2013 Real Estate Market is Looking Good, But Sellers Beware

Courtesy of Kara Tiernan of Ewing & Clark, Inc.

2013 is looking like a seller’s market but not so much to warrant audaciousness. Inventory in King County is approximately half of what it was from a year ago and this combined with low interest rates is causing homes to sell quickly and at prices much higher than the market low at the beginning of 2012. Buyers are often finding themselves in bidding wars and paying over the asking price in many cases. This is good news for sellers who have been waiting to sell their homes, but sellers may also need a dose of caution. There has never been a more important time for homeowners to have their house looking its best when entering the market and having their home priced right is essential. Failing to do so, could easily cause a seller to get anywhere from 5% to 15% less for their home.

For example, in the Ballard/Green Lake area there have been 288 single family homes (not including condos) that have sold in the last 90 days. Of those an astounding 122 homes have sold within a week at an average of 12% above asking price and none of those sellers had to reduce their price to get an offer. 71 homes sold in more than 7 days but less than a month at an average of 98% of asking price and 21% of those sellers had to reduce their list price before someone made an offer on their home. 95 homes sold after more than a month on the market at an average of 95% of the original asking price with nearly 70% of those sellers having to reduce their price before the first buyer made an offer. While these results vary from neighborhood and price range, the general trend can be seen throughout the Seattle real estate marketplace.