Seattle Market Update
The Spring Market was a little slower than usual this year due to Covid-related restrictions. The Summer Market was competitive with few listings and high buyer demand. This trend has continued on into the fall season. It’s a seller’s market for single family homes especially in the suburbs. In some urban markets, buyers had more negotiating power, especially the urban condo market and some neighborhoods in West Seattle affected by the bridge closure. Usually, we see slowing in the market as we head into late fall/winter but we’ll see what happens this year which hasn’t been anything but business as usual.
In brief, home sales are surging in many areas bolstered by low interest rates and high demand but at the same time, some homeowners are struggling to make their mortgage payments. Foreclosure moratoriums are set to expire in December and delinquency rates are expected to increase.
2701 SW Sylvan Heights Dr, Seattle, WA 98106. – $499,950. Pending/Under contract. West Seattle Luxury Townhouse: 2 bed/2.5 bath plus den/office, tandem garage – San Francisco Style Townhouse at coveted Sylvan Ridge.
Congratulations to our clients
Brian and Danielle successfully closed on the sale of their Graham home with acreage.
Madeleine and Zack are in contract on a townhouse in the Judkins Park neighborhood.
Randy and Michelle closed on their purchase of riverfront acreage in Onalaska.
Should I renovate my house before I sell it
Clients often ask us if they should renovate their home before selling it. The answer in today’s market probably is no. The market is so competitive that buyers are often willing to overlook cosmetics. However, if repairs are necessary, you should absolutely do them. Buyers often do not want to or cannot afford to take on defects or deferred maintenance issues.
If you want to make updates you can personally benefit from until you sell your home the answer is a yes for renovations. If you still plan on living in your home for another 5 years and are tired of the outdated kitchen or doing your laundry in the basement which is only accessible from the exterior, by all means make those updates. You’ll get a return on that investment in enjoyment and most likely a wash in return on money spent on the improvements.
If market conditions change and the market becomes flooded with properties for sale, making renovations might help your house stand out from the competition. But currently, inventory of available homes is low in most neighborhoods and buyers are eager to buy homes whether they are updated or not.
We’d love to hear from you
Any questions, comments, or feedback? Contact us any time.
Kerstin & Krisanne
Brooks & Heinze Team at Skyline Properties, Inc.
Kerstin Brooks: 206.276.5827 and Krisanne Heinze: 206.920.2541