Rising to The Top | Selling Your Home in a Shifting Market - Article in “The Points Living” Magazine
Imagine it’s back in June 2018 and that you need to move your family into a particular neighborhood by a specific date and there is only one home that fits your needs; it is priced at $2,000,000, which is in your budget. You’d buy that house, right? Now, imagine there are 10 other parties who also need to buy a house at the very same time, and that home fits their criteria, too. A multiple-offer situation ensues, and the $2M house sells for $2.5M, $300K more than it would have without the competition. After all, the $2M price point was based on similar homes sales that closed in May 2018.
Flash forward 90 days and it’s September 2018, and a flood of inventory has hit the market. Five of the 10 parties who tried to purchase back in June are still needing to buy a house and, good news, there are now 10 similar properties available, each priced at $2.5M. But the buyers aren’t buying any of them. Why? In part, sellers are pricing their homes based on comparable homes that sold under completely different market conditions, when the competition was fierce. Buyers see those $2.5M homes valued closer to $2/$2.1M (which was the comparable price 90-120 days ago), but sellers are holding on to that new $2.5M comparative price, even though the competitive outlook has drastically changed.
We’ve all heard the headlines: the market is shifting. West Bellevue and our Points Community is not immune to this shift. The scenario as described above is indicative of our more affordable” homes, in the under $2.5M mark, but our “luxury” category homes are also undergoing a stalling in sales. If you’re currently planning a move, a shift in the market shouldn’t stop you in your tracks, but you must be more strategic than ever. Here are my top suggestions for maximizing your sales price, minimizing your stress, and reducing your days on the market even when the competition is up.
The Double Threat: Preparation And Price To attract that right buyer quickly, your home needs to be the best in its category for the money. In an inventory-filled market, buyers need to fear losing out on your home to get them to move expeditiously. Make sure your home stands out from the crowd by having it perfectly prepared, staged, and spotless in conjunction with getting the price right. I’m not suggesting underpricing your home; I’m saying take a critical look at the “active” and “pending” competition right before you go live as well as uncover the market conditions surrounding the “sold” prices used in your comparative market analysis.
New Construction Is Your Competition Buyers are seeing both resale and new construction homes and are comparing the two when making a West Bellevue home purchase. They might have to live a little further out for new construction, but the “light and bright”/move-in-ready nature of new construction is on their minds. If your home needs a little facelift or updating, seek advice and get bids for updating your home early in your moving process. If it makes sense to list your home as is, be prepared to discount it accordingly.
Hire A West Bellevue Realtor Our market is hyper-local and neighborhoods and streets are specific and unique, so aligning yourself with a well-respected, collaborative West Bellevue broker will give you an “edge” when you list your home. Realtors prefer to do business with Realtors they know and trust to get the contracts to the finish line. This is when the sign in the yard and the person behind the sign really does matter.
Equipped with 16 back-to-back years as a top producing broker, I capitalize on my experience, Rolodex, and strong negotiation skills to help clients achieve their real estate objectives. My greatest joy is providing impeccably orchestrated, stress-reduced real estate experiences, which maximize my client’s ROI. I work with a small number of clients at any one time so that I can provide a high-touch, always-engaged partnership with each client. Their success is my success.