Tag Archives: seller’s market

A Seller’s Market is the Best Time to List Your Home

If you’ve been thinking about selling your home, but haven’t decided yet, consider this. We are currently in a seller’s market. Typically, the real estate market has 6 months of home inventory available. However, whenever inventory dips below 6 months, it is considered a seller’s market. According to the latest Existing Home Sales Report, there is only a 4.2 month supply available.

 

 

This morning’s Seattle Times shows that Seattle has led the country in home price growth for the seventh straight month, and in Seattle, 90 percent of homes sold in the last two months have been involved in a bidding war, reports Redfin. When a bidding war occurs, prospective buyers put their best offer forward, many times above the home’s asking price.

Still not sure? Call Team Marti today. We’d be happy to review your situation and explain your options and the current real estate market in South King County.

Listings Wanted: This is the BEST Time to Sell

Time to Sell?

Home inventory in King County is incredibly low right now, making this a seller’s market. Homes are selling within days of being listed, often with multiple offers. I sell an average of one home per week, and I’d love to help you sell your home. With a 23-point marketing plan, my team has the experience you need to get the best price for your home while streamlining the process to make it as simple as possible for you.

Even if you aren’t ready to sell now, but are thinking about selling your King County or Pierce County home in the near future, I can help you decide the right timing for you and your family. You might be surprised to learn why this is the BEST time to sell.

Call Team Marti TODAY at 253-246-8938 to see how we can help.

 

Home Sales at Highest Pace in 10 Years

Home buyers: If you want to buy a home now, the demand is strong, so you’ll have to differentiate yourself from other buyers to make your offer stand out. Ideally, you’ll get pre-approved so you know how much you can afford to spend – and how much you can offer on your dream home.

Home sellers: If you’re a seller, demand for available homes for sale is strong, and you’re in the driver’s seat. You’ll likely get your asking price, or perhaps more, and your home may sell faster than it would in a “normal” real estate market.

Have questions? Team Marti can help! Contact Team Marti today.

The Mortgage Process: What You Need to Know

As we said in our Oct. 17 blog post, this is a seller’s market, so it is important that you get pre-qualified or pre-approved for a mortgage. Here’s what you’ll need to qualify in the current real estate market:

  • A down payment. This can range from 5% to 20% of the purchase price. According to Freddie Mac, 40% of buyers are putting down less than 10% with some as low as 3%.
  • Income verification, credit history and asset documentation
  • Third-party appraisal
  • Stable income
  • Good credit history

Freddie Mac recommends these 5 next steps.

The Mortgage Process: What You Need to Know

 

Have questions? Not sure what’s next? Team Marti can help. Contact us today to set up a no-obligation appointment!

 

7 Costly Selling Mistakes to Avoid

house-and-magnifying-glassBuying a new home can be an exciting process, but first you have to sell your current home. Here are seven selling mistakes you can avoid to expedite the process, adapted from the National Association of Realtors®.

  1. Ignoring sales prep. If you are eager to move, you may skip the steps needed to properly prepare your home for sale. We urge you not to do this. Instead, take the extra time to add an extra coat of paint, make minor repairs, and do a deep cleaning of your home. No time? Ask your Realtor® for referrals for local painters, handy men, and professional cleaning services.
  2. Failure to disclose necessary information. It is prudent to be forthcoming about your home’s trouble spots, even if they’re hidden from view and might not be identified during an inspection. Be sure to mention leaks, needed repairs and replacements, flooding issues, and any other problems that could make negotiating more difficult and to avoid a potential lawsuit down the road. Think about the things that would be important to you as a buyer to put yourself in a prospective buyer’s shoes.
  3. Pricing your home too high. Even in a seller’s market, it is important to sell your home at a fair price. Otherwise, it may be overlooked by potential buyers and remain on the market too long, which creates its own set of problems. Work with your Realtor® to identify nearby, comparable properties and unique selling features, and set a reasonable price for your home.
  4. Not working with a Realtor®. Experienced Realtors® who are affiliated with the National Association of Realtors® have additional skills and training and make a promise to uphold the industry’s highest ethical standards. Sure, you can sell your home on your own, or work with your cousin Bob, who just got his real estate agent’s license, but choosing a qualified, experienced Realtor® will streamline the process for you and help you get the best price for your home.
  5. Ignoring curb appeal. Just like ignoring sales prep, failing to boost your home’s curb appeal can be costly. Visit our recent blog post for ideas on how to improve your home’s curb appeal quickly and easily.
  6. Not depersonalizing your home. Another important part of selling your home is depersonalizing it, so that potential buyers can imagine themselves in your home. If you fail to do so, you could lose a potential sale. Here are some tips on how to maintain your home’s attractiveness while making it a little less “you.”
  7. Being unprepared for next steps. There are so many complexities in the sale of a home that it is important to understand them and what each step entails, as well as who is responsible for what. Working with a qualified Realtor® can help you understand the steps and prepare for contingencies during the process.

