Multiple Offers For Homes on Seattle's Eastside?
The Seattle press has been talking about the latest real estate statistics as they usually do at the beginning of each month. This month’s Seattle Times article highlighted a multiple offer situation for a home in Seattle.
Are multiple offers happening on Seattle’s Eastside? Yes. My team sold a home in which our buyer’s offer was one of three offers. Our buyer’s offer was accepted.
Why was this home one that three buyers wanted at the same time? The home was originally listed at $625,000. It was reduced to $574,950 and then finally to $550,000. At that price it was a screaming deal. Here are the specs on the home:
- Newer style, two story-11 years old.
- Great location with easy freeway access.
- 2330 square feet with 3 bedrooms, den, and bonus.
- 5 piece master bath.
The competition in the immediate area for the same price:
$549,900 1967 square feet, 3 bedrooms, 2.5 baths, built in 2001, Approx 363 smaller than the home we sold.
$549,999 2620 square feet, 4 bedrooms, 2.5 baths, new construction. Built close to the freeway, so noisy location.
$550,000 2440 square feet 3/2.5 mid-entry built in 1976 with a view. Older home, different style.
$550,000 2240 square feet, 3/1 bath. Value in land, not the home.
The nearby competition was not as good a value as this home. The only home that was remotely close to the one we sold is the first home on the list above. It, too, is a newer style two story, but almost 400 square feet smaller for virtually the same price. The smaller home helped to sell the home the buyer’s bought because in comparison, the smaller home was not a great value.
Moral of the story: price your home ahead of the competition to get noticed and get the offers.
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