Is This Buyer Burnout?

That’s me… pointing at an awesome house across the street from me. Hurry! I need some neighbors!

Alert! Hurry for your Ballard real estate deal!  I know, Ballard and deal should not be in the same sentence. My neighborhood is just one of the hot spots in Seattle where homes have been selling with multiple offers, often $100K or more over asking price. Until this week.

Several homes in Ballard, including two on my street, did not receive any offers by their expected date. And one fantastic over the top beautiful home only received two offers. Two offers is fine, you only need one, but such a shift from the 6+ offers most homes were receiving last month.

What is going on? Is it buyer burnout?
Buyers agents are saying that their clients are indeed getting burned out from making great offers and not having any success. Some buyers do not want to put the effort into another offer when they feel they will have no chance. It seems this building feeling amongst buyers, and the fact that so many homes came on the market on the same week, created a unique situation that crushed some seller expectations.
So if you are shopping in Ballard for a three bedroom house – I know of couple you can make an offer on now and not have crazy competition.

This comes right after the craziness that I wrote about in my March Post. So I am sure things will change again next week. In no way is the market heading downward for Sellers. But maybe the buyers are finally getting a moment of relief?