JANUARY 2018
Madison Park Times
Serving East-Central Seattle since 1983
Real Estate
MADISON PARK - WASHINGTON PARK - MADISON VALLEY - DENNY-BLAINE - MADRONA - LESCHI www .M adison P ark T imes . com
Strong close to 2017, expect more of same
Chris Sudore PROPERTY VIEWS Last year closed out with a bang — December 2017’s real estate market continued to thrive. By end of month, we saw 31 homes sold, up from 21 in 2016. To put that in better context, some say April’s traditionally the height of the market — and April saw 34 sales. The expected cool-down never happened. Diving a little deeper, in certain price points, almost every home sold for well above
its asking price, with what we’ve come to expect — multiple offers and buyers willing to do almost anything to get the properties they want. Many buyers paused during the summer, only to jump back into the scrum during the later months of the year. For the year, real estate value in the Seattle market was up 13 percent over 2016.
Looking ahead
However, inventory will likely continue to be limited. Because the market is highly competitive, it’s disrupting the usual progress of home ownership. Many homeowners who would like to move up in the market are stuck — not because they can’t sell their home, but because it’s difficult to find a home to buy and move into. If you’re thinking of buying, selling, or both in 2018, now’s the time to get ready.
Selling in 2018 Let’s take a look at what 2017 can tell us about what’s to come this year. Barring any sort of natural or man-made disaster, the outlook is robust. Seattle continues to add good-paying jobs, often filled by recruits from out of town who need a home quickly.
THIS EXQUISITE SEATTLE HEIGHTS PENTHOUSE COMBINES CLASSIC DESIGN WITH A PALETTE OF CONTEMPORARY MATERIALS..
If you’re thinking of selling, don’t get lulled into a false sense of security. Sure, it’s a seller’s market, but you can’t afford to be complacent. This fall, a client of mine listed his house. It was in a great neighborhood, and
he was confident it would sell, as his neighbor’s did, in days for more money than he was asking. The house was generally in decent shape, but was suffering from deferred maintenance — dead grass, rotting deck, old paint inside and out, older carpets, and faded siding. I advised him to clean it up and make the repairs before putting it on the market. He thought he’d be fine. It’s a seller’s market, right? Prior to the listing date, I showed the house to buyers, who walked away quickly. This happened a few more times. He got the message, installed new grass, decking, siding, painted inside and out, and replaced the carpets. It took a couple of weeks, and about $30,000. We then listed the property. Within days, he had seven offers and winded up settling $100,000
over asking price. Don’t get caught up in the same thinking. If it’s old and faded or rotten or squeaking, fix it. Buyers want a turnkey home and property. Those are the homes that move quickly, get multiple offers, and settle for more — sometimes a lot more — than the asking price. Spending $10,000-15,000 to realize a six-figure gain is more than worth it. Spend on preparation, and start now. We’re not talking about remodeling a kitchen or bath. There will be things you can DIY, with a paint brush, some spackle, or a power washer. For other tasks, you may find the tradespeople you need — landscapers, carpenters, painters — are booked out a couple of weeks or months. The other side of this SUDORE, Page B4
BELLTOWN CONDOMINIUM
$2,888,000
Just Sold 3302 East Shore Drive | Broadmoor CONTACT MOIRA TO REPRESENT YOU AS EITHER A BUYER OR SELLER
MOIRA E. HOLLEY moirα@moirαpresents.com 2 0 6 . 6 6 0 . 4 78 7 moirαpresents.com
I just sold my most recent Broadmoor listing at a price of $5,825,000 after less than two months on the market. This is the third highest sale in Broadmoor ever. I live and work in the neighborhood and have sold many homes in our community over the years. If you are considering selling now or in the future, or if you would simply like an idea of your property’s value in today’s market, I would be happy to provide you with a complimentary and confidential consultation. Let me know how I can help you with your real estate goals in 2018! 206.919.6605 lisaturnure@CBBain.com LisaTurnure.com