If you have a condo to sell on Seattle’s eastside, now is a great time to put it on the market. If you’ve hoped to move and have felt as if you couldn’t do so over the last few years, things are different now. Competition among sellers has dropped dramatically, because there are so few condos for sale. There were only 723 condos for sale in all the eastside cities of Bellevue, Redmond, Kirkland, Woodinville, Issaquah, etc. Just a few years ago, there were twice as many condos for sale.
Prices are not going to go back up any time and, more than likely, will no longer continue to drop. If your condo is underwater and/or you can’t or don’t want to sell because you’re taking a huge loss, that’s unfortunate. But for those who have contemplated a move up or out of the area, this is the best time to put your condo on the market in the last 5 years.
If you’re a buyer, condos haven’t been this affordable for about 6-7 years, so it’s a great time to buy. Most real estate gurus and economists think we’re at the bottom of the market. The situation varies dramatically in different parts of the country. Seattle is one of the bright spots in the economy, so our market is doing well. If you’re waiting for prices to go down even more, it doesn’t sound like that will happen, particularly in the Seattle area. We’ve been hit over the head with this fact since so many of the condos and homes are now selling with multiple offers. As soon as that happens, we know we were at bottom.
Last month, 25% of all the condos on the market sold. Condos sold, on average, within 89% of the original asking price.