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– Goodness gracious, the
Seattle real estate market is

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heating up and it’s all due to
interest rates and inventory.

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(upbeat music)

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As we all know by now, the
Seattle real estate market is

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heating up, so let’s just
get right into the data

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and we are gonna talk
about single family houses

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in the city of Seattle,
over the last seven days,

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and, of course, today is
February 29th, leap day.

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All right, houses.

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Over the past week, we had
175 houses come on the market.

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That is definitely more than the 149

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that we had last week, but not
as many as we had last year.

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So last year, we’re just
gonna skip to the punchline,

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we had a lot more inventory.

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But this is where the big news comes in.

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We had 148 houses go pending last week.

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That’s 20 more than the week
before and look at that.

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It was only 87 the same time last year.

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And again, I feel like the

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offer review date just kind of started

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to come out of nowhere.

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And now it is really hitting

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like a good bassline in an old school

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like, late 90’s Atlanta rap song.

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I love, you know those
big, heavy, deep bass,

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you’re not here for me

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to talk about old school hiphop.

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All right so we’re gonna get
back to the pending listings.

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Okay, so out of these
148 homes on pending,

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this week.

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109, so, you know, 2/3 of them,

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more than 2/3 of them were on the market

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for less than 10 days.

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That is unbelievable.

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Okay?

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And out of these 109 that went pending

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in under 10 days,

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70 of them had offer review dates.

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And honestly, 11 of these,

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11 of the 109,

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were new construction.

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They had zero days on the market.

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Which basically means

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they just sold them off market

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so they never even had a
chance to be on the market.

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So really, it’s like 70 out of 90 homes

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had offer review dates.

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So that,

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that is significant.

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If you are selling a single family house

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and you’re pricing it appropriately,

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I honestly believe with few exceptions

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it is in your best interest
to do an offer review.

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‘Cause buyers are no
longer weirded out by it

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they expect it, right?

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Because, 2/3 of the
profits that they’re seeing

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have an offer review date.

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And at this exact moment in time

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in the city of Seattle we
have 557 houses for sale,

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last week we had 540,

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last year we had 843.

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Honestly, we could use this
number of houses right now.

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But what is driving this,

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offer review date situation,

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is more buyers than available houses.

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Supply and demand, inventory,

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we talk about it,

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we’ve been talking about it for years.

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And it does remain one of
the primary driving forces

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of the Seattle real estate market.

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Moving on to condos.

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Condos are not quite as
wild as houses, okay?

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But we had a big influx
of condos this week.

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72 condos came on the market
versus 59 the week before.

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And about the exact same
we had this time last year.

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And what’s funny is these pending numbers

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are very similar, this
week, last week, last year.

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40, 44, 41.

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Okay?

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Similar pending numbers.

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Now, talking about that offer review date,

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here look how I keep dropping the data

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so you can’t see it.

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Speaking of the offer review date,

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of these 40 pendings,

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24 of them were on the
market for under 10 days.

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Only 10 of those had offer review dates.

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So we can see not even half of condos

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have offer review dates for almost

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2/3 of houses have offer review dates.

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So again,

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markets are not the same.

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And what is going on in west Seattle

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is not what’s going on in North Gate,

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is not what’s going on
in down town Seattle.

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You know we’ve got,

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so there’s always,

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but I can’t make 50 videos a week.

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Nobody wants to watch those videos.

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So here we go,

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plopping all of Seattle into
houses and condo category.

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And then I wanna talk
about the other thing

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that is really impacting the
Seattle real estate market

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and that is

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dun-dun-dun-da!

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EddieMac interest rate chart!

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Okay, we’re gonna have this on the blog at

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Seattlelivingspaces.com.

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But, basically this is March 4th.

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This is the top line,

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it’s the 30 year fixed.

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And then it’s the 15 year.

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And then it’s 10 year.

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Okay, these are all fixed free mortgages.

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Well look at what has happened.

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And you know this stops on February 17th.

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Do you know what happened
on February 28th?

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Interest rates dropped to 3.01.

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I bought this place two years ago,

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I have good credit.

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My interest rate is 4.75.

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Okay.

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What!

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3.01!

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So, this drop in interest rates

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which may or may not be temporary.

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We never know.

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Okay, we can’t predict it.

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Has also kind of nudged
all of those buyers

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who may have been on the
fence out into big bad world

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of buying a Seattle real estate.

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So there it is, kids.

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Your weekly trends report

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and appreciate you viewing it.

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And I will see you next week.