As summer continues on, the local real estate market in Redmond is remaining steady — with the name of the game being increased inventory and more power for buyers. Mona Spencer, branch manager for John L. Scott’s Redmond office, said buyers can enjoy additional selection this summer as they look for the home of their choice.
“We’ve been seeing more of a ‘wait-and-see’ approach from buyers, as they have more choices when looking for a home,” said Spencer. “Sellers should work with their broker to determine a realistic outlook and timeline, as buyers may take their time writing up offers while they have options. The market isn’t quite as quick-response as it was in some areas, so having healthy patience may be helpful.”
In Redmond, through homes for sale decreased by about 8.7 percent from May to June, both sold homes and pended homes were up, 14.9 and 1.7 percent, respectively.
In John L. Scott chairman and CEO J. Lennox Scott’s monthly housing update remarks, he noted that every summer we see the highest level of new listings and homes going under contract.
“Sales activity on the Eastside is hot, and this summer there will be a surge level of sales activity intensity in most price ranges up to $1 million,” said Scott. “Additionally, there will be a shortage of unsold inventory locally for homes up to $1 million. The luxury market will see strong sales activity intensity to the $1 to 1.5 million range, healthy sales activity intensity to homes priced $1.5 to 3 million, and selective buyer activity above.”
For those looking to sell in the current market, brokers in the John L. Scott Redmond office emphasize the importance of ensuring the home is in good condition. Spencer said when buyers are faced with more inventory than they were previously, homes that are more turnkey stand out. If a seller doesn’t take care of deferred maintenance, it could impact the bottom line when the home sells.
Spencer said brokers in the Redmond office remain optimistic about the continual tech growth in the area, particularly on the Eastside. Recently, Amazon began the permitting process to build a 43-story tower in downtown Bellevue. The tower, which will be the city’s tallest building, would likely accommodate nearly 4,200 employees, is just one of many major leases of planned or existing Bellevue offices that Amazon has secured.
“Tech jobs provide consistency to our local economy,” Spencer said. “The news has been abuzz about things like the Amazon expansion in Bellevue, which will likely lead to growth in our real estate market.”
She added that some high-income people new to the Eastside decide to rent for a bit to try out the local area. Once they’ve determined that they’d like to put down roots in the area, they look to purchase a home to make a meaningful investment in their future.