In news that won’t surprise anyone who’s tried to buy a home in Seattle in the last few months, the Emerald City has recently been ranked as the single most competitive market in the country. The study, released by Lombardo Homes, places Seattle first, followed closely behind by Omaha, Nebraska and Lexington, Kentucky.
According to the study, in Seattle 71% of listed homes are off the market within two weeks, spending a median of just 10 days on the market. In Omaha and Kentucky, 67% of homes are off the market within two weeks, spending a median of 13 and 15 days on the market, respectively.
The West coast at large is a hotbed of competition, with Portland coming in at number 6 in the ranking, followed by Sacramento and Oakland at numbers 8 and 9, respectively.
The study also suggests that buyers feel the market competition has actually increased since the pandemic began, with an average of 3 out of 4 buyers reporting having seen a home go off the market before they’ve had a chance to look at it.
The study revealed that 73% of buyers had to compete in multiple offer situations, and 73% had a home close before they could view it or make an offer. Interestingly, 53% of buyers also said the pandemic has caused them to accelerate their plans to buy a house.
Among the things buyers are most looking for in a home, Lombardo’s study indicated that the top consideration for buyers in October was the location of the home, as opposed to the home’s price, as indicated in a May survey. Buyers are now also considering kitchen size and room size as top features, whereas floor plan and storage space were more important in May.
One in three buyers also said home office space was their most important consideration in 2020. About 82% of buyers said they would go over budget for their perfect home during the pandemic, but 63% had to lower their overall budget due to the pandemic.
With the intense competition in mind, for buyers to get most everything they want they should be prepared to pounce on the right home when it comes up. Given how much time we’re spending indoors these days, home might be more important than ever.