The week before Christmas through early January are traditionally a very slow time of the year for new listings. But, with interest rates as low as they are right now, buyers are anxiously waiting to buy a house. Many have been looking since November (or longer), and just haven’t found ‘the one’. They are pre-approved, and ready – are you, Mr/Mrs Seller?
In the past two and half weeks, there have only been three single family homes that have come on the market in N. Capitol Hill. In N. Admiral (West Seattle), only one home has come on the market during this time! And in the Mt. Baker neighborhood, they haven’t had a new listing for over 45 days. Buyers are anxious and ready to buy! Yes, it’s true – there are buyers out there. And, if you prepare your home and price it right, you could sell your home more quickly than you think. Case in point: 33% of the homes currently pending inspection in Ballard were on the market for less than two weeks. And, of the homes pending right now in Ballard, 41% were listed for 14 days or less! And, many of these had multiple offers.
Often times, I hear sellers say they want to wait until Spring so their yard looks nicer. I say with the statistics above, why wait?! There’s little to no ‘competition’ right now. Touch up the paint, de-clutter and price your home right – these are all keys to a quick sale. Pricing strategy is especially important. If your home is valued around $600K-$650K, consider affordability. For buyers to get the best interest rates, and therefore, the most affordability, their loan needs to stay under the current loan max of $506K. A typical ‘move up’ buyer will want to put 20% down on their purchase. This means that their purchase price should not exceed $607K. If the price of your home is slightly above this price, consider lowering it just a bit to the $607K price in order to capture the most buyers for your home.
If you are nervous or just not sure what you can get for your home, talk to a trusted Realtor who can help you strategize the right approach for your home and personal situation.