I wanted to share with you this great reprint of the authored article published in The Seattle Times that summarizes what the buyer needs to be prepared for. It is a battle out there and I have been helping my buyers win homes and condos even in this super hot competitive market.
Here is the cold, hard math: The median down payment on all homes (single-family and condos) in King County just topped $100,000 for the first time, up from about $50,000 just five years ago, according to mortgage tracking company Attom Data Solutions.
contact me directly to receive the full 28 page article!!!
I wanted to share the latest real estate neighborhood stats as soon as I could. This time I have also included the five year trend to show the seasonality of the market and how you could play it
Here is what’s happening in the market ]
With all the real estate headlines in the news, most likely you’ve read about overheated buyer demand and low inventory. You may recall this trend was also articulated in Mike’s 2017 Forecast.
I wanted to share this story so people you know can benefit-
Working with my Bellevue sellers we listed this cutie rambler in the Foxglen community of Bellevue on March 23rd. Open houses Friday-Sunday, over 200 people, 83 agents and the most viewed home online that weekend (according to Zillow). Set up from the beginning with “buyer desire” home positioning and multiple offer process we listed for $630,000. Receiving 37 offers, the sellers were in contract on the 30th and closed on April 7th for $802,000! That is 27% over list price and $102,000 more than many expected. That is also $517 per square foot. We may have set a new mark in East Bellevue as the average was $380/ft when we started the upgrades.
The backend story is that after working with lots of buyers over these past several years looking at old homes built in the 50’s and 60’s, the sellers and myself created an excellent situation by renewing the home, opening up walls, installing new roofs and windows and many other items most buyers can’t or don’t want to do. A great family will now call this cutie rambler home.
The market rewarded these sellers and the whole experience exceeded expectations of everyone involved. This wasn’t a coincidence. This was incidental. Sure many of the homes and condos have been selling but not 27% over list.
I don’t expect these close-in markets to appreciate at this clip forever. That is unsustainable. But for the next several months I believe you or those you know can sell for 15-25% more than just a few short months ago.
I thought you would want to know about this right now.
I will show you how we did this.
Here is an abstract of my forecast on 2017 real estate market:
A record low number of houses for sale in December indicates that 2017 will continue to be a very competitive market for buyers. The good news: those who decide to take the plunge and list their home can count on getting a premium price for their property. Brokers reported that about three-fourths of the homes sold in December involved bidding wars. That leaves an ever-rising population to compete over the same stock of houses, driving prices even higher.
Condo values have finally reached and surpassed the 2007 peak so getting your “dream price” may be here.
Buyers spooked by a spike in mortgage interest rates gave rise to the busiest November for homes sales in over a decade. Prices rose accordingly. Case-Schiller ranked the area as the housing market with the fastest rising prices in the country.
Sellers can expect to get a premium for their homes as we move into 2017, BUT they need to consider how an expected further increase in interest rates may impact the market later in the year.