The residential housing market all around Puget Sound has been hot, and Kitsap County is no exception. Home sales have bounced back solidly and are now at their second highest pace since February 2007. Demand has remained strong throughout the winter as many real estate professionals are reporting bidding wars with many homes selling above list price, and there doesn’t appear to be an end in sight any time soon. So – what about your house?
If your house hasn’t sold, it is most likely because of the price.
Home pricing is an art form as well as a science. Your real estate professional should be able to assist you in finding that “sweet spot” for selling your home at a price that attracts potential buyers while maximizing your return. If your home is on the market and showings are few or you are not receiving any offers, look at your price. Pricing your home just 10% above market value dramatically cuts the number of prospective buyers that will even see your house. Pricing it just 15% over market value will bring only a very small percentage of active buyers to your door. Other factors that may influence buyers (location, condition, presentation) should all be factored into and reflected in your sales price. See chart below.
The housing market is hot. If your property is not, something is wrong. Buyers and the Brokers who represent them are price conscious as well as price savvy, and value is the #1 factor in attracting potential buyers. If you are not seeing the results you want, sit down with your real estate professional and revisit the pricing conversation. Adjustments in condition may need to be made to support the value, or your price may need to be adjusted to fit with the market. Overpriced houses that sit for long periods of time become stale, and when they do sell they are often undervalued because of time on the market. We don’t want this to happen to you! Do you have questions? Please feel free to ask. As always, I am here and happy to help!