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Tales From the Seattle Housing Market: Shoreline Offer Surprise

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Here's just one example of how current expectations can't even prepare for you for the fierceness of the Seattle housing market

Between the soaring housing prices, plummeting inventory, and insane bidding war stories, we keep hearing about how crazy the Seattle housing market is. So we've asked local real estate agents, sellers and buyers to share their nutty stories about a recent home sale or purchase to prove just how true it all is. Do you have a crazy story to share about prices gone mad or ludicrous offers? Let us know and we might share it.

We begin our series with the story of one Shoreline home sale that netted a final price the sellers couldn't have seen coming. We turn to Windermere's Mark Corcoran and Mike Gusick for the details.

Neighborhood/City: Shoreline
Year Built: 1954
Size: 3-BR, 1.-75-bath, 1,440 sq. ft.
Listing Price: $425,000
Sale Price: $530,500

"We priced it right at the top of the range given the quality. It was a turnkey property that had remodeled kitchens and baths. At $425,000, my clients would have been completely happy and everyone felt that $425,000 was the market value based on the comparables.

"Buyers right now LOVE turnkey properties in every price range. The first day on the market we had two pre-inspections scheduled. By the second day, we had three more for a total of five pre-inspections. The plan was to hit the market on Monday and let the sellers review offers on Sunday after the open houses over the weekend.

"By Sunday there were 13 pre-inspections on the home. By the offer deadline, there were 20 offers. The highest price was the one the sellers went with: $530,500 ($105,500 over asking)."

Dream big, Seattle-area sellers. The offers are out there...