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

November 2012 Edmonds Market Update

The holiday season is upon us. I always find this time of the year interesting. The perceptions by the buyers is that the sellers who have listed their home on the market at this time of the year are desperate. The perceptions by the sellers is that the buyers that are looking at this time of year are highly motivated to make a move by the first of the year. While some of that is true for both sides it still comes down to the inventory level. The sellers who have been wise enough to have listed their home at this time of year have currently very little competition. For instance in the last seven days there have been 40 new listings while during that same period of time 225 properties have gone off the market, over 200 of those were the result of offers being accepted or the sales being closed. The biggest detriment to listing your home at this time is inconvenience of moving over the holidays. However, most buyers will accommodate a seller request for either a delayed close or an option to rent back. It is highly likely that if the seller requests the opportunity to be able to rent back until sometime in January that the buyers will accommodate them. I have always been surprised at how often the buyers are willing to adapt their plans to the seller’s request. In most cases if you are the seller all you need to do is ask.
Currently the inventory is the lowest it’s been since 1998. It’s hard to predict what will happen next year but I suspect is that due to the positive publicity that home sales have been receiving there are a large number of homeowners who are waiting till the first part of next year to put their properties on the market. It’s very likely that we will have a large influx of new listings in January and February. When that happens I do not foresee much of a change in prices. The main impact will be the number of days it takes to sell a home.