Remaining Flexible

Keep An Open Mind

It wasn’t that long ago when a seller could wake to freshly roasted coffee, pick up the phone, call any agent, list their home, get multiple offers, and close a sale. What a difference a few months make. Although the greater Puget Sound area real estate market remains strong in comparison to other areas of the country, we are experiencing some notable changes. During the time frame of January 1st through June 1st 2006 the NWMLS (Northwest Multiple Listing Service) experienced 1852 expired listings in King and Pierce Counties. During the time frame of June 1st through today November 8th, the NWMLS experienced 3422 expired listings in the same Counties. Other signs of a slowing market are more price reductions, longer listing periods, and multiple single property listings. Competition is greater for sellers and a realistic approach to the current market is a must while we transition through this market adjustment. A complete market analysis with an emphasis on the SOLD comparable properties and appropriate adjustments for specific features must be made in order to position your property for a successful sale.

The market will determine how well you did with your price. Typically you’ll have the majority of showings in the first fourteen days of listing. If you have no showings you’re priced too high. Reduce your price in affective yet acceptable increments. If you have several showings and no offers, you’re in the “ball park”. There are many approaches to price reductions. You may want to determine your bottom line and keep the property as aggressively priced as possible until you find the right buyer.

Hire an experienced representative who uses creative forms of advertising to expose your home. One who is open, honest and tells you the truth about property condition, and position.
In today’s market a seller needs to remain flexible when pricing. Create a balance between value and exposure and you’ll have little difficulty in this changing market.