Is it a good time to sell?

This posting is not specific to Bellevue, Kirkland, Issaquah, Redmond, Bothell etc. It applies to the real estate market in most of Western Washington. Ok, the question is, Should I sell my home now.  Here is my opinion. With the way the interest rates are now I expect there will be a flood of first time home buyers, move up buyers and refinancers. So if you have been on the fence about selling here are a couple reasons to sell now.

-Don’t miss the flood of buyers suddenly hitting the market because of the rates.

-Home values are still rising in and around the King County areas.

-The selling season will be here in about a month. There is no better time than now to get your home ready for sale and put on the market.

One last thing I want to stress to sellers, It is vital to price your home correctly. Overpricing a home or condo doesn’t work and here are just a couple reasons why…

-Many sellers think they can overprice their home so they have room to negotiate. Sounds like good sound logic but here is the flaw. If the market value on your home is $495,000 and you want to list for $510,000 you will miss all of the buyers that have a max price point of $500K. 

-These days buyers are very well informed and educated about the real estate market. With the internet they have access to all of the listing on the Multiple Listing Service and they will know when a property is over price causing them to not want to visit your listing.

-Your home becomes “stale”…  What does that mean? If your home is overpriced it will sit on the market. Sellers have about a 3 week window to get a property sold for top dollar before it becomes “stale” meaning buyers will either think there is something wrong with the property and never view it or if you get lucky you might have a buyer looking for homes that have been on the market for a while and make a crazy low offer. Let’s compare your home to a loaf of bread. The market value on a loaf of bread is $1.99 but you price it at $2.50. Buyers will see all of the other comparable loafs for $1.99 and buy those. 3 days have passed and you decide you want to lower the price of your bread to the market value price. The problem is that your bread is no longer fresh and squishy. Another 2 days go by and your bread is still on the shelf. What do you have to do to get that bread sold??  Discount it to sell. It’s the same concept with a home. It’s better to price it correctly when you first list it so you get top dollar.

Please visit  www.GregRBenson.com or www.O-Condo.com  for your home and condo real estate needs. Somebody on my team is more than happy to answer your selling or buying questions.

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