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Seattle Eastside Condo Sales Were Booming in May
Looking for a condo in Seattle's Eastside cities of Bellevue, Redmond, Kirkland, etc? There are a few more choices, but they are going fast. If no other condos were to come up on the eastside, it would only take 1.4 months to sell all the available condos. Supply increased in May, but sales were also up. Condos on Seattle's Eastside are still hot! May condo sales were as as hot as April. In both April and May, 86% of all the available condos sold.
As I mentioned last month, condo owners suffered the most during the downturn, so we're pleased to see the market improve for them. We've had several sellers who have been waiting for a few years for values to increase to the point that they no longer are under water. Some of these sellers are now thinking about making a move!
Median pricing jumped up to $272,000 in May, which is exactly where we thought median pricing would be based on the huge amount of activity.
If you'd like to know more about the condo real estate market, please free to contact us. We're here to help!
How Can You Make More Money Selling Your Seattle Eastside Home?
It's simple. Price your home right and it will sell quickly and for full price. Overprice your home, it will take longer to sell and it'll sell for less than full price. In today's hot real estate market, buyers know a good home when they see it because they run out to see everything as soon as it comes up for sale. If it's priced right, a home will attract multiple offers and sell for full price or more. If it doesn't sell quickly, given the shortage of supply, it's clear a house is overpriced and will need a price reduction to attract a buyer.
Two thirds of the sellers got it right during the first quarter of the year and sold their homes quickly and for full price or more. When you price your home, position yourself to be in that two thirds that sells for full price. If you do, you'll end up walking away with more money in your pocket.
Seattle Eastside Condo Sales Keep Popping!
Seattle-Eastside Condo Sales Through April, 2013
Condos on Seattle's Eastside are still hot! There's been a negligible increase in supply, while the number of sales have increased. In April, 86% of the available condos sold, so the fantastic market continues for condo sellers. Since condo owners suffered the most during the downturn, it's great to see the market improve for them.
We're starting to push up to the higher $200+ price median price, so prices are creeping higher. We expect that to continue.
If you'd like to know more about the condo real estate market, please free to contact us. We're here to help!
The Seattle-Eastside Condo Market is Back!
Seattle-Eastside Condo Sales Through March, 2013
The condo market has come roaring back! Seattle-Eastside Condo sales are skyocketing! About 89% of the condos for sale in March sold! Harder hit than single family resales, it's fabulous news for those condo home owners who were so battered by the real estate downturn.
Prices are still not at the peak prices of 2007, but price increases have been pretty typical. As I mentioned in last month's post, the mid $200's price range has been the median price range for months now. Median pricing jumped from $200,000 in March, 2012 to $238,000 in March of this year. The hottest price range for condo sales continues to be under $350,000.
Since almost every condo for sale this past month sold, now is a great time to sell. Buyers continue to look for good condos to buy. With the competition at an almost all time low, the chance of selling your condo has increased dramatically. Last year at this time, there were about twice as many condos for sale. A third of those condos sold, but today, almost all the condos for sale are sold. It's a huge difference from last year.
If you'd like to know more about the condo real estate market, please free to contact us. We're here to help!
In This Hot Real Estate Market, Do You Still Need a Realtor?
Many homes are selling in a matter of days. So why do you need a Realtor?
In this hot Seattle Eastside real estate market, Realtors help you earn the most money for your home before it goes on the market, when an offer is negotiated, and after the offer is accepted.
Here's how Realtors help you make the most money:
Before you go on the market:
- Help you prepare your home for sale- recommending only those things that will help you make more money.
- Recommend good contractors who get the job done.
- Accurate pricing-the key to success. Having the latest pricing information, so you get the most for your home. In other words, setting a price the day before you go on the market. In today's market, pricing from a week ago may no longer net you the most money for your home.
- Stellar marketing with staging, well written descriptions, and fabulous professional photography.
- Be available to agents and buyers who have questions and want answers about your home.
Here's what we do when offers come in:
- Negotiate the offer(s).
- With the lack of inventory, many homes attract more than one buyer at the same time. It can be a delicate balancing act to manage the different agents/buyers. We must maintain a positive and honest working relationship with all buyers so that you, the seller, don't lose anyone during the negotiation phase. The ultimate goal is to secure the best offer for you. It may be the highest price, the best closing date, the best financing and inspection timeline or any combination of these terms.
After the offer is signed:
- First and foremost is making sure all the deadlines in the contract are properly met.
- The contract needs to be sent to escrow, the lender and the title company.
- Earnest money needs to be collected and verified.
- Proper receipt of the disclosure form is needed.
- Negotiating the inspection. This is a huge part of the transaction process. Buyers expect everything to be perfect and sellers know they are not seling a new home and no home is perfect. It can often be a very emotional time for both parties. Striking the right balance between these expections is important to keeping an offer together.
- Working with an appraiser. With prices going up because of the intense competition, appraisers have to scramble to justify increases in prices in a short period of time. A good Realtor will know about the homes that have sold and can help navigate through this process, etc.
- Following the transaction through closing, until you get your check!
Here's just a sample of issues that can come up during the time of the sale to closing:
- One party dies, loses their job or gets transferred.
- The buyer charges to much on their credit card, increasing their debt and no longer qualifying.
- The inspection does not reach a solution satisfactory to both parties and the offer falls apart.
- A question comes up on your title report, such as encroachment on your property. This must be resolved before the closing.
- The square footage of your home does not match county records, creating an uphappy buyer.
- Repair work required by an inspection is not performed properly.
Every home, seller, and buyer is unique. Therefore, every transaction is unique. Some transactions are very smooth and everything goes like clockwork. Much of the time these transactions go smoothly because the Realtor has anticipated any issues and has handled them efficiently to minimize any stress during the transaction. Most sellers don't think about it, but a lot of the work a Realtor does takes place before the sign goes in the yard and after an offer is signed.
Sometimes things happen that are out of anyone's control and a Realtor who is experienced and knowledgeable will be able to guide you from the beginning to the end. It really doesn't matter whether it's a hot market or a slow market. Experience is an invaluable commodity when buying or selling a home.
The Seattle-Eastside Condo Market is Steady and Strong!
Condo Sales on Seattle's Eastside Through February, 2013
A few more condos for sale and a few more sales in February than in January! We crossed the threshold and are now back at over 300 condos for sale, the first month since last November. There were 311 condos for sale with 237 or 76% of them selling. The January pace of condos sales held steady into February.
Median pricing increased from $181,000 in February, 2012 to $247,000. Seattle-Eastside condo owners can be assured that median pricing for condos is firmly established in the mid $200,000's, since this has been the median price point since last May. How much higher prices will go depends on the supply and demand. If our supply remains low, as it has been for many months, and the demand remains high, expect the median price to increase.
The majority of condos that sold in February were priced under $350,000.
Buyers continue to look for good condos to buy. With the competition at an almost all time low, the chance of selling your condo increases dramatically. If you're thinking of making a move, now is a great time to do so.
If you'd like to know more about the condo real estate market, please free to contact us. We're here to help!





