Our very own Kim was just quoted in the media. U.S. News & World Report’s article “Is the Best Time to Sell a House Changing?” was published on February 18, 2020 and written by Residential Real Estate Reporter Dima Williams. The U.S. News & World Report article analyzes a recent market shift in the United States. The article suggests that in many major cities, sellers may want to consider listing their homes earlier in the year. Typically many people don’t list their homes until April. This usually marks the unofficial “buying” season. But this trend may be changing in a significant way.
Diva Kim talked with Ms. Williams and shared her expertise on the Seattle real estate market. Specifically, Kim spoke about how to sell a home during winter.
Let’s dive into this article and share with you Kim’s amazing wisdom.
Kim Quoted in the Media | U.S. News & World Report
The U.S. News & World Report article’s first line begins with a clear call of how busy of a market 2020 was going to be. Over 100 people at open houses. Overflowing showings. And all of the makings of an extreme seller’s market.
Here is Kim’s quote in the media from the opening paragraph of the article:
In mid-January, Kim Colaprete held an open house for a property that had just hit the market in Seattle. With nearly 100 people attending over two days, it was a busy event, says the broker of Team Diva Real Estate with Coldwell Banker Bain.
As it turns out, this trend was not just seen in Seattle. Other agents from cities throughout the U.S. shared stories of their busy open houses as well. The U.S. News & World Report article points out that according to a Realtor.com report, buyers are searching for homes earlier and earlier in the year. Listings in cities like Seattle, Atlanta, San Jose, New York, and others have seen record numbers of listing views online. They also reported a surge in online traffic in February.
Understanding Your Local Real Estate Market is the Key to Successfully Selling & Buying
This year, buyers are encouraged by low interest rates. At the same time, low inventory means there is much more competition. Both of these factors are contributing to buyers looking earlier in the year. In the past, buying a home during the winter often meant that you could find a deal.
Ms. Williams shares
“While the national housing market appears to shift away from the common winter mode of inertia and discounts, sellers should consider local dynamics when deciding whether to list.”
It is always crucial to work with a real estate professional who has a deep knowledge and understanding of your local market. Your real estate agent needs to have recent and extensive experience in the neighborhood that you are hoping to buy or sell in. Being familiar with a county or a city is not enough. Your agent needs to understand what is happening on a micro, hyper-local level.
What Are the Consequences of Not Working with an Experienced Agent?
For sellers, failing to work with an agent who knows their stuff can result in your home not selling, price drops, or deals falling through, for instance.
For buyers, not working with an experienced local expert can mean making one offer after another and losing out to more prepared and savvy buyers. It could also mean buying a home that could be filled with costly problems, for example.
Listing Your Home During Winter? You Must Price Your Home Correctly
Pricing your home correctly can also mean the difference between selling for multiple offers and over asking price. It could also be the difference between having your home sit on the market for weeks or months. The U.S. News & World Report’s article touches on this as well, and advises against “aspirational pricing.” With more and more information available to buyers, they are becoming more educated about home prices. Williams adds that “even if winter may outline a seller’s market in some locales, pricing a home right remains crucial.”
How to Sell a Home During Winter
Successfully selling and buying a home can also boil down to home type as well. According to the article, Chicago townhomes and condos under $1 million become popular in January, whereas single-family homes in Chicago typically won’t hit the market until a bit later.
Diva Kim shared with Ms. Williams that in Seattle, we see a similar thing happen—there are fewer single-family homes during the winter. Here is another quote from Kim:
In the single-family home market, we have seen, this January, quite a few multiple offers,” Colaprete says. “Almost every buyer that we’ve worked with has had to get involved in a multiple-offer (situation).
Knowing this as a buyer or seller is essential to planning a winning strategy.
For Multiple Offers, Home Prep is Essential
A multiple offer scenario for sellers is not a given, even in a market with low inventory. You need to properly prepare your home for the market. The article points out that curb appeal is still incredibly important. Curb appeal can determine whether someone steps foot in your house at all. How your home feels inside is equally important, and this will depend on your specific home, your local market, and trends in your city.
Thank You U.S. News & World Report For Highlighting Kim’s Expertise
Thank you again for quoting Kim in the Media U.S. News & World Report. And huge thanks to the Residential Real Estate Reporter Dima Williams. We appreciate the opportunity to share our expertise in the Seattle real estate market.
Other Quotes By Kim in the Media
- Kim quoted by the Seattle Times Autumn 2020 Market
- Inside Abode with Dave Jones | Conversations about Race in Real Estate
- Buying a Home in a Hot Market During a Pandemic with the Seattle Met
- Seattle Times – 2019 Real Estate Market
- USNews – Is The Best Time To Sell a House Changing
- Seattle PI – Funky Homes to See in Greenwood
- Seattle Times – Seattle Real Estate is Talking About Race and Wrestling with History
If you’re thinking about selling your home, get in touch with Team Diva here.