Despite the doom and gloom news we’ve grown accustomed to reading in the news about homes, I am happy to announce that homes for sale in Seattle sell quickly. It’s true. In the past 30 days, 30 homes for sale in Seattle have sold in the Seattle area, with the median time on market being only 44 days! Looking a little deeper into these figures reveals a one thing: people want to live in Seattle. Okay, everyone knew that already. However, what the stats do reveal is something a bit less obvious to some.
1. Contrary to popular belief, Winter is a terrific time to put homes for sale in Seattle on the market.
Sometimes I hear folks say that they are waiting until Summer to put their home for sale in Seattle on the market because the weather is nicer. This line of reasoning doesn’t hold true for two reasons. First, everyone has the same wide-spread thought, resulting in MORE competition among homes for sale in Seattle, meaning that sellers would have to lower their prices in order to be competitive. Second, there are people out there who need and want to move and who are looking for homes for sale in Seattle. These buyers may be motivated to close quickly either for work reasons, tax-deductions, or to enjoy the holidays in their new home. Don’t discount these serious buyers.
2. Pricing low can actually result in a HIGHER selling price for homes for sale in Seattle.
Sometimes homeowners’ perceptions of the value of their home for sale in Seattle are not consistent with the reality of the market, and it’s no surprise that sellers balk at the proposed listing price presented to them by a broker. After all, a seller is naturally inclined to try and squeeze every penny out of the home. However, pricing low can actually result in a HIGHER selling price for your home in Seattle. Looking closely at homes for sale in Seattle that have sold in the past 30 days, we see 7 homes in Seattle that have sold for greater than list price, 14 homes in Seattle that have sold for list price or less than $10k shy of list price, and 9 homes in Seattle that sold for less than list price.
Of the 7 homes for sale in Seattle that commanded a higher than asking price, one sale was particularly noteworthy- 902 NW 64th St. in Ballard was listed for $359,000 and sold for $420,000- $61,000 above asking price! For you skeptics out there who are thinking, “So the home sold for more than asking…Well, maybe the home still sold for less than market value,” -Think again. When pulling data for homes for sale in Seattle sold within 0.25 of a mile from the subject property, in the past 180 days, 9 homes were sold. One of these homes for sale in Seattle was comparable in style, age, location and size. This comp on 6733 9th Ave NW was listed at $469,950 and sold just 11 days earlier for $469,950. However, it is 2360 sq. ft., whereas the subject property is 1980. To adjust for size, price- per-square foot is helpful for comparing the two homes for sale in Seattle. The comp sold for $199/sq.ft. and the subject property that was listed way below market value sold for $212/sq.ft. Not a bad strategy when competing against other homes for sale in Seattle!
I would argue that brokers are more motivated to price your home lower as that will allow them to sell it faster. It seems to me like the seller should be able to set his or her own price on the home for sale in Seattle after the agent provides everything – comparable homes that have sold, market, etc.