Category Archives: selling a home

January Inventory Report

In both Snohomish and King Counties we saw an increase in inventory in January, but not nearly enough to meet the demand. I know of a home in Everett that received 27 offers and one in Seattle (Fremont) that had 18. Looking at January 2018 inventory you can see that the numbers are continuing to decrease, year over year. In King County the number of active listings at month end is down 50% since 2016, 21% from 2017; in Snohomish County it is down 81% since 2016, 30% from last year.

This is the time to sell – let’s talk about your needs. Give me a call/text at 206-790-0081 or email Jamie@JamieFlaxman.com.

Why You Should List Now!

You’ve heard it before but I can’t say it enough – we have a severe shortage of homes for sale in the Puget Sound Region. This is the number of active listings in various cities as of this morning:

For comparison purposes, in December 610 homes SOLD in Seattle, almost double our current inventory of available homes.

The number of buyers has increased substantially as well, resulting in multiple offers on most properties. Prices are continuing to increase as well.

So why should you sell now? Traditionally we see more homes for sale in the spring so get your home on the market NOW to reach out to the most buyers.

Give me at call/text at (206) 790-0081 or email Jamie@JamieFlaxman to discuss listing your home.

 

What a Crazy Month

When I think of December and real estate, I think of quiet. Everyone is getting ready for the holidays or going on vacation. It’s a great time for me to catch up on paperwork and plan for my business in 2018.

This past December did not hold to market trend. It was crazy out there. Open houses with a 100 visitors. Listings receiving 28 offers. Multiple offers being received the week between Christmas and New Year’s.

What’s going on you ask? The data for December isn’t out yet but based on what I’ve seen, here’s my theory to why we had a crazy month: We have almost no inventory of properties for sale and people want to buy before interest rates go up and tax reform goes into effect.

Do you want to buy a property? Do you have a property you’ve been debating about selling? Give me a call/text at (206) 790-0081 or email at jamie@jamieflaxman.com for a complimentary consultation.

Market Update

November and early December market activity is not showing as much slowdown as usually seen this time of year. Open houses over the past couple weekends have had lines to get in, with some receiving more than 100 visitors on a weekend day. With our low inventory and pent up buyer demand, we don’t expect to see as much a slow down this winter. Additionally, with some proposed changes to the tax code affecting home ownership, some buyers are jumping into the market, hoping to buy before tax reform is passed and implemented. There are also signs that the interest rate may increase slightly.

Let’s talk about the market, give me a call/text at (206) 790-0081 or email me.

 

Market Update

Is the market starting to slow down? We are seeing signs that the market is changing, although rather than calling it a slow down, I would say it’s a market stabilization. There are fewer and less intense bidding wars and the price increases are less dramatic than we have seen over the past couple years. Additionally, we are seeing homes not receiving offers by their review date and there have been more price reductions.

These changes are not a reason to worry. They may signal that we are moving toward a more balanced, healthier market. Because we still have a serious shortage of inventory, I don’t foresee that we will see a major change in the market. Instead, the market for buyers may become less challenging.

For sellers who have been holding off on selling because they’re waiting to see how much more money they could get on their homes, I wouldn’t wait much longer. If you want to get top dollar, you should get your home on the market while there still is a shortage of inventory.

How To Price a Home

There is an art to pricing a home but in the end, Economics 101 and seller needs determines how to price a home.

To get an accurate picture of market activity in your area, I will give you a report that looks at houses similar to yours in size, location and features, whether they’re for sale, have sold, are pending, or failed to sell. Understanding the realities of the current market allows us to accurately assess your home and arrive at a price that properly positions your home for a successful sale.

However, the real market value of your home is determined when someone tells us what they are willing to pay for your home, you decide to accept that price, and escrow closes!

This may sound odd, but until this event happens, determining market value is really a matter of making an educated guess. Are you kidding, you guess? There are lots of opinions on price, yet only one set of facts. We will examine the facts of record (current, pending, sold, and expired listings) and together we will determine a pricing strategy designed to sell your home for the most money in the shortest period of time.

