The Seattle Times recently had an article talking about how the prices are starting to soften over the summer. Instead of seeing $100K over asking multiple offer situations we are now seeing a slightly more even market. The type where there are two or three offers, or maybe even just one good one. And yes in Seattle that is an even market.
Team Diva started to feel these the tremors over the summer. We are still getting top dollar price per square footage compared to our counterparts. But we are only seeing about one or two offers for our Diva Dwellings. For our buyers, we are finally able to get them in good homes and even starting to get closing costs back. This is a small real estate miracle that has seen a hot market since late 2012. Whew! “The market is changing”
Here is Our Smart Diva Dweller Advice for Both Buyers and Sellers
The biggest fear that people have about buying in a peak market is that a market crash is right around the corner. Buy a home that you are going to love so that you can ride out a down market. Keep in mind too that we recovered faster than most markets after the Great Recession. Only buy a home if you truly want to be a homeowner. Meaning you love the idea of fixing things, have the resources to maintain the home, have the down payment to make a smart move, etc. Love the home you buy!
- Be strategic. Look for homes where the sellers are still delusional about the market and overpriced their homes. Low and behold they stayed on the market way past their market review date.
- Be patient. Do not go after the super pretty home that everyone else wants. Go for the home that is a little ugly but in a GREAT location. You can always make a home pretty in your own time. The other risk that the Seattle Times article stated is the lack of inspectors. We strongly believe in getting an independent inspection BEFORE you decide this is the home you love.
- Be smart. Read up on our buyer education, download our buyer packet, and make a smart move. The savvy buyer is able to take advantage of a changing market.
Buyer Tip~ Remember, size, location or condition. Choose two of those attributes to focus your search efforts to find a house you love and can win.
Remember back in 2007 when those who sold their homes cashed out big? Well, this is that market all over again. This is the tail end of a peak market. Some of you have been waiting a long time to recover value so you can finally sell your home and move into something more appropriate for your current lifestyle. Some of you have been taking it in the shorts, had to relocate because of the recession, and have been paying $500 a month to cover the mortgage your renter cannot pay. You can finally sell your home and walk away cleanly. So do it!
- Be strategic. Fix what’s broken. Make your home pretty. And market the heck out of it. #TheDivaDifference is what we call this strategy in Divaland.
- Be patient. Know the timing of the market that is best to sell your home. Has your renter moved out so you can quickly get your home ready to sell? Do it now. Or, wait until the March – June peak spring frenzy. But make sure you are following the #DivaDifference process. No shortcuts to success in life and real estate.
- Be smart. Price and presentation of your home are everything in this market. Yes, you can sell your house by putting a sign in the yard or using one of those low cost listing services. Guess what? You are missing out on attracting the best of the buyers. Best of the buyers = best price for your house.
Seller Tip ~ Hire a professional This market may be softening a bit for sellers. I urge being a little conservative with your pricing. If your home is presented and marketed well, the market will drive it to its highest value.
Whether you are a buyer or a seller you can be successful in this market with the right help. Contact a Diva Team member to put you on a path to win.