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

 

Seattle homes sales increasing

The latest statistics from the Northwest Multiple Listing Service (NWMLS) show increased home sales in the Seattle area.

> Pending sales in Seattle for February increased 27% from one year ago.

> Pending sales were particularly robust in Central Seattle (up 56%), Normandy Park (up 58%), Kent (up 61%) and Lake Forest Park (up 73%).

If you are a buyer and you’ve been waiting for the bottom of the market, look around you.   It may very well be here, or even behind us.

Inventory in Seattle is down 22.5% compared to one year ago. If this trend continues, the current buyer’s market will transition to a seller’s market. The Law of Supply and Demand always prevails: as supply goes down, demand goes up and so do prices. Although Short Sales and Foreclosures are still in plentiful supply, we are already seeing the return of multiple offers on well-maintained, well-priced homes. These sellers are no longer having to give away the farm.

Just as importantly to buyers, interest rates will not stay this low forever, and an increase of even one half of one percent makes a significant difference in the price of the home you can afford.

Are you ready to start shopping? Approximately 90% of home buyer’s now start their search on the internet before ever talking to a licensed agent.  So why not just call the Listing Agent directly when you find the property you want?  Here’s why.

The Listing Agent is hired by, and paid by the Seller to protect the Seller’s best interests, so it is important for you to hire a Buyer’s Agent to protect your best interests.

When one agent works on behalf of both the seller and the buyer in a single transaction it is known as Dual Agency.  Although Dual Agency is legal in this state, it is outlawed in many others because of the ethical difficulties involved in trying to serve two clients without favoring one over the other.

Asking a Listing Agent to help you buy a house is like asking a Prosecuting Attorney to defend you in court.

You deserve to be represented by an agent who is committed to serving only your best interests. That’s my job and I take it seriously. Call me for a no-obligation consultation. 206-708-9800.