#605 - Report: Hundreds of Seattle-area homes have sold for more than $300k over list price

A recent Redfin report found 580 homes in the Seattle area sold for at least $300,000 above asking price from the start of the year through June 16.

There were only 16 such homes sold during the same period in 2020, according to the June 23 report.

Seattle and Bellevue led the region in the number of homes sold at least $300,000 over the list price. Seattle sold 146 such homes this year, compared to eight during the same period last year. Bellevue sold 88 such homes, up from two during the same period last year. Redmond, Sammamish, Kirkland and Issaquah rounded out the list with 70, 54, 46 and 35, respectively.

“People can’t get a home for the list price or even slightly over list price," Scott Petrich, a Seattle-area Redfin agent, said in a statement. "Because buyers almost always have to pay way above the asking price to win a home, they should start their search with homes below their budget and make sure they have money in the bank to cover a low appraisal to make their offer stand out."

Join your host Sean Reynolds, owner of Summit Properties NW and Reynolds & Kline Appraisal as he takes a look at this developing topic.

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