The Seattle housing market has some of the highest median property prices nationwide. However, this strong housing market is all about timing. Here we explore the best time to sell a home in Seattle, alongside other factors that you need to consider to ensure you get the best price possible.
While demand and supply levels are a key factor in determining how much you are likely to get for your Seattle home, did you know that factors such as the time of the year can also play a major role in getting the best price possible?
This could be for a number of reasons, such as seasonal conditions, the health of the financial markets, the availability of government-back buyer programs, or summer vacation.
However, it should also be noted that while timing is important, you should always utilize the services of a local agent, not least because they will have long-standing knowledge of the Seattle housing market.
Nevertheless, these key market trends will vary state-by-state, and in some cases — on a city-by-city basis. As such, we’re going to discuss some of the key factors that you should consider when attempting to ascertain when the best time to sell a Seattle home.
Best Time to Sell in Seattle
First and foremost, it is worth mentioning that Seattle has one of the highest median home values nationwide. In fact, as per March 2019, Zillow estimates that this amounts to just over $729,000, with a median list price of $521 per square foot. Moreover, rental markets are super strong, with monthly prices averaging $2,595.
On the other hand, these median home values are actually in decline, with prices now 2.4% less than they were 12 months ago. In terms of timing, the Seattle housing market normally begins to heat up in May.
Zillow expands on this by adding that May listings have the potential to increase sale prices by more than $5,600. More specifically, listing between May 1 and May 15 could result in a sale 20 days quicker than the yearly average.
As May seems to be the period that sees prospective buyers out on the hunt, inventories levels are generally on the low side, and thus, there is always the potential that bidding wars will result in a premium sale price.
At the other end of the spectrum, January is generally the worst time of the year to sell your home in Seattle. This falls in line with national averages and is perhaps linked with the close of the Christmas holiday season.
Just remember, while seasonal trends are of utmost importance, using an established local agent based in the Seattle area is the best course of action to ensure that you achieve the best price possible.
3 Tips for Maximizing Your Profits When Selling a Home in Seattle
1. Consider Your Specific Market
In order to execute a fast sale at the best time possible, your initial task should be to evaluate the wider Seattle housing market. The best way to do this is to obtain a comparative market analysis (CMA). For those unaware, a CMA is an informal estimate of your home's market value, based on some key factors.
Essentially, this looks at specificities such as inventory levels and median listing/sale prices of comparable properties in your neighborhood, as well as the wider Seattle area. Moreover, this will also consider the size and condition of your property, in comparison to other homes in your area.
Ultimately, this will give you a better indication of the value your home is worth with respect to current market conditions.
2. Make Impactful Repairs and Renovations
Did you know that making some impactful repairs and/or renovations can add significant value to your home on the open marketplace, not only ensuring that you get the best price possible but in a speedy manner?
This can include replacing old windows, repainting color schemes or improving your home's energy efficiency levels. Furthermore, according to the National Association of Realtors, an approximate investment into six applications of weed control and fertilizer can turn a $330 investment into an additional $1,000 at the time of sale.
On top of adding value on the open marketplace, this also provides prospective buyers with an added incentive to choose your Seattle home over others.
3. Find a Great Real Estate Agent
An established agent that has a notable track record in the Seattle marketplace will be best equipped to get you your desired outcome of a fast sale at the best price possible.
In this respect, local agents have the required knowledge to guide you through the end-to-end selling process. In order to facilitate your search for an established Seattle-based real estate agent, it might be worth working with a Clever Partner Agent.
We work with the top-rated Seattle agents operating in the market, but all of our Partner Agents have agreed to implement our highly competitive commission structure. This amounts to a flat-fee sales commission of just $3,500, or 1.5% if the sale of your Seattle home exceeds $350,000.
For those relatively new to the real estate space, this offers tremendous value to the seller, not least because industry standard commission feesoften amount to 6%, and even more if using unconventional agents such as "iBuyers."