No one can tell me what my home will sell for? Not really. Someone might tell you a figure but no one knows the market value of your home because it is not established until someone buys it for a specific price. That’s why we use facts of record to determine a pricing strategy. Zestimates, tax assessments, and other automated values are not good estimates of market value – they are, however, pieces of information that can be looked at as part of pricing a home.

Therefore, in pricing a home, we must look at a variety of factors, including recent sales, current listings, homes in contract, location, condition, and amenities. I will gather information on recent and pending sales, as well as active listings, to identify current fair market value. This is a called a Comparative Market Analysis (CMA), and both buyers and sellers will want to have their broker complete a CMA to help them understand price.

Chances are that your home will sell at its fair market value. Pricing it realistically at the outset simply increases the likelihood for a timely sale with less inconveniences and greater monetary return.

Buyers educate themselves by viewing many homes. They know what is a fair price. If your home is not competitive in value with those seen, it will not sell. Overpricing causes most homes to remain on the market too long. Buyers, aware of a long exposure period, are often hesitant to make an offer because they fear something is wrong with the home. Often homes on the market for a long time eventually sell for less than fair market value.

80% of the marketing of your home is done the day we decide at what price to list your home. If you are unwilling to list your home at or just below the current market value, you are better served to not put it on the market at all.

 

What’s Going on With the Market

I’m hearing from people that they think the real estate market may be slowing down. While August showed some slowing, that’s a typical trend in the region. Median sales price for single family homes was down 1.4% in August but is still up 18% from 12 months ago. And for condos, median price was up 3.1% from July and 10.7% from August of last year.

Shortage of inventory continues to drive the market. With large numbers of people moving to Seattle and a pent up desire to buy from local renters, the demand far outweighs the availability of properties. In fact, a listing I have that is now pending had multiple offers and the price escalated well above list price. (Until it closes I cannot disclose more.)

We typically see an increase in activity in September and early signs are supporting increased activity.

It’s a great time to buy or sell a home or condo. Give me an email or call (206-790-0081) to talk about your needs.

As Summer Winds Down

Summer doesn’t end until September 21st, but for many, summer ends with Labor Day (this year September 4th). With kids heading back to school and summer vacations over, the real estate market usually sees an uptick in September. More listings come on the market so it’s a great month to buy a home. And if you’re on the edge about selling, we should get your home on the market soon before the market slows down for winter.

To talk about your real estate needs, give me a call/text at (206) 790-0081 or an email to Jamie@JamieFlaxman.com.

Don’t Listen to the Media!

“Is the housing market ready for a crash?”

“Will I ever be able to afford a house?”

“Zillow says my house is worth $________.”

These are headlines that both the Seattle and national media are spreading. Here’s the reality:

Housing prices are appreciating at record rates. However, if we go back to 2007, when the market was at it’s peak before the crash, prices have increased 52% – that comes out to 5% a year appreciation over the 10 years.

Buying a home is within reach for many. The media often says it’s hard to get a mortgage, but that’s not the reality. The two most important factors for getting a mortgage are your credit score and the amount of debt you have. Only a lender can tell you if you qualify or not.

The “Zestimate” from Zillow is not an accurate representation of what your home will sell for. Zillow is an automated valuation, there are other companies who provide similar numbers. Because it’s automated, the algorithm has no idea of the special features of a home, the quality of the finishes or view, and any updates that have been done without permits. Even Zillow admits that their numbers are not accurate – the last time I looked Zillow said their Zestimates typically are off 10-20%.

So didn’t listen to the media! Talk to a real estate professional to get your questions answered. You can reach me at 206-790-0081 or mailto:jamie@jamieflaxman.com.

 

Organizing Your Listing and Move

The process of selling your home and moving can be overwhelming. So much to do, not enough hours in the day. For my clients, I try to make this process as easy as possible. I will create a calendar for you, from the date you decide to sell until your home closes. It’s color coded and you can add whatever you like to it.

Making lists is also very helpful. Perhaps you could make a list of each room of your house and then plan to clean out and pack one room a week (which you can then put on your calendar). Planning to hold a garage sale? Add that to the calendar as well.

In addition, I have a list of vendors who can help you with almost anything, from taking stuff to the dump to cleaning your house to packing your boxes.

Give me a text/call at 206-790-0081 or email so we can talk about your needs.