You may have seen some of the articles going around with headlines about home prices crashing and talk of a "market shift." We certainly aren't seeing the feeding frenzy to buy homes that we were experiencing last year at this time, but the housing picture remains strong in Snohomish County and most of Western Washington.
Take a look at a quick market snapshot for 2018:
As you can see, the median price of homes & condos last year remained strong, up almost 10% from 2017. Condo prices alone in Snohomish County closed up almost 15%!
What does all of this mean for someone thinking of selling right now?
1. The market, which has been tilted firmly in the favor of sellers for the past several years, is now normalizing. And honestly, that is a good thing. What that means is that there is more inventory--and more choices for buyers. Toward the second half of 2018, buyers we talked to were exhausted with losing out on home after home after home in crazy bidding wars. Today, they are starting to dip their toes back into the pool and finding that it's not quite so scary out there right now. That is good news for sellers.
2. Pricing your home correctly is key. Last year, we saw people shooting for the moon--and sometimes getting it!! This year, pricing your home at- or slightly below- market to create some buzz is your best bet. Buyers will not look at homes priced at $50,000-$75,000 over value because they feel they have more choices now. Think about it: if your home is listed at $440,000 and a neighbor down the street has the exact same home priced at value, for $399,000 for example--which house do you think is going to sell first?
3. Patience is your friend. While our market remains vigorous, chances are it may take more than 3 hours to get an offer on your home now. Last year, we saw some homes go under contract before the listing agent could even hold an open house! Now that we are moving slowly toward a more balanced market, even well-priced homes can remain for sale for up to several weeks.
If you want to know the average days on the market for your neighborhood, or want to know what your home could sell for, just give us a call!
And check this out: If you're still unsure if housing is one of the best investments you can make for yourself, take a look at the rise of home prices over the past decade or so.
Courtesy: NW Multiple Listing Service