Redmond Home Prices Gain in August
By Paul Siemering
Redmond’s real estate market may still favor sellers, but the slowdown in competition means it’s become a much friendlier place for homebuyers. In August, homes sold three days slower compared with the same time last year, spending a median 11 days on the market. And the number of homes that sold above their list price fell by 4.6 percent.
Many homes for sale are now receiving one or two offers, eliminating an opportunity for a bidding war. In Redmond, even a handful of offers can hinder someone’s chance of winning a home: typically one or two of those offers will be all-cash and another may be from someone with a hefty down payment and strong financing. If you’re a more traditional buyer, now is a good time to resume or start your search because many homes no longer receive multiple bids.
My advice to homebuyers who want to avoid competition is to wait and see how much interest a property gets before making an offer. I recently helped a customer buy a home in English Hill without facing a bidding war. We saw the house the first day it came on the market but waited a few days to see if it would turn into a competitive situation. It didn’t, and a week later we submitted an offer and got the home, paying $25,000 below the asking price.
Despite the less competitive market, home prices gained in August. Prices were up 6 percent from last year and the median home price was $570,152. Sales fell 24 percent with 131 homes sold.
For more information, visit Redfin.com