Saturday, January 25, 2014

Setting Seller's Expectations

By Sinead Fennell
Redfin Real Estate Agent
It is much easier to sell a home than it is to buy one in Redmond, thanks to low inventory that has caused some heated bidding wars. But that doesn’t mean sellers have an advantage all of the time. Sellers’ expectations can determine if a house sells at all.   Read More >>

If you’re thinking of selling your home in Redmond, be realistic about the price. Just because 100 people view your home during a weekend open house, doesn’t mean it will result in an offer, much less a bidding war. Recently, I showed a client a Redmond home on the market for $575,000. Although the home had a successful open house, it received no offers by the following week. Since there wasn’t any competition for the home, my client and I put in an offer for $560,000. But the seller’s agent came back with a counter offer of $600,000, which was $25,000 more than the home’s original list price. The seller’s agent raised the price because he had expected multiple offers, even though he did not receive any. As a result, I withdrew my client’s offer. A few weeks later, the seller’s agent reduced the price to $585,000. And after the home did not sell over the next few weeks, the sellers pulled it off the market.
Sellers should understand that buyer interest in your home is not always an indication of how many offers you will receive. The interest stems largely from the fact that there are simply fewer homes for sale in Redmond. In December, inventory of homes was down 18.8 percent in Redmond compared to the same time last year.  While it is still a seller’s market, how you price your home will help determine how fast it sells or if it sells at all. Fortunately for sellers, low inventory has kept home prices robust. In December, the median home price in Redmond was $495,000. And homes for sale currently receive an average of 2.3 offers.
One way for sellers to set their expectation is to research the most recent home sales in their neighborhood. Comparing values will help you determine a realistic price for your home.
Visit our Home Selling Guide for other helpful tips.

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