This is a quick but comprehensive look at the real estate market on Seattle’s Eastside. Bellevue, Kirkland, Redmond and Issaquah. Residential resale homes only. No condo, new construction, or townhouses.
Your broker should be able to use these numbers to explain the market and how it affects your list price, SOLD price and the buyers offers.
January 2023: Relation of Days on the Market (DOM) and Percentage of Original List Price (OLP).
0-7 days on the market: 17 units SOLD… 23% of total… 17 units and 100% of original list price.
8-14 days on the market: 8 units SOLD… 11% of total… 8 units and 96% of original list price.
15-30 days on the market: 11 units SOLD… 15% of total… 11 units SOLD and 94% of original list price.
31 Plus days on the market: 36 units SOLD… 49% of total… 36 Units SOLD and 86% of the list price.
Sellers: Top Dollar is achieved through PREPARATION, PRESENTATION, and PRICING.
Buyers are comfortable paying more for homes that have been FULLY PREPARED; pre-list inspected, repaired and upgrades completed, full disclosure of any issues. PRESENTED well with staging, quality photography and descriptive Info-Cards assisting buyers through the home and pointing out it’s features. PRICING the home strategically in alignment to the preparation and the amenities of the home. Maybe the most important piece of the puzzle, an experienced REALTOR® to guide you through process and negotiate the best terms for you.
Buyers: What is the home worth to you? Will you walk away if the seller counters your offer just a few thousand more? What wil it mean to you if you lose out on this home?
Don’t be shy or tricky with negotiations on homes you really want. Homes with less than 14 days on the market or those that just posted a price reduction are going to be hot commodities. Be fully underwritten for your loan, include an earnest money that impresses the seller, show evidence of the funds you will use for the earnest money, down payment and closing costs, offer a closing date that is beneficial to the seller and have few contingencies. Be sure to work with an experienced REALTOR® that fully understands the market, offer protocol and negotiation strategies.
Contact me today if you are planning on making a move
or purchase an investment property anytime in 2023.
Leave a comment below if you have been thinking about a move and have any questions …
Check REX2020.com for more blog posts and information about the market and strategies for sellers and buyers. This information is valuable and timely for today’s real estate market.
Not all agents are REALTORS®. We are held to a higher standard. Beyond the education, we are held accountable to the Code of Ethics. Always ask, “Are you a REALTOR®?”