VIDEO TRANSCRIPT
hey it's Jason Fox with John Scott real
estate and this is the Seattle housing
market report for March of 2023 and the
big headline this month is homes are
selling fast all right what does that
mean well before we get into it could
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that thank you so homes are selling fast
what does that mean well it really
depends on if you're buying or selling
but if you're selling right now it's a
really good time because we just don't
have that much inventory so we're seeing
a lot of those multiple bid scenarios
start to come up again uh not everyone
you know it really kind of depends on if
your home is what we call Market ready
day one and being Market ready day one
means you know having that strong curb
appeal maybe having it updated or
freshened up you know possibly being
away and having the home vacant and
Stage so that really appeals to the
buyers out there and sometimes we're
seeing those go in those first four or
five six days again multiple bids so if
you're a buyer you might be thinking
yourself oh my gosh here we go again I
already have interest rates and now
you're telling me that we're back to you
know bidding wars but it's not like it
was not anything like it was but um we
do have to really pick up our urgency so
over the last nine months we've had some
time to sit back and really look at
listings and think about them you know
and really prepare for negotiating and
that might not be the case right now so
uh just make sure you get your uh
yourself pre-approved and maybe even
fully underwritten with your lender so
that you're ready to go if you're not
cash also you know when a new listing
comes on the market and you like it we
want to make sure we get out there a
little bit quicker uh and if you're you
know like hey I just don't want to get
into any of that we want to take a look
for listings that have been on the
market seven or ten days they've already
passed that big rush uh period time and
maybe we can still find some deals out
there now why is this happening well
let's take a look at our three key
indicators that determine the health of
the Seattle real estate market the first
one is a sales activity intensity and
that measures how quickly homes are
selling so it's the percentage of new
listings that come out of the market
that go into the pending status in the
first 30 days that's at 61.5 percent
right now we consider that a surge
market now last month we were at 39 so a
huge jump in just a month right homes
are selling much much faster
and the biggest reason for that number
two the inventory so right now we're
sitting at 1.2 months of Supply in
Seattle and that's considered a shortage
right uh we got down to 0.2 and 0.3
months uh you know a few years so ago
and that was you know a severe severe
shortage so 1.2 months is a shortage
it's not as bad as it was but
um yeah there's not a whole lot of
Supply out there and still some demand
and that demand typically is driven with
interest rates which is our number three
indicator where we're sitting at 6.93 uh
percent interest rate and that's a
little bit higher than what people want
to see but uh anything under seven seems
to be tolerable and there is still some
creative financing stuff we can do out
there with our temporary buy downs and