In a recent search of 2+ bedroom condos in Bellevue the results were pretty bleak. Just 28 homes listed for sale with prices ranging from $300,000 to $13,950,000. Of those 28 homes 13 were priced under $1 million and of those 13, only three were priced under $500,000. Just 28 condos for sale in the entire city – we’re definitely experiencing a shortage of available homes.
Downtown Bellevue is one of the hottest addresses on the Eastside, and while many condo buyers focus on the city’s urban communities, with limited inventory they are expanding their search beyond downtown. In the past this would have opened up the selection of available homes, but inventory is in short supply everywhere on the Eastside.
If you’ve been searching for a home in recent months you already know, with high demand and low inventory, that multiple offers are common. For every house for sale there may be 3, 4, 5 or more offers submitted. Only one buyer can prevail, so the other buyers are back in the search for the next new listing. As we head into spring there should be an increase in the number of homes coming on the market, but rather than the typical 8-10 per week it’s likely to be just 2-3 per week. Buying a home should be fun, but this year its going to require patience, preparation and a sense of humor. Buyers need to be positioned to win, so now more than ever it pays to work with an experienced lender and a Realtor® who know the market and will serve as your advocates and guide you through the process.