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Homes and Land in Sunny Sequim, Washington

Homes and Land in Sunny Sequim, Washington

Sequim's No.1 Buyer's Agent Where Knowledge & Experience Count.

(360) 775-5424
Email: ChuckMarunde@gmail.com

iRealty Virtual Brokers, aka Sequim & Port Angeles Real Estate
125 Olympic Ranch Ln, Sequim, WA 98382

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Are Buyers Competing to Bid Prices Up?

by Chuck Marunde / Sunday, 23 May 2021 / Published in Sequim Real Estate Market, Sequim Real Estate Prices

Are buyers competing to bid prices up above current list prices? The answer is yes, at least for the nice homes that most buyers want. I thought you might find this interactive chart interesting. Drag your mouse across the chart to see the data. It shows the sales prices of homes as a percentage of the list price. The time period covers the last 10 years and is a 3-month moving average for homes $300,000 and above. The top black line represents all Northwest MLS listings, which covers almost the entire state of Washington, and the lower green line shows the Sequim area zip code of 98382 and the selling prices of homes as a percentage of the list price.

I imagine you’re not surprised to see the prices skyrocket this year as the Sequim area inventory (and all of Washington) dropped like a rock and demand from California buyers (and Colorado, Texas, Florida, Alaska, Hawaii, New York, West Virginia, etc.) increased dramatically.

All the way to the right, place your mouse on the last data on the two lines. All NWMLS on an average sold for over 107% of the list price, and in the Sequim area over 102% of the list price. This means if a home was listed at $600,000, it sold for 102.2% of that price or $613,200. The same home in Washington listed at $600,000 sold for $642,000. Wow!

Since we’re dealing with averages, that means some homes sold for much more. In the Sequim area I have seen homes sell for $50,000 to $100,000 above the list price as buyers compete aggressively to get the one home on the market they want. I’m sure the more competitive markets in luxury areas around Seattle have seen homes sell for $100,000 to $250,000 above list price.

What we’re seeing from some desperate California buyers who already sold their homes and got top dollar, is all cash offers well above the list price with all contingencies waived. That’s another “Wow” as far as I’m concerned. You have to really want a home and be able to afford a big undiscovered nightmare, but perhaps the risk isn’t all that great for the kind of quality construction that indicates a well built home that is also clearly well maintained. The building code here is the Uniform Building Code, and every property has to have potable water and a septic system, so some buyers are waiving the home inspection and other due diligence. That makes their cash offers that require no appraisals extremely attractive to sellers.

My last note is a self-serving promotion. I get calls and emails all the time from buyers who hired a buyer’s agent who turned out to be “less than desireable,” and they want me to save them. I cannot step into a transaction when a buyer is already represented. This market is definitely not one for the inexperienced Realtor handling hundreds of thousands of your hard earned dollars. The key to avoiding a nightmare is doing your research and interviewing a buyer’s agent before you make an offer. That’s all I’ll say about that, but you know how to get ahold of me if you need my experience to buy a home in this kind of intense and competitive market.

Possibly Related Posts:

  • Are We At The Top Of The Real Estate Market?
  • Should I Submit a Backup Offer in this Market?
  • Sequim Real Estate Market
  • A Sequim Real Estate Market Update by Video
  • The Sequim Real Estate Market for 2019

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About Chuck Marunde

After practicing real estate law for 20 years in Washington, Chuck opened iRealty Virtual Brokers covering the Sequim and the beautiful Olympic Peninsula. Chuck is the author of numerous magazine and Internet articles with a primary focus on real estate. He is also the author of over a dozen books, mostly about Sequim real estate. Chuck is a photographer, videographer, and Registered FAA Drone Pilot. Chuck has combined his love for real estate and technology to create a growing Internet presence in his market, and enjoys building his websites and blogs, including SequimBlog.com and Sequim4Sale.com and LuxuryWaterViewHomes.com. Chuck has degrees in Economics, Law, and Education.

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Chuck E. Marunde, J.D.

Sequim Buyer's Agent
(Atty Ret.)
Founder and Broker of
Sequim & Port Angeles Real Estate dba iRealty Virtual Brokers
125 Olympic Ranch Ln,
Sequim, WA 98382
(360) 775-5424
ChuckMarunde@gmail.com

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From Los Angeles

It's rare, but once in awhile life provides the perfect collaborator for an important endeavor such as buying your new home. For me that person was Chuck Marunde. His two decade background as a Real Estate Attorney, his prolific career as an author of articles and books on Real Estate and his forthright and moral character made choosing Chuck a no-brainer. Chuck is dedicated, thorough, incredible at the negotiating table, knowledgeable about all local laws & regs but, most importantly, Chuck loves what he does. And what he does is find his client the perfect property. Chuck isn't about making the sale, he's about making the sale that is OPTIMUM for his CLIENT and this makes Chuck a rare bird indeed. I love my new home in Sequim and I am indebted to Chuck for making it happen. Kevin E.

From Seattle

I’ve had the pleasure of working with Chuck over the past three years in selling my parent's estate. It was a tough time to sell during the housing recession, but Chuck always kept things on the positive side. With his real estate law background, he offers sound, practical advice. He helps you along with the process using discussions and reason, rather than opinions and speculations. If Chuck doesn’t know the answers, he will get them for you. In several instances, Chuck took the initiative to meet with county officials to get up-to-date facts about zoning and regulations. I was always impressed with his company’s tech savvy communi-cations and internet presence: weekly email updates, blogs, videos, links, Linked-in networking, etc. He is truly pioneering the future of buying & selling real estate. Brian M.

From California

"Andy Romano is a successful motion picture character actor with over 40 years in 'the Biz.' Mr. Romano has a home in beautiful Santa Barbara, California, but he chooses to live most of the time in Sequim, Washington on the Olympic Peninsula in the great Pacific Northwest. Why? In his own words, 'Because it's even more beautiful and surrounded by more beauty in this incredibly peaceful and quiet place. With respect to real estate agents or brokers, well my friend Chuck Marunde, owner of Sequim and Port Angeles Real Estate, is hands down the best there" Andy R.

Intro by Chuck Marunde

From Florida

We do our homework for the task at hand and we look for and expect to enlist partners that do the same. It was our good fortune to select Chuck Marunde of Sequim and Port Angeles Real Estate to represent us as a buyer's broker in our search for a home in the Sequim/Port Angeles area. Chuck's site is all encompassing and super fast compared to many others, he knows the market at every conceivable level and his guidance through the process of selecting and purchasing a home is priceless - above and beyond that of anyone with whom we have ever worked. Add to all this his 20 year background in real estate law and you have discovered a superb asset in the adventure of purchasing a home. Greg and Marilyn

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