Have questions? Want more information about any of these topics? Contact your local Realtor® or visit the National Association of Realtors® online.

Seattle Real Estate Market: Sell Now

Don't wait for spring to buy or sell a home.As your “go to” real estate agent, I am excited to share the news – the real estate market in the greater Seattle area is experiencing a shift that home buyers and sellers will want to take advantage of right now, not in the spring or summer, but NOW.

First, we are currently in a seller’s market. The market is low on inventory (fewer homes on the market), so sellers often receive multiple offers and are getting good prices for their homes. As spring arrives, however, more homes will be listed and there will be greater competition, so if you are thinking about selling, now is the time to do it.

Second, interest rates continue at historic lows. With rates below 4%, this is a good time for home buyers to invest in their dream home, or to at least start their shopping so they know what’s in their price range and what homes are available in their favorite neighborhoods:  Kent, Covington, Maple Valley, Renton, Auburn, Seattle, etc.

These stats from the Northwest Multiple Listing Service and John L. Scott Real Estate illustrate:

January 2013

  • Sales are up! 4,289 closed sales, an increase of 820 closed sales from Jan. 2012.
  • Median selling price for single-family homes and condos was $239,300 for Jan. 2013, an 11.3% increase from 2012 when it was $214,990.
  • 14.4% year-over-year increase in pending sales, Jan. 2012 vs. Jan. 2013
  • 23.6% increase in closed sales in Jan. 2013
  • 31.3% decline in homes for sale in Jan. 2013, compared to Jan. 2012
  • 60% of homes close to job centers are selling within 30 days of being listed.

What does all this mean? It means that you if you are contemplating selling your home in 2013, this is the time to list. Don’t wait until spring or summer when there will be more homes on the market. It also means that you need to price your home properly and stage it with your realtor’s help to be sure you get the best price for your home.

Have questions? Not sure what to do? Just give me a call at 206-391-0388 (cell) or 253-859-8500 (office) or buzz me an email or a text. It would be my pleasure to help you evaluate your options to make the best decision for your situation.

Statistical Summary by Counties: Market Activity Summary – January 2013 (NWMLS)

Single
Family
Homes
+ Condos

LISTINGS

PENDING
SALES

CLOSED SALES

New
Listings

Total
Active

# Pending
Sales

#
Closings

Avg.
Price

Median
Price

King

2,638

3,853

2,777

1,781

$396,949

$315,000

Snohomish

1,015

1,548

1,154

713

$259,612

$235,950

Pierce

1,260

2,841

1,258

700

$214,883

$190,000

Kitsap

354

1,201

359

183

$262,730

$235,000

Sell? Buy? Stay? It’s all here!

If you missed my Aug. newsletter, or aren’t a subscriber, here it is with a little bit of everything this month. Buying, Selling, Staying.

I hope you are having a great summer. It’s been kind of crazy for the Reeder Family, but we’re happy and together. (My baby girl is getting married in 22 days!)

The real estate market has been crazy too. In just a year’s time, we’ve gone from a buyer’s market to a seller’s market (for homes under $300,000-$500,000 depending on the location), with low inventory and multiple offers in many cases. If you are thinking of selling your home, this is a great time to consider it. Not sure what to do first? No problem. I can help with that! I’m happy to meet with you to share my ideas on how to prepare your home for sale. If you’re ready to take the next step, I can help you prepare your listing (including Professional Staging & Photography), negotiate the best terms for you – and make it all happen!

If you don’t currently own a home but are thinking about buying one, don’t miss the article on shopping for your first home. It gives great tips on finding the ideal starter home, something between your current rental and that dream house you hope for some day. If you’re already a homeowner and not planning to move, you might enjoy the articles on home improvement: gardening tips, easy bathroom updates and remodeling your home. Lots of good stuff!

As always, if you have questions about buying or selling a home, mortgages or anything else home-related, give me a call. I’m happy to help or to refer you to a trusted professional who can help with your specific needs. In the meantime, enjoy the rest of the summer!

Working for you,

Marti

Here’s the entire newsletter, in an easy-to-read, downloadable format. I hope you find it useful!

King & Surrounding Counties – it is a seller’s market right now!

According to NWREporter, home inventory in King County is very tight right now. Coupled with record-low mortgage rates, competition to buy the few homes on the market is fierce. Buyers want “move in ready” homes. If you are a seller, this is great news.

In the south end, homes priced between $300,000-350,000 and under are going quickly. In Seattle, homes priced at or below $500,000 are selling like hot cakes, and in the north end, homes between $300,000 and $350,000 are popular – with many receiving multiple offers. This competition for homes is particularly high in areas near job centers. Right now five counties in the state – King, Kitsap, Pierce, Snohomish and Thurston Counties – have less than four months of inventory for sale. In a balanced market, the standard measure is five to six months. In other words, there are not enough homes to go around.

If you are even thinking about selling your home, or know someone who is, contact me right away. The sooner I can offer advice on getting your home “market ready,” the better chance you’ll have of taking advantage of this great opportunity!