Have you heard the news? We are in the middle of the Ultimate Sellers Market in Seattle.
We have seen Home Equity increase right in front of our eyes.
Despite all that the world has thrown at us the last year or so people want to buy a house. When I say people, it feels like everybody.
And not as many people want to sell a house.
If you were thinking about selling your house to maximize your home equity there has never been a better time.
I know, I know I am a sales person and you may think it is my job to tell you that it is a good time to sell. That is not this. This is a Sellers Market.
Now is a great time to find out exactly what your home is worth on the open market. Let Joe tell you about it in this quick video:
Are you interested in scheduling a Zoom call to discus your homes new value? Contact Us Here
WHAT IS A SELLERS MARKET
At the most basic level a Sellers Market is when you have more demand than supply. More buyers than sellers.
In real estate language it is when you have less than 3 months of sellable Inventory. Inventory is homes for sale.
In Snohomish County we have .5 months inventory:
In Seattle we have .7 months inventory:
What is a Sellers Market Video:
Furthermore the NWMLS announced that in 42 years of recording inventory levels we are in the lowest level ever recorded (March 2021).
Convinced that we are in The Ultimate Sellers Market in Seattle?
HOME EQITY GAINS
Not only is it true that we are in The Ultimate Sellers Market in Seattle but we have been in a sellers market for a long time.
Average Sales Price for a property in Snohomish County:
As you can see from February of 2016 to February of 2021 the average sales price for a property in Snohomish County has gone from $354,834 to $612,103. Steadily and consistently climbing for 5 years.
As you can see from this Infographic from Keeping Current Matters the average home owner in WA state gained $47K in home equity in 2020. And 2021 has started off even better than 2020.
I think the obvious next question is, “How long can this last?”
How Can You Take Advantage Of This?
There are many options when it comes to moving and it really depends on if you are considering moving up, moving down, renting, or relocating.
The first thing you should do is get ahold of a real estate team that you trust to give you a current home valuation based on comparables of the current real estate market. Pro Tip – This does not mean a Zestimate.
Once you know how much equity you have to work with than you can formulate a plan on how to utulize it to meet your goal.
Whether that means buying first, waiting to buy once your house sells using rentbacks, getting a bridge loan, finding a rental or getting set up with a trusted relocation agent in the area you are moving to.
If You Decide To Sell
Don’t just hire your cousin or your aunt, make sure that you hire a Professional. A google search of their business name ought to give you a pretty good idea of how much business they do and what their clients think of their work.
Google: The Madrona Group
A professional will have a Selling a Home Marketing Strategy that they can share with you that will maximize the value and get every penny of home equity that you are due.
Here are a list of must haves for your sale:
- Staging
- Cleaning
- Professional Photoshoot
- 3D Virtual Tour
- Video Tour
- Digital Marketing Strategy
- Mail Marketing Strategy
- Email Marketing Strategy
- Social Media Marketing Strategy
- A Fierce Negotiator On Your Side
According to the National Association of Realtors, for every $100 invested in staging, the potential return is $400
Forbes.com
Are you interested in scheduling a Zoom call to discus your homes new value? Contact Us Here
The Ultimate Sellers Market in Seattle Summary
We have been at record low inventory levels in Snohomish County and Seattle for multiple months now and are in what we call a Frenzied Sellers Market.
Home owners have seen a huge increase in Home Equity of the last year and change.
Don’t think because it is a Sellers market that you can slouch when it comes to presentation and marketing. It is even more important to put forth the best product possible to reap the rewards of this market.
Hire a professional team to ensure that your home is positioned in the very best possible light to take advantage of this unique time.
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