How’s the Seattle Market in December 2016?

We are still firmly situated in a sellers’ market. New (appropriately priced) listings typically sell in less than two weeks. Many receive multiple offers that push the price above asking.

That being said, we are seeing a surprising number of homes stay on the market long enough to require price reductions. Why?

Although it is partly a seasonal phenomenon, the most common reason is that sellers listen to the wrong advice. Friends, neighbors, relatives, co-workers — all think they know what price you should ask for your home. This often results in overpricing, which eventually leads to a price reduction.

That’s why it’s important to hire and work with an experienced Realtor® who will do careful research and provide you with an educated evaluation of your home’s current market value. Better yet, consult two or more Realtors® until you find one you trust and who gives you confidence in your pricing decision.

Posted December 4, 2016

 

Is this real estate market good for you?

How’s the market?

That is the most common question a Realtor® hears, and it’s my favorite! One reason I like that question is because it gives me an opportunity to challenge some of what the questioner might have gleaned from the media. Many are surprised to hear that the state of the real estate market is never as clear-cut as reporters would have you believe. (Let’s face it, a reporter’s job is to give you a nut-shell analysis; they seldom have the luxury of enough time/space to give you a detailed picture of anything.)

I believe the best answer to “how’s the market” is always, “it depends.” It depends on whether you are buying or selling. It depends upon which city and neighborhood you mean. It depends upon personal factors such as your credit rating, your job security and your goals. In other words, the real estate market varies from place to place and person to person. What’s good for one person at one particular time may be bad for someone else.

Although this is still considered to be a buyer’s market, available inventory in Seattle/King County is down approximately 25% from the same time last year so sellers with quality, well-priced homes are well positioned to get top-dollar and multiple offers.

Right now, our local market (Seattle/West Seattle) is excellent for first-time buyers and investors! Interest rates are at all time lows and home prices have at least stabilized, if not bottomed out. There are lots of deals to be had if you have are financially prepared to make a purchase.

Thinking of buying? If you have the time and inclination to scour the web yourself to find these deals, good for you! If you don’t, find a good Realtor® and have her watch the market for you. Tell her what you are looking for and have her alert you when something new pops up.

I provide this service several different ways. As a potential buyer, you can go to my Prudential Northwest Realty website, www.SingleMindedRealEstate.com, and sign up for “Property Watch” to create your own search, or I can set up an automated search for you with Prudential’s HomeFinder Pro software. The third way I watch out for you is by previewing new homes as they come on the market, keeping you and your particular needs in mind as I tour new listings. When I see one that seems like a good match, I e-mail the listing info to you immediately and directly.

So the real question is, how’s the market for you? If you’re not sure, one way to assess your situation is to consult a knowledgeable real estate professional (preferably, me!). Give me a call and let’s make an appointment for a short, no pressure, no obligation chat. 206-708-9800.

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