Many homebuyers are appalled when they look at how the real estate market in Sammamish has evolved over the last two years. For those who barely manage to find a home they like, bidding wars and all-cash offers make the competition even more fierce.
Even in this ultimate seller’s market, knowing what to expect can help homebuyers gain some advantages once they are ready to make an offer.
The Sammamish Independent spoke with several local real estate agents from Windermere on current trends and how to snag a home under these extraordinary conditions.
Some agents believe that the biggest real estate boom since 2006 may be cooling.
“After a whirlwind first quarter, due to rapidly increasing interest rates and a surge in spring inventory, the percentages that homes are selling over the asking prices have begun to cool,” said Windermere agent Lara Brown.
She believes sellers should start to consider listing their homes at a price in which they would be comfortable taking a full-price offer. In prior months, it was almost guaranteed that the sales price would end up several hundred thousand dollars over asking price.
Maggie Vreeburg, who also works for Windermere, has seen inventory rise, which means less competition for each home.
“Our ever-increasing number of buyers created quite a demand for homes… A larger number of homes on the market are allowing the buyers more choice,” Vreeburg said.
According to the Northwest Multiple Listing Service (MLS), in March of 2022, Sammamish prices were up 27% from a year ago, while 86% of homes sold for above their listed price.
But March data is a lagging indicator. For one, it reflects offers from February, and agents are seeing a shift as the spring season gets underway.
Brown is now starting to see listings go past the offer review dates and occasional price drops after only a brief time on the market, something that has been unheard of during the height of the COVID-19 pandemic.
However, Anjelina Moore, another Windermere agent, believes the fundamental market dynamics have not changed.
“In my opinion, the inventory is very low with 0.4 months of active inventory on the market. While the current inventory is not as low as 2021, it is still historically low,” Moore said.
Moore believes that it is still a seller’s market, and that a “lack of inventory and rising buyer demand continues to make most homes competitive and sought after.”
In addition, Sammamish remains a highly desirable place to buy, since it checks many of the boxes that buyers typically look for.
“When it comes to Sammamish, its location, excellent schools, and somewhat rural feel make it highly desirable,” Jen DerGarabedian, another Windermere agent, said. “Sammamish will continue to hold its values and increase in popularity. Hopefully its character and charms withstand the ever-growing populations’ demands.”
Moore advises her clients to adopt very aggressive tactics in order to get their offers accepted.
“A typical buyer is waiving nearly every condition they would have prior used in writing a fair offer,” Moore said. “They are offering well over asking price and willing to go the distance to compete for a home.”