For the past few months, I’ve been urging sellers to put their homes on the market sooner rather than later. There is huge demand out there right now, and yet many sellers still seem hesitant to list! There are homes going for $50K and up to $100K over ask price! Buyer confidence seems to be back, partly to hiring picking up in the area, and interest rates remaining relatively low.
Clearly, there are sellers who can’t sell without losing money. So, I’m mostly speaking about the sellers who have owned their home for at least seven or more years and are interested in selling. If this is you, what are you waiting for??
While we don’t have the statistics from the MLS of March sales, I can tell you March has been another ‘hot’ month! In the Ballard/Greenlake/Fremont areas, inventory is down 43% the same time last year (Feb. 2011 vs. Feb. 2012). West Seattle inventory is also down 44% for the same period. And, even the downtown condo market, which suffered so badly over the past few years, has seen substantial declines in the inventory and increases in pending sales. Inventory is down 38.6% compared to the same time last year, and pending sales are up 19% for the same period. This is pretty much the trend throughout the area. (scroll down to see trend charts of these areas)
It should also be noted that the low inventory is pervasive at all price levels. But, I do believe we are seeing many more ‘move up’ buyers entering the market, who are looking for a bigger house. Yet, many are frustrated with the lack of options out there right now!
Why are sellers holding back? Here are a few thoughts:
- Fear — many sellers are still fearful that their home may not be worth that much. A lot of this fear is just not having the knowledge to make the best, well-educated decision for themselves. I say you don’ t know until you ask!
- Can’t find a home to move into — many ‘move up’ sellers are waiting to list their house until they find their ‘move up’ house. This strategy doesn’t work well in the current market with low inventory. It is very difficult to compete for a desirable house with an offer contingent upon the sale of your home. If this is you, I’d recommend listing your house – you can always rent until you find your dream home – and you’ll be in a much better position to negotiate for that next house.
- Want their lawns to look better — I hear this a lot! And, for some houses where the landscaping is the selling point of the home, this makes sense. But, most homes look fine this time of year and a cleaned up yard will still sell a house!
Of course, just putting your home on the market without any preparation isn’t going to guarantee a quick sell. Buyers are still sensitive to price, condition and location. If you are off on one of these key factors, it can impact your selling time and ultimately, the price. But, if you are seriously considering selling your home soon, talk to a trusted Realtor who can give you an honest assessment of your home and whether now really is the best time to sell. I’m willing to bet it is!
Ballard/Greenlake/Fremont
West Seattle
Downtown Condo Market
Rebecca Carlson's Blog 