Regardless of Market, Experience Matters!
Hi Gina Madeya Windermere Yarrow Bay. You know, we are entering that time of year where the weather becomes a bit unpredictable. Yesterday I had to put on sunscreen, today I put on a sweatshirt! In many ways, the weather is like our current real estate market – hard to predict. While we are entering our typical seasonal slow down but it doesn’t necessarily mean the market has shifted.
Two recent local headlines seem to contradict each other with one touting a cooling off and the other highlighting rising prices. Regardless, when we look at the data we are seeing an increase in homes that have come back on market, or have had a price reduction after more than 10 days on market. Still buyers looking for a bargain need to realize, on the whole, our market is still hot and favors sellers.
Eastside’s median closed price in July was $1,330,500, up 32% year over year even though month over month the percentage of homes selling above list price reduced from 78% to 73% - still with a healthy median difference of 13% above asking.
But regardless of market dynamics, opportunities are available. This past weekend I got buyers under contract on a home that was older and overpriced to begin with compared to the one listed directly across the street. As a result, it did not inspire a bidding war and dropped its price after 3 weeks, and 10 days later we were under contract for less than reduced asking price.
Meanwhile, my seller’s luxury home, meticulously prepared and presented, came on attractively price and received so much attention we accelerated the review date, ended up with 8 offers and are under contract for 16% over the asking price.
𝐓𝐡𝐞 𝐭𝐚𝐤𝐞𝐚𝐰𝐚𝐲 𝐡𝐞𝐫𝐞 𝐢𝐬 𝐭𝐡𝐚𝐭 𝐫𝐞𝐠𝐚𝐫𝐝𝐥𝐞𝐬𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭, 𝐚𝐧 𝐞𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞𝐝 𝐚𝐠𝐞𝐧𝐭 𝐜𝐚𝐧 𝐡𝐞𝐥𝐩 𝐢𝐝𝐞𝐧𝐭𝐢𝐟𝐲 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐚𝐬 𝐚 𝐛𝐮𝐲𝐞𝐫 𝐰𝐡𝐢𝐥𝐞 𝐡𝐞𝐥𝐩𝐢𝐧𝐠 𝐬𝐞𝐥𝐥𝐞𝐫𝐬 𝐰𝐢𝐭𝐡 𝐚 𝐬𝐮𝐜𝐜𝐞𝐬𝐬𝐟𝐮𝐥 𝐩𝐫𝐞𝐩𝐚𝐫𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐩𝐫𝐢𝐜𝐢𝐧𝐠 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐲.
If you are in the market to buy or sell and need an experienced agent to help you with your real estate goals, please reach out, I’d be honored to serve you!
Call/text or email me anytime! ginam@windermere.com.
