What's Your Home Worth In Today's Hot Market?

Posted by Cary W Porter on Wednesday, February 23rd, 2022 at 12:21pm

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Bidding Wars and multiple offers have been the story of 2022 so far. In fact, we're setting new records for prices and amounts OVER asking almost daily!

  •          At month end inventory reached a meager 3,092 active listings, down more than 30% from a year ago.
  •          King County had the steepest drop in active listings, shrinking nearly 59% from a year ago.
  •          The market remains virtually sold out.
  •          The imminent rise in interest rates has buyers scrambling to find properties to buy.
  •          No relief in sight by way of increased inventory to meet demand.

To take advantage, pricing your home correctly is more important than ever!

Our 18-Point Analysis will bring you the most accurate assessment possible when it comes to your home's value. Click here to learn more! We factor in sold homes, active, pending, pending inspection, builder, size, beds, baths, school, year built, upgrades, lot size, assessments, condition, view, curb appeal, title issues and easements.

On average, serious buyers look at about fifteen properties before they make an offer. Doing so gives them a basis for determining how competitively a property is priced, both in terms of the market generally and what they are looking for specifically.

If you overprice your property, you'll usually lose serious buyers even if they otherwise love it. Experience shows that buyers usually do not make what they consider to be realistic offers on overpriced properties because they assume that doing so will just be a waste of time.  The overlap between buyer and seller price ranges is depicted below. It will be helpful to keep this diagram in mind when pricing your property.

How you price your home will directly impact upon how many buyers, showings and offers you attract, and ultimately to how easily it sells. At the pyramid's center is the fair market value at which a reasonable percentage of buyers would view and purchase your home. When you under price your home you'll attract a greater percentage of buyers, and when you overprice it you'll attract a lesser percentage of buyers.

The 8 Seattle Area Suburbs With the Biggest Home Price Increases in 2022 So Far! (# 1 is going to blow your mind!)

# 1 is going to blow your mind!

SEE: The Importance of a Comparative Market Analysis (CMA) In Selling Your Home

The Bottom Line: REALISTIC IS STRATEGIC!

Your Home's Optimum Time-On-Market

General definitions of market value usually say that it is the price a home should sell for when it has been on the market for anywhere from three weeks to two months. In this market however we are talking 3-5 days!

However, if you want top dollar for your home, experience shows that you should try to get and accept a solid offer sometime during the first 10-14 days on the market. It is during this peak "window" that your home will enjoy maximum market exposure and buyer interest.

Beyond three weeks your home will increasingly be viewed as a "stale" listing -- i.e. as a commodity with a history of being rejected by other buyers. Consequently, there will be less interest, less showings, less offers and less likelihood that you'll get your asking price.

This is why it is crucial that your home be priced correctly during the three-week window.

You can learn more about The Cascade Team and our marketing HERE

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• Any Property You're Interested In

• Actual Sold Home Prices

• Easy to read and understand

• Days on Market

• Final Sales Price v/s Asking Price

 

 

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