Provided to the MPT
It’s no secret that Seattle’s market has felt the impact of high interest rates with less demand, but what does that mean for sellers?
Despite market conditions, many homeowners are expecting to sell their homes at a premium cost without having to put much effort into pre-listing preparations, but today’s reality tells a different story. Recently we have had the opportunity to work with several potential clients, evaluating homes throughout the Seattle area between $700,000 to $5,000,000, with each homeowner surprised to learn that the current market value of their home is not the price they wanted. While any agent can work with a seller to list a home at any price, ultimately listing above market value will hurt your bottom line.
Sellers simply are not in the position they were a few years ago when record-low interest rates and a bustling local economy led to a fleet of regional home buyers. Let’s dive into what today’s buyers and sellers may think as they navigate the market.
As a buyer, you might think:
• A home has been on the market for a while, so I’ll make a low offer.
• The seller should make upgrades before I buy it.
• Based on the news, it’s a buyer’s market now, so I hold the cards and power in negotiating.
Meanwhile, a seller might think:
• I’ve been living in the home without issues, so I know it is move-in ready.
• Making upgrades isn’t worth it, especially since my home is newer than anything else on this street.
• Why not ask for a higher price than we want, to make sure we can get top dollar?
Taking each perspective into account, the correct balance depends on the house and the goals of the homeowner and buyer, and a good agent will be able to provide a detailed assessment of what is in your best interest. For sellers, an experienced broker will give you the full picture, utilizing their market knowledge, a comparative analysis of similar recently sold homes in the neighborhood, and your home’s condition, age, features, and more, so that you can accurately price your home, and sell it within a reasonable timeframe.
As advisors with Realogics Sotheby’s International Realty, we prioritize transparency. We present sellers with several different possible scenarios, including what price their home could sell for as-is; what price their home could sell for with minor repairs and upgrades; and what price their home could sell for at its top potential with the largest number of upgrades. We’re proud to work to meet our client’s goals while keeping their best interest at heart.
Connect with us at 206.852.0714 or choulinda@gmail.com.