Seattle Real Estate Market: Sell Now
As your “go to” real estate agent, I am excited to share the news – the real estate market in the greater Seattle area is experiencing a shift that home buyers and sellers will want to take advantage of right now, not in the spring or summer, but NOW.
First, we are currently in a seller’s market. The market is low on inventory (fewer homes on the market), so sellers often receive multiple offers and are getting good prices for their homes. As spring arrives, however, more homes will be listed and there will be greater competition, so if you are thinking about selling, now is the time to do it.
Second, interest rates continue at historic lows. With rates below 4%, this is a good time for home buyers to invest in their dream home, or to at least start their shopping so they know what’s in their price range and what homes are available in their favorite neighborhoods: Kent, Covington, Maple Valley, Renton, Auburn, Seattle, etc.
These stats from the Northwest Multiple Listing Service and John L. Scott Real Estate illustrate:
- Sales are up! 4,289 closed sales, an increase of 820 closed sales from Jan. 2012.
- Median selling price for single-family homes and condos was $239,300 for Jan. 2013, an 11.3% increase from 2012 when it was $214,990.
- 14.4% year-over-year increase in pending sales, Jan. 2012 vs. Jan. 2013
- 23.6% increase in closed sales in Jan. 2013
- 31.3% decline in homes for sale in Jan. 2013, compared to Jan. 2012
- 60% of homes close to job centers are selling within 30 days of being listed.
What does all this mean? It means that you if you are contemplating selling your home in 2013, this is the time to list. Don’t wait until spring or summer when there will be more homes on the market. It also means that you need to price your home properly and stage it with your realtor’s help to be sure you get the best price for your home.
Have questions? Not sure what to do? Just give me a call at 206-391-0388 (cell) or 253-859-8500 (office) or buzz me an email or a text. It would be my pleasure to help you evaluate your options to make the best decision for your situation.
Statistical Summary by Counties: Market Activity Summary – January 2013 (NWMLS)