The resiliency of the market is amazing. The pandemic may be causing buyers to move farther out, wanting to get some space and a usable yard. Amenities such as parks and trails are also important in current homebuying decisions. Brokers and homebuyers alike seem to be adjusting to restrictions imposed on the real estate industry because of the coronavirus pandemic. The local real estate market is hot, but it looks different than it traditionally does.  The constraint on available inventory makes it feel like sellers are running out.

Gov. Jay Inslee’s “Stay Home, Stay Healthy” order is in effect since March and with the more recent “Safe Start Proclamation,” the challenge was met with new processes and tools to help comply with social distancing and other protocols. Brokers jumped in with both feet to produce and use a new live streamed open house feature. Buyers could also use virtual tours to view homes, recorded virtual tours, videos, 3-D tours, drone photos and interactive floor plans. Appointments to show properties under the limitations of a broker and one or two others (depending on the county where the property is located) were booked solid from dawn to dusk in many areas. Multiple offers and a competitive environment prevailed through the month of May.

Many sellers accelerated their plans to sell upon hearing the forecast for an extended “stay home” order. Sales are brisk in the $350,000 and below range, and sales of $1 million and up are gaining. The tempo of the market seems to be very hot, with buyers trying to take advantage of lower interest rates, and both lenders and real estate agents scrambling to meet demand. This is likely one of the best markets we have ever seen both in interest rates and affordability. People who are betting there will be a bubble burst are going to miss the market.