Windermere North | Direct: 206-949-8895 | Email: jim@northwestrealestate.com

Edmonds WA Real Estate Market Conditions February 2013

Edmonds Real EstateThere are a lot of factors that I look at to determine market strength. They include: inventory levels, actives, sold, pending, percentage of short sales and bank owned properties, and what the absorption rate is. Even using all that data it is difficult to provide a concise picture of what is presently happening in our market. What we are seeing is that more than a few listing agents are setting a time 5 to 6 days in the future when they will review all offers. This is from the time the properties first show up on the MLS. During that time they will not accept or review any offers. In essence what they’re trying to do is trolling for higher offers. We’re also seeing agents holding off until they have their open house on the weekends in the hopes that they will get their own buyer from the open house traffic. The properties that have everything going for them are clean, well-maintained and staged well are receiving premium prices. In the price range from $300 to $500,000 it is not unheard of to see prices $30 or $40,000 higher than what the list price is.

To change the subject just a little bit I would like to share a situation that I recently ran across. The seller had misstated the size of the property by approximately 3% (2,900 instead of 2,800). This was not found until the appraisal was completed. At that time the buyer became so dissatisfied with the value of the house that they were ready to walk. I was amazed that someone was relying so totally on the cost per square foot as the ultimate opinion of value. It is very misleading to use square footage and cost per SQFT to be able to determine a value on home. Location, condition, quality of construction, date of last remodel, size of yard, year built and style and amenities all have more of an impact on determining the value of the home the actual square footage. The only time that square footage has a significant impact on value is when the property is under 1800 ft.² So, if you are trying to use that to justify or verify a home’s value you might want to read some of the additional information available on the appraisers websites.

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