It will still sell quickly. While the average days on market in Seattle for a single-family home in July was 26, my Wallingford listing just sold in 7 days with multiple offers.
As you work with your real estate broker to price your home, it’s important to find the sweet spot – that is, the spot that is likely to bring in the most buyers. The sweet spot means you’re in the market, not on the market.
For more information on selling your home or the real estate market, please call me at 206-790-0081 or email Jamie@JamieFlaxman.com.
One clue to understanding what type of real estate market we’re in is “Days on Market.” When homes are selling quickly, it tends to be a sellers’ market, and when slowing, a buyers’ market. But when we look at the numbers, it sometimes can be a confusing story.
Most of the time when we look at Days on Market, we’re using Average Days on Market. And when we do this, we see this number has increased substantially from the past few years.
This increase reflects the fact that homes that were not priced properly stayed on the market for a substantial amount of time.
However, if we look at Median Days on Market, it’s a different story. Looking for this perspective, we see that half of homes sold in a very short period whereas half sold in many more days.
What this tells us is that pricing your home properly is a critical step in getting the home sold quickly. It is imperative that you do not overprice your home, as it will sit on the market. Your real estate professional will advice you on a pricing strategy and I highly recommend that you follow that person’s advice.
For more information including a complimentary pricing analysis for your home, please reach out to me at 206-790-0081 or email Jamie@JamieFlaxman.com.
The greater Seattle real estate market continues to show signs of a healthier, balanced market. While prices were down in January, we began to see the return of multiple offer situations. A lot of homes that were sitting on the market for a long period of time (60+ days) went pending, which is a good sign, but also shows why our Days on Market increased significantly in January. For example, in Seattle 364 single family homes sold in January for an average of 53 days on market. Of those 364, 110 sold in 0-14 days, 44 15-29 days, 66 in 30-59 days, and 144 in 60+ days.
What this is telling us is that homes that have been priced properly are still selling quickly and that homes that have been sitting on the market have either had price reductions or sellers have accepted lower offers in order to get their homes sold. We see this when we look at sales to list price ratio, which at 98.1% for Seattle in January, means that sellers are taking lower offers. Additionally, with so much of the older inventory selling, we are seeing less homes available on the market, and with inventory low, the market still favors the seller.
Pricing properly is the key to getting your hold sold quickly and when you work with me, I will be analyzing the market daily to determine the best price at which to list your property.
For buyers, interest rates seem to have settled down, and even gone down a little. The Fed has said they don’t plan on raising interest rates again for awhile. This, coupled with lower sales prices, means it’s a great time for you to get in the market.
For additional information or for a complimentary market analysis of your home, please call or text: (206) 790-0081 or send an email to Jamie@JamieFlaxman.com
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.