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Health & Fitness

Waiting for the right time to sell? It's now!

Homeowners who have considered selling, but are waiting for the best time, should consider three things: ...

Did you see the USA Today article about dwindling inventory of existing homes? According to the article (and based on data from The National Association of Realtors), sales of existing homes are at an annual rate of 4.92 million. However, the inventory is insufficient to meet demand. The article pointed out that nationwide, the number of potential buyers is 25 percent greater than March 2012. The number of houses for sale is 17 percent less than last year.

The article continues, “The tight supply is propelling prices. The national median
existing-home price was $184,300 in March, up almost 12% year-over-year, NAR
says.”

People are also buying more expensive homes. “Homes priced below $100,000 posted a 16% drop in sales, NAR says. Meanwhile, homes in all other price ranges were up year-over-year. Homes priced from $250,000 to $500,000, for instance, saw sales jump 22% year over year.” All of this is consistent with what we are seeing locally.

Find out what's happening in Sammamish-Issaquahwith free, real-time updates from Patch.

In our local market (as I pointed out last week in my newsletter, and earlier today), we have many more buyers than we have houses for sale. The buyers seem to know this is the right time to buy. However, sellers are still waiting. My guess is that many homeowners have not realized how strong the market would be for their home. In light of the level of interest we are seeing, not selling now might not prove to be a good strategy.

Homeowners who have considered selling, but are waiting for the best time, should consider three things:

Find out what's happening in Sammamish-Issaquahwith free, real-time updates from Patch.

First, interest rates will not remain this low indefinitely. At some point, they will begin to climb again. Homeowners need to understand that even slightly higher interest rates will cool the market.

Second, in this market, when demand is this high, buyers tend to bid up the prices. This means sellers end up getting top dollar for their homes.

Third, sales today come with less contingencies and issues. Buyers know that if they walk they may not find anything better and another buyer will just step in.

This is an awesome environment in which to sell a house!

If you know someone (anywhere in the USA) who has considered selling, but has not realized how great the market is, please share this information with him or her. If they are in the Seattle-Bellevue-Mercer Island-Lake Washington area, please have them call me at 206-230-0833.

Ken Urman is a full-time Realtor with more than 20 years experience, and is
ranked among the top performers in his profession. He lives in Mercer Island,
WA. and serves Mercer Island and the communities around Lake Washington. Buyers and Sellers benefit from the power of his experience, professionalism, and
perseverance in achieving their real estate goals. Learn why Ken is a better
choice for your real estate needs at www.kenurman.com

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