ResalesClouds Hovering Over Seattle Housing Market Thin Out
While the housing market wasn"t what it was before the dot-com boom, local Realtors say there are signs it is coming out from under the clouds.
"Western Seattle has Puget Sound, mountain and city views," says Realtor David T. Hall. "It"s very diverse housing from multimillion-dollar waterfront homes to condominium living."
The local housing market remains strong provided the houses are priced correctly," says Hall. "Solid homes in the right locations are obtaining multiple offers. The Northwest Multiple Listing stats again show another good year in Real Estate with sales at 10 percent over last year. The lower interest rates continue to spur sales $350K and lower with upper end properties remaining on the market longer than normal. In my expert opinion, this market offers the best opportunity to take advantage of buying or selling a home!"
Says Realtor Mark Despain, "The "Northend" includes many varied neighborhoods with a wide array of architectural styles. Prices start around $200,000 and range to over a million dollars by the water, with every variety of price, location, and style in between. Nearly every type of shopping and entertainment is available within a 3-mile radius: movies, groceries, theatre, nightclubs, Northgate Mall, the big and boxy to the small and charming. Even with all the ranting about traffic in Seattle, it is still no more than 30 minutes to downtown on the worst days at rush hour."
He explains, "The middle to upper end of the market (over $500K) has slowed somewhat in that homes are taking a little longer to sell. But homes priced below $350K are still hot sellers with many first time buyers and low interest rates driving the market. Except for the extremely popular, centrally located neighborhoods the upper-mid and upper price ranges have become a buyers" market. But the low and low-mid priced homes are, for the most part, relatively neutral."
Realtor Tyler Cummings says, "During the later summer and into the fall, prices of inventory have taken a turn for higher levels. I anticipate multiple offers on homes that are competitively priced and lots of market time for homes with less than desirable location/exposure.
Cummings advises, "Sellers, consider distinguishing your home from the others, not through gimmicks or promotions, but through "lower pricing." Yes, a good-old fashioned price drop during the initial listing period (honeymoon period) will get attention from quick, savvy buyers. Of course, lower price means less seller concessions at the bargaining table. Also, be sure to make an effort to stage your fine home--the "charming" aspects of your interior really stand out when doing a walk-through with prospect buyers. They really like it."
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