We have been so fortunate, even blessed perhaps, to be in a market that continues to defy the downward trend seen by at least five other major states, and many more cities. Seattle is not only a great place to live, it's been a residential real estate bonanza. However, I personally believe many sellers, especially from the FSBO market, are way off the mark with asking prices right now.
My analysis of most metro Seattle neighborhoods show prices are too frothy. The warning signals are becoming clear. This is a time to be reasonable with profit taking and not to gloat or lord over buyers. It could backfire. Yes, Microsoft and Boeing continue to hire. Yes, we saw a 9% fiscal year price gain in Seattle. No, sellers should not bop buyers over their heads right now with average asking prices 0f $30,000 - $50,000 above verified (sold) comparables. Let's be careful, my friends.
If we are not prudent, all this beautiful equity that has been created could be diluted very quickly. Sellers digging in their heels need to understand what could be coming around the corner. Caution, please.
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