Thinking about selling your house? Put on your seatbelt, it’s time for some truth.
The market this fall is NOT where the market was last spring.
The housing market has cooled so fast and so far, that Seattle actually leads the nation in the softening of our market, according to a recent Seattle Times article.
Interest rates going up have caused affordability to go down. Buyers who may have been able to afford a $3,000 payment, are now looking at a $4,000 payment for the same home. They have to re-adjust their expectations of what they can afford, or get out of the market.
Many marginally-qualified home buyers may forever priced out of the Seattle housing market as this large inflationary period pushes prices (and mortgage payments) out of reach.
However, the real burden may be borne by home sellers who need to sell this Fall.
The market has “settled” and we are back at 2021 prices. It’s not the end of the world, but it is a staggering difference in some parts of the market where homes that “could have” sold in the Spring Market, are now selling for substantially less.
Sellers who have been keeping an eye on online home valuations and anticipating profits on home resale, seem to be disappointed when I arrive in their living room with the latest stats and statistics and tell them what their homes will sell for today. Those who are eager to list their home at “their number” and not “my number” are more likely to find their hopes slowly crushed as showings lag and feedback is marginal.
When pricing a home in today’s market, it’s imperative to use recent sales and track sales trends and volume, not just basing your figure on what your neighbor’s home sold for six months ago.
We are in a different world now.
And sometimes I feel like the bad-news messenger in fear of losing his life in front of any angry king.
Let’s rip the band-aid off early.
If you are thinking about selling your house, please get a price evaluation before you pack up your stuff and clean out the refrigerator.
We need to look at today’s real numbers, talk about a real timeline for selling the home, and make sure the home shows well… which may include tackling some home improvement projects and doing interior staging.
If you have flexibility, we may decide to wait to plan the move.
If you need to move now, we will discuss how to reach your goals, whether that means buying and selling at the same time, living in the home, or leaving on vacation.
The ideal scenario is an empty home that is professionally staged, priced correctly and well-marketed.
Once the home is positioned, we monitor stats to see if it is performing above or below expectations and adjust accordingly. Quick response is imperative to not leave a home lingering and stagnant on the market.
Don’t be that ostrich sticking his head in the sand.
Get the data, create the strategy, and implement it on every level.
You & your home are worth it.