Local real estate market mirroring rising summer temps

Local real estate market mirroring rising summer temps

A monthly real estate snapshot by John L. Scott Real Estate.

  • Thursday, August 15, 2019 1:30am
  • Business

By Erin Flemming

Special to the Reporter

Temperatures in Issaquah and Sammamish are hot, and the local real estate market is also bustling with activity. Karen Lindsay, managing broker and branch manager of John L. Scott’s Bellevue-Issaquah office, said July’s local real estate market was excellent, with good inventory selection and a brisk pace of sales.

“We are experiencing multiple offers on some of our listings and many listings are leaving the market in five days or so,” Lindsay said. “Buyers have a pretty good selection – depending on the price range they are looking in. Additionally, they are getting fantastic interest rates in the upper threes on their mortgages.”

Looking ahead, Lindsay said August’s market is likely to be similar to July’s market, with strong demand and sales. If a seller has had their home on the market for a month or more in the current market, Lindsay said the home is likely overpriced, and a price reduction may be necessary.

“There are only a few factors that contribute to a quick sale at a top of market price, and those would be that it’s in great condition and priced correctly for the market,” Lindsay said. “The seller has complete control of both of those. The third factor, of course, is location.”

If someone is looking to sell but hasn’t done so already, Lindsay notes that it isn’t too late.

“The good news is that the months of September and October make up the second highest selling season of the year,” Lindsay said. “However, a good selling strategy is crucial to sell in this window – sellers should ensure their home is in turn-key condition and priced right, so they are able to sell before things slow down again in November.”

In addition to home condition and pricing, Lindsay encourages sellers choose their broker wisely to maximize the chance their home will sell quickly. She recommends working with a broker who puts an emphasis on the latest marketing techniques, including a Listing Launch to create excitement, Matterport 3D photography, social media marketing and advertising.

According to recently released U.S. Census data, one area that has grown in popularity in America is suburbs. The growth is in part due to an influx of millennials who are priced out of city cores. As the Seattle metropolitan area grows, there has been major growth in the last few years in more suburban places where a buyer can find a home at a more affordable price, Lindsay said.

“Locally, the Interstate-90 commute east from Issaquah is a breeze compared with trying to navigate Interstate-5 or Interstate-405 at rush hour,” Lindsay said. “Choosing a home in a good school district and one in a homogenous area of similar homes can both be strategies for holding resale value when buying in the suburbs. And, as is important in any home purchase, selecting a home that is well built without any major structural flaws is always an excellent idea.”

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