As we settle into a new, and more balanced real estate market, sellers need to understand that unless a home is priced perfectly, at our current fair market value, it will not be selling fast. Or at all.
From 2016 to mid-2018, selling a home was like selling a pair of vintage Ray-bans on E-bay. You just took a few photos, wrote a brief and uninspiring description, started the bid low, and watched all the bidders clamor over the product. It was much that way for selling a home or condo in Seattle. A few photos, a few descriptions, and an offer review date. As long as you didn’t grossly over-price the home, you had several eager buyers all stomping on each other to buy your home. There was even the “buy now” equivalent (Zillows Make-Me-Move feature).
And then, seemingly overnight, Seattle real estate started to closer resemble the Price is Right. Homes started to not get offers on the offer review date. Homes were sitting on the market for (gasp!) weeks. Sellers were actually dropping prices. No longer did we have a frenzy of buyers to scoop the unreasonably high prices.
So now, when you are selling your home, you need to get that list price EXACTLY right. If you price your home even a bit over what the fair market value is, you will end up lingering on the market, doing price drop after price drop, while you chase the market down.
In order to be successful in our current market, you can’t hope for 2017 prices. You need to find the exact, current and fair market price of your home or condo. Homes that are well priced are still selling quickly. It is possible to have a quick and relatively painless sale, as long as you are willing to offer your home for what is worth in THIS market.