Monday NW Seattle Real Estate Market Update | July 19th, 2021

Monday NW Seattle Real Estate Market Update πŸ“… July 19th, 2021

Inventory levels are moving up in NW Seattle. We are up 10% over last week and now have 183 homes available for sale. Welcome to week 71 of our Monday Market Update. We had 88 homes come on the market and as usual the vast majority were vacant and had offer review dates. We saw 54 homes go pending with average 15 Days On Market β€” so this number is starting toΒ πŸ“ˆΒ creep up as we would expect going into the summer months.

52 homes 🏑 closed last week and only 39% sold above the asking price, 24% sold below asking. We’ve been talking about this for a few weeks now, as agents get better at pricing at the true market value, we should see more homes sell either at or just below the list price.Β 

So as the market starts toΒ πŸ†’Β cool a bit over the summer months, a well thought out listing strategy is even more critical to a Seller’s bottom line. Our listing process doesn’t rely on multiple offers. We call it theΒ πŸ“šΒ Ultimate Home Selling System. We believe our strategy puts our sellers in the best possible position regardless of the market conditions. To learn more about the selling process check out our Seller Tool Kit at https://www.BrennerHill.com/go/seattlesellerstoolkit.

We hope you are enjoying yourΒ β˜€οΈ summer!Β 

-Steve & SandraΒ 

π΄π‘›π‘‘Β π‘Žπ‘ Β π‘Žπ‘™π‘€π‘Žπ‘¦π‘ ,Β π‘–π‘“Β π‘¦π‘œπ‘’Β β„Žπ‘Žπ‘£π‘’Β π‘Žπ‘›π‘¦Β π‘Žπ‘‘π‘‘π‘–π‘‘π‘–π‘œπ‘›π‘Žπ‘™Β π‘Ÿπ‘’π‘Žπ‘™Β π‘’π‘ π‘‘π‘Žπ‘‘π‘’Β π‘žπ‘’π‘’π‘ π‘‘π‘–π‘œπ‘›π‘ ,Β π‘“π‘’π‘’π‘™Β π‘“π‘Ÿπ‘’π‘’Β π‘‘π‘œΒ π‘π‘Žπ‘™π‘™/𝑑𝑒π‘₯π‘‘Β π‘’π‘ Β π‘Žπ‘›π‘¦Β π‘‘π‘–π‘šπ‘’!Β π‘Šπ‘’β€™π‘Ÿπ‘’Β π‘Žπ‘™π‘€π‘Žπ‘¦π‘ β„Žπ‘’π‘Ÿπ‘’Β π‘‘π‘œΒ β„Žπ‘’π‘™π‘!Β 

SteveΒ πŸ“²Β (c) 206-769-9577Β πŸ“§stevehill@windermere.com

SandraΒ πŸ“²Β (c) 206-271-7100Β πŸ“§sbrenner@windermere.com

Video Transcript:

Inventory levels are moving up in NW Seattle. We are up 10% over last week and now have 183 homes available for sale. Welcome to Week 71 of our Monday Market Update. We had 88 homes come on the market and as usual the vast majority were vacant and had offer review dates. Just as a reminder, when we say offer review date that means the Sellers is planning on looking at any and all offers on a specific date that is posted in the MLS. So this past week 5 Sellers took an early offer. What I noticed, was that all of these homes were owner occupied, so Buyers if you are looking to potentially submit an offer before the review date in hopes of not having to compete with other Buyers, your best bet is to target homes that are occupied. Let’s face it, selling your home while you are living in it is a pain in the you know what, so these sellers were probably a little extra motivated to go under contract.

We had 54 homes go pending with average Days on Market of 15. So this number is starting to creep up as we would expect going into the summer months. In April and May the average Days on Market were 8, in June and July so far the average Days on Market are 11. While not dramatic, this is a slight shift and again one we’ve been expecting.

We had 52 homes close last week and only 39% sold above the asking price, 24% sold below asking. We’ve been talking about this for a few weeks now, as agents get better at pricing at the true market value, we should see more homes sell either at or just below the list price. So as the market starts to cool a bit over the summer months, a well thought out listing strategy is even more critical to a Seller’s bottom line.Β 

When the market starts to cool, sellers can’t rely on multiple offers to drive up the sales price or multiple offers to motivate Buyers to remove otherwise common Buyer contingencies like an inspection contingency or a Title Review contingency – both of these contingencies are to the Buyers subjective satisfaction – meaning the Buyer can terminate the contract and get their earnest money, leaving the seller high and dry.

Our listing process doesn’t rely on multiple offer. We call it Ultimate Home Selling System, we believe our strategy puts our sellers in the best possible position regardless of the market conditions. To learn more about the selling process check out our Seller Tool kit, here you’ll find lots of information about preparing your home, pricing, should you trust your Zillow Zestimate and lots more! Also, don’t forget to like this video and subscribe to our channel.

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