Selling in Seattle: How Long Will Your Home Last on the Market?
People across the country are in awe of the blazing hot Seattle real estate market. Home prices are skyrocketing while inventory levels hit record lows, leaving buyers clamoring to buy any property they can get their hands on in the Emerald City. Month after month, the news media continues to report on the new records that the Seattle market is reaching, and June was no exception.
In June, the Seattle homes for sale were selling quick — quicker than ever before. Properties were on the market for a median number of 36 days, according to an article published by KOMONews.com, but the average homeowner who listed their home would sell it in less than a week. This means that if a homeowner put their property on the market on a Sunday afternoon, by the next Sunday they would likely be making arrangements for their move. In fact, for many, their house went from "For Sale" to "Sold" in a matter of hours rather than days.
For those who are hoping to sell their Seattle property, it's easy to see dollar signs. It's almost a guarantee that sellers will earn a significant return on their investment in this hyper-competitive market, but that doesn't mean that this market is without its challenges for sellers. It can be overwhelming to receive a high volume of offers nearly immediately, and it's important that sellers are prepared for the reality of this powerful market.
Preparing to List Your Seattle Home
In a market like this, a common thought is that your home is going to sell no matter what the condition of it is. However, it's still advantageous for sellers to take time to improve their property in hopes of earning more on the sale of it. Make any quick-fix repairs that are necessary, stage the rooms in your home for the listing photos and work to boost your curb appeal. Many buyers are throwing out an offer before they even set foot on the property, because they know how quickly the home will sell – but they'll still see pictures of the listing and make their offer accordingly. With a nicely landscaped yard or a fresh coat of paint, you increase the likelihood of getting strong offers in a matter of moments.
Reviewing the Offers You Receive
There's a good chance that you are going to be faced with a multi-offer situation whether you're selling in Seattle proper or in the neighboring Kirkland real estate market. Sounds like a dream come true, right? Well, unfortunately, buyers are going to great lengths — including lying — in order to get their foot in the door with a seller. You need to have a professional real estate agent on hand who can help you sift through the offers and determine which are legitimate.
Buying Your Next Home
Selling in a seller's market is great, until you become a buyer in it. Since your Seattle home will likely sell quickly, be prepared to start your home search immediately. You may even want to go looking at homes prior to listing, so that you can easily transition to your new home once your current property sells.
If you are looking to list your property in Seattle or in the surrounding King County region, there really is no better time. The market is hot, property values are going to continue to increase, and buyers want to get their hands on just about any house that is available. However, you will want to partner with an experienced real estate team who can help you navigate your way through this exciting moment in real estate history. To learn more about your property value and to find out additional information about listing your Seattle home for sale, contact our real estate team today.