We are in a Gamblers Market that is Shifting~
You are hearing in the news that Real Estate prices are dropping and homes are staying on the market longer. The article posted by the Seattle Times on July 5th supports this, though our statistics indicate a little more. The fake news is partially accurate. As you will see on the back, the statistics year to date show inventory (listings) are up 9%, pending sales down 6.5%, closed sales down 7.9% with days on market averaging 20 days. What they are not telling you is that the Median Sales price is up 10.9% with a final sales price up 10.6% since last year. We have been in a hyper sellers’ market and are now in a sellers’ market that is slowing down and stabilizing.
Buyers are buying, though they are being much more cautious. They are worried about buying at the peak of the market and no one wants this. From March of 2018 to now we had 1.68 buyers per house then, and now we have .52. So yes, buyers are being VERY cautious and selective. Buyers also are tired of the bidding wars and want their offers to be valued. It is important to appreciate any buyer.
So, what this means is Strategy. I will say price your home at market though just below your competitors. At this time of year, after such a heated market, buyers are tired of their offers not being taken seriously. If a property is “hot” they will still bid it up, so this trend is not over, just a different strategy. Price your home at a "marker point". When buyers get qualified, it is to a "marker point", say $500K, not $510K. Make sure your home is completely ready to show. Buyers don’t want to have to fix homes up; they want them turn-key. Staging is hot, though not mandatory. If you have a luxury home, staging makes it more luxurious and comfortable to imagine enjoying the luxuries and rewards of life. A vacant luxury home looks like a foreclosure.
Also, during the holidays it is a much better time for our higher end sellers. It is Corporate Relocation time where companies are hiring and sending their new hires out to buy a home. They want their new Executives to "stay".
In the end, it is important to hire a Real Estate professional that is in the Top 10% as 90% of the homes are sold by the Top 10% agents. As the State President for 2019, I am very fortunate to have been elected by these Top Realtors to represent our State for the Women's Council of Realtors. Having connections, strong negotiating skills, and being a leader in the industry, I have purposely positioned myself to best represent my customers to maximize their properties values.
I look forward to meeting and helping you with your real estate needs~
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