Monday, December 30, 2013

Redmond Home Prices Make Small Gains in November; Sales Decline

By Paul Siemering
Redfin Real Estate Agent
Redmond home prices slightly increased in November, but sales volume dropped, according to a recent Redfin analysis. Home prices were up 0.5 percent compared to the same time last year and the median home price was $502,500. Sales were down 13.1 percent with 113 homes sold. However, homes sold 26.5 percent faster than they did in November 2012, spending an average of 25 days on the market.
The drop in sales volume is partly due to a lack of inventory in Redmond. In popular neighborhoods such as Education Hill, there are currently only three houses for sale under $600,000.
Another cause for decreased sales is that there were fewer buyers shopping in November. There was no significant shortage of buyers because we were still seeing multiple offers on homes. But some buyers chose to pause their home search in November, many of them worn out from the spring and summer housing frenzy. These buyers were unable to get into a home in Redmond because of the lack of inventory and the intense competition during the spring and summer months.
If you’re in the market to buy a home in Redmond, do not be discouraged by the competition. Instead, strategize a way to set yourself apart from other buyers. Take advantage of the fact that there are fewer buyers in the market for a home right now, such as those who are reluctant to move during the holidays and those who do not want to move while their children are in school.
Another way to edge out the competition is to start looking at homes that are less expensive than the maximum you can afford. If you are in the market for a $500,000 house, start looking at comparable homes in the $450,000 range. That way you can compete against multiple offers on the home by submitting an offer above the list price.
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