A “Weird” Real Estate Market? Here’s What We’re Seeing in Seattle

A “Weird” Real Estate Market? Here’s What We’re Seeing Around Seattle

If there’s one word I’d use to describe the Seattle area real estate market right now, it might be weird.

That may not be an official real estate term, but it fits.

I recently joined Chris Davies on Street Talk to discuss what we’re seeing as we head toward the fourth quarter. On one hand, some homes are sitting on the market for 60, 70, or even 90 days. On the other, I’m seeing well-positioned homes attract multiple offers within their first few days.

At the same time, buyers are still buying.

In fact, I recently helped three clients purchase homes in one week, brought another property to market, and continue to work with several active buyers. After 28 years in real estate, I can tell you: this isn't a market where nothing is happening. Far from it.

But it is a market where strategy matters.

For Sellers, Pricing Is Critical

One of the biggest differences I’m seeing between homes that sell quickly and those that linger is how they are priced from the beginning.

Today’s buyers have choices, and they’re paying attention.

That means sellers may need to think beyond simply asking, “What is my home worth?” Instead, we should also be asking, “What price will give this home the best exposure?”

For example, if comparable sales suggest a home may be worth around $925,000, we might consider an exposure price closer to $900,000. That can put the property in front of buyers whose searches end at $900,000 as well as those whose searches begin there.

The goal isn't simply to put a lower number on the home. It’s to create visibility and activity—and let the market respond.

I’m seeing that approach work.

Buyers May Have Something They Haven’t Had in a While: Options

There’s another change happening, too. Inventory has grown, and buyers are finding themselves with more choices and, in some cases, more negotiating room.

For anyone who tried to buy during the frenzy of a few years ago, that may feel like an entirely different world.

Interest rates remain an important part of the equation, of course. But instead of focusing solely on the rate, buyers should look at the entire opportunity: the home, the price, competition, negotiating possibilities and their long-term plans.

There may be opportunities in this market that simply weren't available when buyers were competing against a dozen other offers.

This Is a Market for Good Advice

Is it a buyer’s market? A seller’s market?

The answer may depend on the home, the neighborhood, the price point—and sometimes even the week.

That's what makes this market so interesting.

Real estate is still happening every day throughout the Puget Sound region. Buyers are buying. Sellers are selling. But the strategies that worked a few years ago—or even last year—may not be the strategies that work today.

And that’s exactly why understanding your local market matters.

Want to Hear More?

This is just a small part of my recent conversation with Chris Davies on Street Talk. We talked about what we're seeing in the market, pricing strategies, changing inventory, interest rates and what buyers and sellers should be thinking about as we move into the final months of the year.

Listen to the full Street Talk podcast on my website for the rest of the conversation.