed sale price of a home in September was $698,230, which is 17.6% more compared to the last year and increased almost $20,000 over a month ago.

All through the Covid pandemic, inventory has stayed low and purchaser demand has remained high in the market. Agents immediately adjusted to limitations set up during the pandemic, virtually showing clients home tours. Before this week, Gov. Jay Inslee declared designs to facilitate a few limitations on real estate activity to allow open houses back to business. Under the new rules, the size of the functions will be controlled by size limitations in the counties, contingent upon the phrase they are in.

The pandemic has additionally affected individuals’ way of life choices.

“COVID-19 has made many reflect on what their home means to them,” J. Lennox Scott, chairman, and CEO of John L. Scott Real Estate, said. “As a result, many people are looking to create that ideal place to call home. We are seeing a rotation of homeownership, whether that means refinancing, remodeling, or moving.

With the changes in the working environment, offering more flexible work-from-home options, some people are starting to live out of the city for more spaces.

“I consistently hear examples of COVID-related housing movement from our agents, such as a willingness to live further out, plans to move to the Pacific Northwest due to the ability to work remotely, a desire for a yard, home office, vacation property, etc.” said Robb Wasser, branch manager at Windermere Real Estate/East. “But I do wonder if I’m noticing these instances because I’m on the lookout for them.”

Because of the great demand on the market, brokers are making sure prospective home buyers are prepared to get into a “bidding war”.

Buyers should “step up with their best foot forward to compete in the multi-offer environment or deal with the frustration of being outbid,” said Frank Leach, broker/owner at RE/MAX Platinum Services in Silverdale.

“Those without a pre-approval letter are not even going to get on the playing field.”

Even though some people are moving to the suburbs, Seattle remains a competitive and desirable place to live.

“Despite the numerous negative news stories about Seattle and anecdotes of an exodus out of the city, it is still a city where more people are moving into versus out of,” said Gary O’Leyar, owner and designated broker at Berkshire Hathaway HomeServices Signature Properties, Seattle.

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