Sweeping this week as my kiddos prepare for the last day of school! Wow, that went fast. Moving on up to 3rd and 5th grade respectively. For now, we’ll enjoy summer!
At a glance for this week > May 2017 science wrapped up + talking points + a “contingent offer” win + episode #3, Double Down being recorded next week – so excited! Ok, let’s sweep and dive right into our Friday…
As I prepared the May 2017 talking points for windermerestats.com it felt like a Rubik’s Cube this month – thus the imagery below – every day you are solving this real estate market one side at a time. Talk about articulating your value!
- Prices did not reach a new high in Seattle. The median closed sales price for residential and condominium in May 2017 was $650,000. (page 1) The high was $660,000 in April 2017.
- *note: it is possible that specific MLS areas could be at a record, although this figure reflects the collective MLS areas for Seattle.
- The current market cycle passed the August 2007 high of $439,000 three years ago in May 2014 when the median price was $449,250. (see Historical Data, page 8 & 9).
- We are ten years past this cycle being driven by job, wage and population growth, not subprime lending and speculation.
- How fast is the market moving?
- 84.3% of closed sales had less than 15 days on the market. (page 5, lower right hand corner)
- 67% of closed sales, sold above list price and 13% at list price. (page 3)
- 8% of closed sales sold below list price. (page 3)
- 12% of closed sales had a price adjustment before sale. (page 3)
Who the buyer hires to represent them can obviously be the difference of buying a house or not.
- Is it about the money (commission rebate) or the move (actually buying the house)? Redfin’s rebate to buyers is generally 0.50%.
Less obvious, but equally true who a seller hires matters. Your presentation, marketing and negotiation skills matter. The sign in your yard matters.
- Is this seller favored market, your greatest selling expense could be the money you do not make. The presentation and marketing your home and the negotiation skills of your real estate broker can bring more value than a perceived savings in your real estate commission – aka, when considering a discount model.
Ponder this question – again – it’s too good…
“Do you believe your home will sell for a fixed price, or do you believe there is a range of value based on the marketing and negotiation skill of your Realtor?” – You.
&/or, based on us being in this fierce Seller’s market…
“In this kind of market, your greatest expense is often the money you don’t make. Are you looking to save money or make money? Great marketing & negotiating will make you money.” – You.
I’ll leave you with those two questions to ponder as you solve yet another side of the Rubik’s cube of a market. And oh, one more soundbite from this week! I learned of a continent offer being accepted. Yes, accepted. My feedback to the broker who shared this with me…”well, aren’t you glad you wrote the offer!” And more good news, that means another home is coming to market!
Next week – broker Edward Krigsman + manager Jordan Malloch + attorney David Daniel from Demco will join me in my traveling recording studio to talk wire fraud (legal bite) and articulating your value (idea worth spreading). Looking forward to the conversations!
Laura Smith, General Manager | Windermere Real Estate Co.
Ballard + Eastlake + Madison Park + Northgate + Sand Point + Wedgwood