Characterized by a competitive market, rising home values, a limited inventory of available properties, the current real estate climate in Redmond is leaving some homeowners wondering, “Is Now a Good Time to Sell Your House in Redmond?”
The opportunity for a potentially profitable sale is there, but you must understand the market nuances and time the sale of your house correctly. Many homeowners who call us at We Buy House As Is sometimes feel overwhelmed by the thought of selling their house because it’s been 10 or 20 years since they last made a sale and the house needs updates and repairs.
For these homeowners, we recommend they call us at 206-291-6117, so we can discuss the best route…based on the current trends in Washington and King County.
Benefits of Selling Your House Now
In the present real estate market, homeowners find a golden opportunity to objurgate. The demand for houses is high—especially in desirable places like Redmond—which means many sellers have been able to invoke competitive bids to get even higher prices for their homes. (In short, there is a plethora of home buyers who are creating a “hurry up and buy” environment.)
Lucky for them, interest rates are also low. This fact not only allows more people to buy homes but almost motivates them to do so, and do so quickly. (After all, you never know when interest rates will rise, right?)
Whether you are gutting a nearby mom-and-pop-style bakery to make room for a brand-new coworking space or not, you still maintain the role of neighborhood developer. Remember, developers can pull this new generation’s flavor of “horse and buggy” or “train,” either through additions or through ground-up sites.
Understanding the Redmond Real Estate Market
In recent months, the Redmond real estate market has not fallen, but rather housing prices have continued to slowly but surely go up. The median sales price of homes in Redmond has risen by approximately 8% from this same time last year (as of late 2023).
Sales price, as well as the volume of sales, have decreased/increased with the seasons (there was a slight lull in volume, mid-2023 as temperatures soared over the summer months), but the overall year-to-date figures are on the rise showing the market favors the sellers and not the buyers.
These results of a “seller’s market” versus the contrasting “buyer’s market” are due to combinations of the following list of items (as well as others). These conditions favor home sellers, because buyers must compete intensely for a low number of offerings.
But what are these equivalent “other” factors in relation to the Redmond, Washington real estate market? As the market ebbs and flows over time, it can bring favor to both buyers (based on economics), as well as real estate investors created through local “on-the-ground” development (e.g., for “flippers”).
As one continues to look in the Redmond area, one should consider these market “influencers” before purchasing another property.
Challenges to Consider
“The broad challenges fall into three categories:
The real estate market Competing with other homeowners The physical condition of the home
When it’s time to sell, the real estate market might not be on your side. Whenever you bought your home, the market conditions were, at the time, favorable. The laws of supply and demand dictate whether a market is favorable to buyers or sellers. The price was right, and so was the house you are now trying to sell. Home prices fluctuy49 due to changes in the economy, working wages, employment rates, and other factors. When the economy is thriving, people buy houses.
Competition is a large part of what governs how much you can sell your house for. It’s also usually the biggest determining factor of how long your house will sit on the market waiting for a buyer. You’re not the only player in the game. You have to compete against all the other similar properties for sale in your local area (or on the internet, for that matter).
Your house is old. Where I come from, old houses are usually ugly houses. They need a lot of painting, need a LOT of updating, and need someone to “find that smell.” is probably what anyone lucky enough to get someone in the door will say, or maybe to themselves.
And a lot of them probably won’t even come straight out and say it. How many people come in your own home and say, “Oh my gosh, you guys reek! What’s that disgusting odor?!” before they sit down to eat old.”
How to Determine If It’s the Right Time for You
“Before you pull the trigger on selling your home, you need to assess three things: your personal circumstances, financial goals, and the current state of the market.
First, think about your personal circumstances, including where you are in life right now. Consider your living situation, what you need for your family, and what, if any, life changes you have coming down the pike. Why are you thinking about selling? Are you hoping to move to a smaller home or a less expensive area? Does your job require relocation? Is a major life change prompting the sale (empty nest, retirement, etc.)? Are you just looking for a change of scenery?
Assess your financial goals. Plan for where and how the money from your home’s sale fits into your financial life. Hoping to use the equity to fund retirement or as seed money to start a new business? Looking to use the proceeds to buy your next home? Want to use the profit from the property to pay off debt? Guessing that your home isn’t worth as much as you thought it was (if you guess that you might have to bring money to closing, you may want to sit on the market sidelines for a bit)?
The final and one of the most important aspects of your pre-sale to-do list? Check the comps. Knowing whether you are selling in a buyer’s or seller’s market can help you plan properly, as well as give you the appropriate “cash-in-hand expectation” at closing. If your market is currently flooded with homes and condos for sale, you probably won’t be able to name your price and expect to get it. It’s important to remember that, should the comps in your area require lowball offers, you have a few things you can work on to increase your home’s value before it hits the market.
If you like, use the knowledge to start a to-do list that helps you prioritize next steps that make sense for you.”
The Process of Selling Your House in Redmond
You probably have a list of tasks already thinking about it: you’ll have to list the property (price it right, stage it, take professional photographs), deal with dozens of showings, negotiate the price, deal with the buyer’s inspection (new items uncovered), make more repairs for the appraisal, and HOPE the house sale falls through.
We Buy House As Is deals with all these issues. We provide a simplified, hassle-free experience.
How?
As our name implies, we buy your house as is (you won’t have to touch a broom).
Once we reach a verbal agreement on the price, we need 24 hours to finish the admin and come up with a formal contract. The purpose is to make sure every “T” is crossed and every “I” is dotted. We prepare and handle all necessary documents.
This article points out many things you should know if you are considering selling your house in Redmond:
Knowing what the market is doing: what the homes in your area are selling for, how many buyers are looking for homes, etc., tells you what your competition is doing and whether or not you should even sell your house. Knowing about market conditions can be helpful, but…
Knowing what’s going on in your life is hugely important: what your financial situation is, what’s going on in your life, etc., …
Evaluating the market alongside an evaluation of your current situation can be helpful in determining whether or not you should sell your house.
If you are considering selling your house, I would love to find a time to assess your situation alongside an evaluation of current market conditions to see if the two align — assuming they align in a position of strength (I’m…profit-focused), of course.
Don’t hesitate to take the first step towards a successful sale. Contact us today at 206-291-6117 to find out how we can help you sell your house in Redmond quickly and easily!