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.
In the third quarter of 2012, almost 30% of the homes that sold in the cities of Bellevue, Redmond, Kirkland, Sammamish, Woodinville, Issaquah sold for over full price! The demand by buyers for homes and the lack of inventory is creating this huge uptick in competition for a home. When more buyers are competing for the same house, the offers often have to be for more than full price to stand out from the competition. Many homes are now getting multiple offers and many, almost a third, are now selling for more than the asking price.
We've recently sold several listings in which the selling price was over $20,000 more than the asking price! In one instance, the home had come on the market only hours before. The buyers didn't want to take the risk that another offer would be written before the seller had time to respond, so they offered over full price. Another home sold within 48 hours. Three buyers made offers for that home.
As you can see in the above chart, the homes that sell for more than full price, sell for about 3% above the asking price, with the range from just a hair over asking price all the way to 22.5% above the asking price!
Twenty-one percent of the homes sold for full price. This means 51% of the homes on the eastside sold for full price or more!
The homes that sold above full price only lasted on the market, on average,16 days. Homes that sold for full price were on the market for about a month.
But what about the other 49%? (Not to be confused with the 47% that was talked about in the election)
Why did half the homes sell for less than full price if the market is so hot? More than likely, one of these reasons was the cause:
You can't change the location or the fact that there is competition for a particular home. But when selling a home, you need to maximize your buyer attraction by pricing your home well, having it in stellar condition, and presenting it well to the buyers through fabulous marketing.
If you have questions about how to have your home be one of the 51% that sells for full price or more, feel free to contact us!
A public website where you can find out what types of crimes are happening in a neighborhood? You can now find this online in Bellevue and Kirkland and some other Washington cities. The City of Kirkland used a grant from Washington State to buy a crime mapping program that is available to anyone with a computer. The goal of the program is to raise the level of awareness regarding crime in the neighborhoods. The hope is people will see suspicious activity and report it to the police. Citizens will be empowered to assist the authorities and will be more knowledgeable about what is happening in their neighborhoods.
Aware citizens are a good thing. Just recently 3 burglars in Kirkland were caught because neighbors were being vigilant and reported suspicious activity to the police.
The program is not an attempt to scare people, but to raise the level of awareness of people within the community. With a raised level of citizen awareness, people will be even safer. No city is immune from crime, but here on the eastside, things are generally safe.
Who could benefit from this program?
- Anyone who wants to know about the safety of their neighborhood.
- Anyone who wants to increase their level of awareness about what is going on in a city.
- Anyone who is thinking of buying a home and wants to check the safety of a neighborhood.
It's simple to access the program. You can log on by going directly to the site or through a link on the City of Kirkland website. When you input an address you can check for a variety of different crimes within a certain radius. No actual addresses are given as crimes are reported by blocks instead of a specific address.
The city has also added links to crime prevention tips for each type of crime and to the King County Sex Offender registry.
Other important things to know:
- You can sign up for email alerts.
- You can search for more than one place, ie.a school or job location.
- You can create reports by category of crime or during a specific block of time.
- There is a free iPhone app.
The information is updated by the police on a regular basis and is an attempt to keep the public well informed. In Kirkland data will be updated on Tuesdays-Thursdays. However, if there is an active crime investigation going on, reports may be withheld.
You can access a huge number of other cities across the United States. Sometimes it is good to do that to see how safe living in Kirkland and Bellevue is when compared to other cities in the nation.