All of us who live in the Greater Seattle area have been aware of the very "hot" real estate market and the number of offers sellers are receiving on their listed homes. This also means that any buyer that is making an offer on a property has had fierce competition. For a fraction of buyers this has been a success as they have purchased a property but for many buyers it's been discouraging at best as they make offer after offer and are beat out of a successful transaction for any number of reasons. Finally it looks like we're starting to see a correction in the market. There are more properties on the market and there are fewer multiple offer situations. The prices still are increasing but not at the pace they have been in previous months. For now we watch and wait and see but this is still a great time to buy or sell a home because the interest rates are low and we continue to have the demand for homes.
NWMLS Market Update