Published July 25, 2024
Mid-year home sale insights you must know
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What you need to know about our housing market, from shaky online loans to new selling strategies.
Do you want to learn essential information to sell your home quickly and for the best price? Most home sellers tend to overlook this, but knowing the right information is key to a successful home sale. Fortunately, I have the latest home-selling insights and observations that will help you.
Selling a home is a major decision that one shouldn’t take lightly. The truth is, no matter how much time and effort you dedicate to the sale, not knowing essential information can impact the entire selling process negatively. I’ve helped a lot of homeowners sell their homes throughout the years, and I have access to resources that aren’t readily available to the public. That’s why today, I will share crucial mid-year home-selling observations and facts you need to know before selling:
1. Getting to know today’s buyers. Buyers today are very rate-focused, often to their detriment, with online loans and weak pre-approvals becoming more common as they seek competitive rates. However, a higher offer means nothing if the buyer can't close the deal due to improper qualifications. Buyers are also more inquisitive and less willing to overlook deferred maintenance and repairs, making our pre-listing home inspection essential for addressing issues before they become negotiating points.
“The right information from a reliable source is crucial in a successful home sale.”2. Important figures and trends. Inventory is up slightly while days on market are down, creating a strange juxtaposition. Median home values in King County have also never been higher. Although the velocity of sales has decreased, values remain at or near all-time highs, which means it’s still a great time to sell, but you will need to be patient. The number of showings and offers has also declined, and whether this is seasonal or a trend will be discussed in a later newsletter. 3. Selling strategy. Homes that are priced right and present well will get the most attention and sell for the best price. Especially since buyers are hesitant to engage in bidding wars and will back out if pressured beyond their comfort zone, pricing your home appropriately is more important than ever. In multiple offer situations, we have had several buyers withdraw their offers. In over 1,500 transactions, we had never experienced buyers not depositing earnest money until this year, when it happened twice. Other brokers have reported similar experiences, which means that there is a fine line between being priced right and overpriced; and if you are overpriced, the market will let you know quickly. The right information is crucial in your home selling plans and strategy, and getting facts from a reliable source is just as important. If you’re planning on selling your home, please don’t hesitate to reach out to us via phone or email. We would love to help you sell your home quickly and for top dollar. We look forward to hearing from you!
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