The market is sizzling out there. I heard that one Seattle home had 28 offers this week, another 11 offers. It’s insane out there. If you’re a seller, that’s great, you’re likely getting offers significantly above list price. If you’re a buyer, you’re probably seriously frustrated.
Our lack of inventory is what’s driving the market. We know there are people who want to sell their homes, but are not doing so. The experts don’t have good explanations for why they’re not. Some are saying home purchases are down because the millennials have student loan debt or don’t have down payments. While that may be the case for some, lack of buyers isn’t the problem.
Here’s my theory as to why people aren’t selling their homes. There’s no place to move. The lack of inventory affects those who want to sell as they’re afraid if they do sell, they won’t be able to find a home to purchase (or even to rent). Many prospective sellers believe that for financial reasons, they have to sell before they buy – there are some options out there for you, so this should not hold you back.
Additionally, many sellers don’t understand the current value of their home. Most homeowners have enough equity in their homes to sell and without having to bring any money to the table. And most will also see a nice profit. The median sales price for a single family home in the city of Seattle has appreciated 66% in the past 12 years (Jan. 2003-Jan. 2015), from $293,000 to $487,000.
My job as your Realtor is to help you understand your options. If you’d like to sell but have been hesitant, or are even considering selling, give me a call at 206-790-0081 or email at Jamie@JamieFlaxman.com and let’s talk.