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.
Many Homes on Seattle’s Eastside Are Selling For Over Full Price!
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:
- Location
- Pricing
- Condition
- Marketing
- Competition
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!
What Were The Odds of Selling Your Seattle-Eastside Condo in July, 2010?
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
July, 2010 1552 condos for sale 144 condos sold 9% odds of selling.
June, 2010 1487 condos for sale 131 (was 154) condos sold 9% (was 10) % odds of selling.
May, 2010 1425 condos for sale 117 (was 125) condos sold 8% (was 13%) odds of selling.*
July, 2009 1441 condos for sale 159 condos sold, 11% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.
Sales have clearly slowed down from April’s peak. This may be because many first time buyers rushed to buy a home while the tax credit was in place and not as many buyers are out there right now. It also could be because people are fearful of the future. It’s unfortunate as there are some good properties out there and great interest rates.
What Were The Odds of Selling Your Seattle-Eastside Condo in June, 2010?
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
June, 2010 1487 condos for sale 154 condos sold 10 % odds of selling.
May, 2010 1425 condos for sale 117 (was 125) condos sold 8% (was 13%) odds of selling.*
April, 2010 1437 condos for sale 281 (was 316) condos sold 19.5%(was 22%) odds of selling.*
June, 2009 1491 condos for sale 161 condos sold, 11% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.
In this month’s post I’ve included the condo real estate statistics for April to show the sharp contrast with May and June of this year. Seattle-eastside condo sales dropped like a stone from the high of 281 in April to 117 in May and 154 in June. We’re seeing a lull in Seattle area condo sales, which is partly seasonal as people are out playing in the sunny weather.
But have condo buyers forgotten there are still good deals after the tax credit? Don’t forget, there’s a huge number of condos available on Seattle’s eastside as we’re at the high point in Seattle-eastside condos for sale so far this year. There are some great choices out there. Plus, the added bonus is interest rates are at a 30 year low.
For a picture of King County sales, check out The Seattle Times.
What Were The Odds of Selling Your Seattle-Eastside Condo in May, 2010?
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
May, 2010 1425 condos for sale 125 condos sold 13% odds of selling.
April, 2010 1437 condos for sale 281 (was 316) condos sold 19.5%(was 22%) odds of selling.*
April, 2009 1441 condos for sale 145 condos sold, 10% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.
Are we back to what may be normal in Seattle-eastside condo sales or is this the lull after the “storm of buyers” we had before April 30th? The odds of selling Seattle-eastside condos before April 30th was the strongest sales seen in years. With the 2010 tax credit behind us, we should continue to see people who need to make a move out there buying or selling a condo. We may see a lull in Seattle area condo sales. But I expect condo sales to get back to business as usual in the near future, once buyers get used to the tax credit having gone away.
What Were The Odds of Selling Your Seattle-Eastside Condo in April, 2010?
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
April, 2010 1437 condos for sale 316 condos sold, 22% odds of selling.
March, 2010 1356 condos for sale, 241 (was 281) condos sold, 18% (was 21%) odds of selling.*
April, 2009 1315 condos for sale 155 condos sold, 12% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Seventeen percent of condo sales originally reported in March failed to close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.
Seattle-eastside condo sales were popping the past two months with the strongest sales seen in years. With the 2010 tax credit behind us, we should continue to see people who need to make a move out there buying and selling their home. We may see a little of a lull in Seattle area condo sales, but I expect condo sales to get back to business as usual.
What Were The Odds of Selling Your Seattle-Eastside Condo in March, 2010?
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
March, 2010 1356 condos for sale, 281 condos sold, 21% odds of selling.
February, 2009 1333 condos for sale 161 (was 194) condos sold 12 %(was 14%) odds of selling.*
March, 2009 1300 condos for sale 107 condos sold, 7% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Seventeen percent of condo sales originally reported in March failed to close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.
Seattle-eastside condo sales were up by 120 or 57%, the best sales record in several years.
For The Seattle Times update on the March, 2010 real estate market, check this link.
What Were The Odds of Selling Your Seattle-Eastside Condo in February, 2010?
(The absorption rate, the percentage of condos selling, is the number of condos for sale in any given month divided by the actual number of condos sold that month. So if the absorption rate or chance of selling is 10% that means out of 100 condos for sale, 10 received offers and sold.)
February, 2010 1333 condos for sale, 194 condos sold, 14% odds of selling.
January, 2010 1217 condos for sale, (now 121) 141 condos sold, (now 10%) 12% odds of selling.*
February, 2009 1195 condos for sale 85 condos sold, 7% odds of selling.
*Adjusted from previous month’s original numbers to reflect the actual number of condos sold and closed. Some of the sales originally reported last month failed and did not close. Fifteen percent of condo sales originally reported in January failed to close. Some of the reasons sales fail are the buyer and seller don’t agree on the building inspection, the condo does not appraise for the sales price or the buyer’s financing does not come through.
There’s been a 9% increase in the number of Seattle-Eastside condos for sale but the number of home sales jumped up dramatically. There were 73 more condos sold on Seattle’s eastside in February than in January. The sales numbers are still behind the peak of sales in September and October of 2009, but they’re inching closer to those numbers, which is a good sign.
More condos are coming up on the market as Seattle-eastside home sellers traditionally put their homes on the market in the spring. The push to get a home or condo on the market is compounded by the 2010 home buyer tax credit deadline of April 30th.
There are 45 days left to use the home buyer tax credit into 2010. If you’d like to move and take advantage of the tax credit, you need to get a move on!