Real Estate Market News
Part 1: Price!
Whether selling your home in a seller’s market or buyer’s market, there are three essential and key components to success. At John L. Scott we call this the 3 P’s: Price, Promotion and Presentation. If one of the 3 P’s is off, the ramification is that the home doesn’t sell. This month we will cover PRICE. n our current market climate it would appear that all homes are flying off the shelf. Don’t be fooled. We still have some homes sitting on the market beyond average market days within their respective hyper-local areas. How you elect to price your home and the path you choose is ultimately up to you. Ideally this is with careful consideration of the counsel received from your trusted real estate broker. The market value range your broker gives you is key to your success.
In many cases the contracted sales price has to be validated by the buyer’s lender’s appraiser. That value is backed by a variety of factors. Appraisers do rely on the real estate broker’s initial market analysis and expertise at the time of sale. The number of offers on a home, terms of all offers and most recent comparables in an inclining or declining market are all on the table and considered when the appraiser finalizes value. There are additional forms buyers can include in their offer to set the sales contract up for success no matter where the appraiser’s value comes in.
Curious about what those are and how to WIN in this market? We are here and happy to help!
Stand by for next month’s Part 2, with the key and essential 2nd “P”: PROMOTION
More Listings will Arrive this Month
“After an intense winter in the real estate market, more new resale listings are on the horizon this month. March historically marks the beginning of the eight month prime-time real estate market.
Snohomish County is virtually sold out up to the $1.5 million price point. Sales Activity Intensity™ for homes up to $1 million is extremely high, what I consider “uber frenzy”; 95 percent of sales activity occurs in this price range. The $1 to $1.5 million range has frenzy Sales Activity Intensity.™
On the Eastside, Sales Activity Intensity™ for homes priced up to $2 million is extremely high, what I consider “uber frenzy”; 90 percent of sales activity occurs in this price range. Looking in the luxury price ranges on the Eastside, the $2 to $3 million range has extreme frenzy Sales Activity Intensity,™ and Sales Activity Intensity™ is strong from $3 to $5 million.
In Seattle, Sales Activity Intensity™ for homes up to $1 million is extremely high, what I consider “uber frenzy”; 77 percent of sales activity occurs in this price range. Looking in the luxury price ranges in Seattle, the $1 to $1.5 million range has extreme frenzy Sales Activity Intensity,™ and Sales Activity Intensity™ is frenzy / surge from $1.5 to $3 million.”
~J. Lennox Scott – Chairman and CEO.