Bellevue home sells for nearly $1M over asking price

The original list price for this three-bed, three-bath home was $2.6 million. That’s not cheap, but it’s certainly not overpriced for the area. The current median selling price in Bellevue is $1.635 million — up almost 30% year-over-year — and many of the homes being sold don’t include nearly an acre of land.

But listing agent Max Rombakh, a managing broker for Windermere Real Estate, said that even he and his team were surprised by the offer from the buyer, which was almost $1 million over asking. At time this article was written, the home was still under contract with a close date of Jan. 31, so the exact price was not available. 

“We are experiencing an unprecedented influx of buyers while inventory supply has been depleted to record lows,” Rombakh said. “The reduced number of options available to consider and the threat of rising interest rates has buyers highly motivated and willing to pay well over asking for the right property.”

And this home isn’t the only “right property” out there. The entire Seattle area is experiencing high demand for real estate. 

“We are hearing of many desirable homes selling with 20 to 30 offers,” Rombakh said. “Coupled with the fear of missing out, buyers are paying up to 20% to 40% over asking.”  

In case your New Year’s resolution was to build a time machine, setting it to 2006 might be a good investment. On July 31, 2006, this property sold for $949,630.

Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest. Follow Anna on Twitter: @AnnaMarieErwert.