Wow, so many homes in Sammamish are selling VERY fast - this is wonderful news. Ehhh... perhaps not so fast.?
As you may (or may not have heard), homes on the Sammamish Plateau are selling MUCH faster than they have in recent months. If you?re a homeowner who has gone through the downturn over the past few years, you?re probably thinking it might be a good time to consider selling your home - and depending on your specific circumstances, you may be right!
As we discussed in an earlier post about the current real estate statistics in Snoqualmie Ridge, if you plan on moving within the Sammamish area (or anywhere in the Seattle area for that matter), waiting for additional appreciation may not be wise, as you may also pay a higher price for your next home - and you risk the real possibility of rising interest rates. So yes... now may indeed be a good time to consider selling your Sammamish home.
First Some Statistics...
As of the date of this post, there were 38 single-family ?resale? homes in Sammamish which have gone ?pending? in the previous 45 days (excluding short-sales, condos and private sales). Of this group, a whopping 45% were listed for sale 14 days or less, and 32% were on the market for 7 days or less. Several were only active 0 to 4 days, including a couple homes priced well over $1 million. Clearly, this is a departure from the previous several months. The average list price of these pending homes in Sammamish was $636,644. While many people would think this is great news, it warrants further analysis.
Pricing Sammamish Homes Today
In reviewing the market data, it appears (to us) that many of these homes (and new ones coming on the market) may have been slightly underpriced priced based upon market data from the Fall, rather than the most current market data - and by ?current,? we mean, ?right now - today.? Of course, one of the most important factors in pricing a home, is indeed to refer to the sold price of comparable homes, generally speaking, over the previous 6 months. However, particularly in a fast-paced market that?s beginning to transition to a seller?s market (or already is), it?s critical that homeowners and their agents be fully informed about the present real estate market dynamics in order to receive the highest selling price possible - and this means paying very close attention to new listings and pending transactions.
Pricing a Home is a Balancing Act for the Agent
With this said, for a real estate agent, pricing any home is a delicate balancing act - one that can land the agent in one of two places... either hot water, or the loving arms of the seller.
While most agents will want to price a home to help the seller obtain a maximum sales price, the homeowner and agent also must be careful not to overprice the home. Conversely, if the agent is too conservative (or is using outdated information), the home may sell too quickly, leading the homeowner to feel that they may have left money on the table.
Moreover, the seller may question the value they?ve paid for the agent?s services, particularly if the agent never had time to ?market? the home.
Yes... sometimes when a home sells immediately for asking price, it?s simply because the ?right? buyer was waiting in the wings. However, it?s often because the home was underpriced. It?s not too uncommon in ?hot? markets to strategically price a home knowing it will receive multiple offers which often results in a ?bidding war?... but that can be a risky strategy that you?d best be certain to discuss very thoroughly with your agent. Unless the purpose is to create a bidding war, it?s best to price AND prepare the home to attract a firm offer within 12 to 21 days - long enough to generate a healthy amount of interest, but short enough a period to maximize the seller?s return on their investment in the agent?s services.
Selling Your Home For Top Dollar
So, if you are considering selling your Sammamish home, or any other home, particularly in a changing market, make certain your agent is using the most recent data - and ask them to fully explain their pricing recommendations. Remember that the goal is to price the home within the upper-range of the current comparable market - high enough to get top dollar, but low enough to still keep buyers (and their agents) interested in negotiating a possible purchase. Yes... this requires quite a bit of research and due diligence, but it?s par for the course - and a great real estate agent would balk at doing anything less.
cujo greg kelly karen handel hangout todd haley kareem abdul jabbar tim lincecum
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