Is it a good time to sell a home in Fall leading into Holiday Season?
NWMLS reported September 2021 “frenzied”. We have the perfect storm with buyer demand, inventory shortage and changes in job and lifestyle, making the very active market into a frenzy.
Low Inventory is Significant Issue – Number of mutually accepted sales is the second best September since 2003 even though, pending sales dropped 6%. Predictions are the market activity will not slow down and keep moving with the same speed into 2022 due to low inventory (0.75 months, just 3 weeks) while interest rates in historical lows around 3.4%. Pent-up buyers are finding themselves in bidding wars. I went against 19 offers this week in Shoreline, 1954 built home with a fresh paint. It sold $100,000 over listed price. Buyers had to accept the home “as is condition” with in-use unknown oil tank and damaged sewer line of 156ft. no chance to inspect the home with their own inspector. I cringed to represent the buyers in this risky home purchase.
Lifestyle and Job Changes – We continue to see migration of buyers and sellers. Buyers moving to suburban markets, significant growth in Shoreline, Woodinville, Burien, Auburn, Lake Sammamish. If they cannot afford Seattle and Bellevue markets, growth is happening in the surrounding regions. King and Snohomish county price pressure may increase with as people return to city centers as offices open up for work.
People spend more time indoors, since Covid-19 impacted the lifestyles, caused everyone prioritize depending on where to work. At home or drive to the office? There is still significant migration to suburbs.
Impacts in Edmonds Real Estate Market – September 2021 stats compare to September 2020 published by NWMLS for residential sales. Median Price is up 6.8% at $779,900, Average Price is up 7.7% at $895,494. 68 new listings in September, down 26.1%, 65 homes sold in September, down 25.3%, days on the market was 7, up 16.7%. Edmonds monthly supply for homes is only 2weeks at 0.50, down 61.5%. Here is an interesting number. 19 shows per listing.
Over all in Edmonds, we have a healthy market of price increase over last year at 7.7%, Inventory is down 61.5%. Sellers who properly prepare their homes for sale take advantage of the high prices, selling in 7 days. Not all sellers find the perfect balance of condition and sales price.
If your question is “Do I want to sell my house this fall?” The answer is Yes, Yes, Yes! How quickly can you prepare for sale?
Contact us for a complimentary consultation about where you are and where you want to go by selling your home! We can discuss strategies tailored to your needs and create win-win!
Sebnem
206-619-3652, texting is always quicker response