Home prices are climbing across the U.S., but they do so faster in Seattle.
According to the S&P CoreLogic Case-Shiller Home Price Index, Seattle spent 12 consecutive months as the city with the second-fastest increase in housing prices. It only cooled down In June, dropping one place when house prices were up 25% compared to a year earlier.
Seattle is outpaced only by Phoenix and San Diego, where prices climbed 29.3% and 27.1% respectively during the same period.
Together with a median sale price of $800,000 for a median list price of $755,000 and a record number of people looking to buy, Realtor.com dubbed Seattle’s real estate as a seller’s market.
Taking Advantage of Seattle’s Seller’s Market
The increasing demand and limited supply of properties in Seattle are the reasons for the seller’s market in the city. This presents a great opportunity for property owners looking to negotiate better prices for their properties.
Apart from allowing owners to sell for the highest price, a seller’s market presents more benefits, including:
- The potential to choose from multiple offers
- The ability to sell properties quicker
- Not having to give into excessive demands from buyers
While it’s typically easier to sell in a seller’s market, there are more ways to attract multiple offers.
- Invest in renovations and staging
In a seller’s market, eager buyers don’t want to see a lot of work that still needs to be done upon moving to their new home. Beautiful staging helps create an emotional connection to the property. Many buyers are not just looking for a structure to inhabit or live in – they are also looking for fulfillment in living in their dream home.
- Price your property strategically
When pricing your property, you have to do so in a way that encourages multiple offers. While it’s tempting to begin listing it at its maximum price, overpricing can turn off buyers, especially those who are knowledgeable about real estate.
Instead, price your home at about $10,000 to $15,000 below Seattle’s fair market value based on its size and condition. It’s a great way to generate lots of offers and create a bidding war.
- Make the most of a bidding war
Bidding wars are expected in a seller’s market. With fewer properties for sale and high demand, buyers will flock to their ideal properties, resulting in multiple offers for your property. You can make the most out of these offers by either accepting the best offer so you can close seal the deal immediately or by informing buyers of competition to encourage even higher offers.
- Contact Blue Pacific Real Estate for a consultation
Contact us as early as possible for a free consultation. Successful sales are a result of detailed planning. Let us guide you down that road.
Seattle’s Seller’s Market for Buyers
Just because a seller’s market is more beneficial to people with property to sell doesn’t mean buyers can’t thrive too.
If you want to close the deal on a property in Seattle, which is constantly in “best places to live in” lists with its great job market, lively downtown culture, and beautiful natural surroundings, these strategies can help:
- Move quickly
Properties go fast in a seller’s market, and you will no doubt face stiff competition, so if you like a home, make an offer quickly.
- Make your bids competitive
Bidding under the asking price won’t get you noticed in a bidding war in a seller’s market, so make the best offer you can afford.
Top Real Estate Company
Blue Pacific Real Estate offers expert assistance in buying or selling a property. Our reliable team will ensure that your investment will be successful and worthwhile.
Book a consultation today by calling us at 206-582-7812 or filling out our online form.