Adam Constantine on MLK Jr.’s impact on housing equality

During the interview, Constantine explains why the industry needs to focus on evoking intentional change rather than launching lackluster initiatives.

Navigating capacity concerns amidst record-high volumes

High loan volumes continues to loom large in the new year, making the “one-stop-shop” approach to the servicing and lending process even more appealing.

How servicers continue to protect neighborhoods amid COVID

We spoke with MCS CEO Caroline Reaves about self-service technology, the shift to virtual and how servicers can prepare for post-COVID success by improving processes today.

How student loan debt impact homeownership

Student loan expert Catalina Kaiyoorawongs shares her practical and tangible advice for people who feel overwhelmed by their student loan debt.

Real Estate

Will a second lockdown cool off the red-hot Seattle housing market?

Multiple offers and tens of thousands over asking price are still the norm, agents say

Seattle-skyline-HW-1

In November, the state of Washington was placed in a second lockdown until Dec. 14, a move that suspended open houses (although private showings are allowed with no more than five people). What is this second lockdown going to do to the red-hot Seattle housing market?

A November study from Lombardo Homes found that it was the most competitive market in the country, with 71% of homes selling in under two weeks and the average time on the market at about 10 days. That demand is easy to see on the sell side. According to the Northwest MLS, the median price of single-family homes and condos that sold in the 23 counties it tracks was $500,000, up 19% from last year. Members of the MLS added 10,428 new listings to supply in October, up 24% from last year, but pending home sales were only at 11,039.

In King County, where Seattle is located, the median-priced single-family home was $685,000, according to the Northwest MLS. In October, there was less than a month’s worth of inventory in this market.

Yusef Nadir, a RE/MAX broker based in Seattle, told HousingWire that although people are hunkering down again, he doesn’t see any slowdown in the housing market yet.

“I think the market is still strong. Throughout the year I’d say typically the summertime and spring is buying season, but because of this year, everything has been pushed,” Nadir said. “And now fall, winter-time is still a strong time to buy, and it is a time to buy for folks that are looking to prepare to beat next year’s market. So, people are optimistically cautious, is what I would say.”

Nadir said that about a third of his clients this year have come from out-of-state, and he has been educating clients on how Washington is being proactive in combating COVID-19 as a lot of this year has been about “how we maneuver [and] strategize during these unprecedented times, difficult times and restrictive times.”

The rest of this content is for HW+ members. Join today with an HW+ Membership! Already a member? log in

HW+ includes weekly long-form digital content, HousingWire Magazine, access to HousingStack, and free admission to all HousingWire virtual events.

Most Popular Articles

Prepare for the rise in mortgage rates

Economists offer their takes on how high mortgage rates will climb, how lenders will respond and what impact this will have on the housing market. HW+ Premium Content

Jan 18, 2021 By

Latest Articles

CoStar and private equity group battle for CoreLogic

Nearly three months after data giant CoreLogic confirmed it was exploring multiple offers of acquisition the company is down to final two bidders.

Jan 22, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please