[Disclaimer: The following is a sponsored post, written by realtors Kris Murphy and Daniela Dombrowski.]
We’re sure you’ve heard about the hot market, low inventory, and multiple offers in the real estate market, but what does that actually mean? Taking into account all sales in Wallingford and Greenlake (south of N 80th St.) in the last 60 days, 47 single family homes (excluding townhomes) have sold for an average price of $690,000. The average sales price was approximately 4% over list price and in many cases,homes sold between 10 – 20% over list price. What does this mean to you? When housing inventory rises, prices will flatten or fall.
It’s the classic case of supply and demand and it always happens eventually in real estate, often very quickly. Inventory could rise due to:
- Interest rates going up, slowing down the buying activity; and/or
- Sellers suddenly realizing it is time to sell and flooding the market with homes; and/or
- Prices continuing to rise to the point where buyers no longer feel it is a good time to buy
So what we know is that if you are thinking of selling in your near future, there could not be a more perfect time. In fact, mortgage rates have climbed to their highest level in a year. But we don’t know what it will look like several months from now (Oh, how we wish we had a crystal ball when our clients ask us this question.) As brokers, we often forget that we are aware of trends long before the general public. It’s frustrating to see a big lag in market activity; people wait until it is a sure thing (or so they think) and then it becomes too late.
Kris Murphy & Daniela Dombrowski are real estate brokers located in the Wallingford Keller Williams branch and have specialized in Wallingford and Green Lake for many years. Please contact them for a complimentary market analysis on your home.