Oh boy, it’s been one wild ride hasn’t it? COVID-19 has really thrown our lives for a loop and many of us are still trying to wrap our heads around how to adjust to the evolution of Seattle.
Thankfully, there’s light at the end of the tunnel because 70% of Seattle residents have been fully vaccinated. Pat yourselves on the back because we’re that much closer to normal!
The question on many people’s mind is what will the new normal look like after the pandemic? Will we be able to go about our lives pre-pandemic? Will it be “business as usual?”
We took a peak at insights from top-selling agents, and here’s a few examples of what the new normal could mean going forward.
Housing supply in dire straits… or is it?
Much of the country is experiencing a strong seller’s market, that much is for sure. The increased demand for housing has put a huge strain on the market because although the vaccine rate is high, 50% of real estate agents say sellers are still hesitant to list right now… But they plan on listing in the near future.
NAR reports that home prices have risen 14.1% in January 2021.
When you add the fact that buyers are so competitive that they’re submitting offers at or above asking price, offering cash, or even engaging in heated bidding wars. All of this means that if you have equity in your home, you could stand to make a sizable profit over the next six months or so.
Remote work sparks relocation
Businesses have suffered greatly due to the pandemic, but there have been many companies that have allowed employees to work from home if their work could be done remotely. Working remotely seems to be here for good and employees are taking this as the catalyst that gives them a chance to relocate out of the city and into the suburbs.
Now that doesn’t mean Seattle is going to fade away – not by a long shot.
In fact, 68.4% of real estate agents believe that people will flock back to the city in droves because they miss all of the perks of city life such as access to public transportation, culture, social scenes, and the restaurants.
Of course, then you have 34% who say that people will go back to the city to find work.
Interest in condos increase
As housing prices rise, people are looking at other ways to achieve that homeownership status. One of those ways is to buy a condo.
It’s true that condo life lacks the kind of privacy that you can have with a single family home, but for those who don’t want to spend an arm and a leg, condos are an appealing option.
Condos are so appealing that 48.8% of agents say the condo market hasn’t been affected by the pandemic and 24.6% even say that the condo market is improving.
In Seattle the condo market took a hit during the peak of the pandemic and has flattened back out over the last month or so.
Learn more about condos and the difference between a condo vs a house.
Seattle’s new normal isn’t that scary
The Evolution of Seattle and the market will have to deal with the influx of people moving in and out, as well as getting back to what “normal” looks like.
There’s a lot of uncertainty about what life will be like after the pandemic, but it’s not something you should worry about – especially if you’re hoping to sell your home.
The city’s future, like any other big city, is bright and it’s only going to get better from here. We just have to be patient and trust that the end is near.
What do you think? How do you see the Seattle market responding as things get back to “normal”?