This school year is concluding and many parents are looking at relocating before the next school year begins - some out of state, some locally.
Summer is a busy time, in real estate, and this Summer is shaping up to be crazy.
Seattle home values are up 12%, in 2016, and homes are selling as fast as they hit the market.
Lack of inventory continues to be an issue.
Many homes are overpriced/sitting on the market while competitively priced homes, in the same areas, are selling well.
How do you know if your home is overpriced ?
No showings, or minimal showings are the 1st indicator.
HOW FAST ARE HOMES SELLING ?
21 days or less - IF they're priced right and showing well.
Count on 30 to 45 days to close escrow and move.
WHERE ARE YOU MOVING TO ?
I've had a few Sellers express concern about where they're going to buy after they sell.
In a hot market, it's easy to sell - but then the Seller becomes the Buyer and they don't want to overpay.
There's options - one of which is to consider renting for a year.
Other options depend on your needs/where you want to relocate to, etc.
Your Broker can suggest viable options.
WHAT ABOUT INTEREST RATES ?
Even if the Fed raises the rate, it's not likely to effect Buyers - and 30 year mortgage rates are, still, holding close to 3.5%
So, this Summer is shaping up to be amazing.
HOW LONG WILL THE MARKET FAVOR THE SELLER ?
Historically, the market favors the Buyer, so this 3 year "Seller's Market" is unusual.
THAT said, I see many areas where homes are sitting on the market, well, in excess of 30 days - even in Seattle.
Turns out setting the RIGHT PRICE is critical - and I believe those 1st 21 days, on the market, are the most critical - as that's when you'll have the most amount of attention.
So, the fact that there's a line, in the sand, regarding location and price - tells me that some areas are, already, favoring the Buyer.
What am I saying ?
I'm saying that the market will, always, favor the Buyer - even now and in Seattle.
An asset is, only, worth what the market is willing to pay.
Knowing the right price will save you time and allow you to concentrate on your next steps.
This is a HOT MARKET - and Sellers who have been looking to sell are cashing in.
I'm here for you -
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