Just Sold! 4747 45th Ave NE (Laurelhurst)

The home on 4747  45th Ave NE just closed today.   Stats:

• Original list price: $638,000
• List price when offer was made: $550,000
• Cumulative days on market: 311
• Final sale price:  $535,000 (17% under original list)

I think this is another example of the state of the market, and realities sellers are facing.  Buyers today want to get a “screaming deal”.  They need to see price reductions and time on market before they feel they are getting a bargain.  When they write an offer, it’s usually still under list price and most often includes an inspection condition. 

What does this mean if you’re thinking of selling?  Be ready for a battle, and to wait a while.  It’s easy to see these statistics and think “I’ll just price it higher than my ideal price”.  That way, after price reductions and low offers you still end up at your original goal proceeds.

Be careful with this strategy!  If you overprice your home, buyers will know.  There is a lot of inventory on the market.  I your home is priced higher than comparable homes in the area, it won’t get a second look online, much less actual showings. 

It is wiser to price your home to market, have terrific photos and staging for online appeal, and make the home as accessible as you can (easy showing hours, open houses, etc.).   If your home has great value compared to the other listings around, it will be apparent to buyers.  They will be more apt to write a better offer, sooner.

Erin Schedler