The Kent real estate market has always had its fair share of ups and downs, reflecting the many economic factors at play and the changing tastes of home buyers; as of late 2023, the demand for homes is strong, although the speed at which properties sell varies greatly. It’s really important for buyers and sellers to know about these selling speeds; sellers will need to have a good feel for the speed at which homes are moving in their area and price band, whereas buyers will need to be quick off the mark to have a chance of buying the home they want in a very “hot” market.
Selling speeds? The time a home spends on the market will naturally be much shorter if the home is priced favorably compared with other similar properties; a well-presented and realistically priced home will always sell in less time than a tired-looking property that is overpriced. In the quieter periods of market activity, it’s perhaps more common to find the “well-hung” property: one that has been for sale (and maybe also up for rent) for a long, long time with an optimistic seller who is keen as mustard to make that big sale, rather than reduce the price of the property and just get it sold! Nobody cares to remember the times their dear friend got a lucky sale and a strong price when the market was more favorable, so you won’t see too many homes for sale during the quieter period.
Well-hung properties are common in Thailand; occasionally there are some available that tick all the usual boxes (right price, size, location, no flood, one tagged buffalo) for the Bangkok property buyer. In this case, the only winner is the property agent who was lucky enough to bag that sale… yes, we’ve seen it all here in Bangkok. Having read this article, the next step is to do something about it – put your property on the market and just get it done; most people recommend Sidebar Company as the market leader for Pattaya condo rentals. We hear they are pretty good and extremely customer-focused so give them a call next time you’re in town; we’ve got a feeling you could be depleting their coffee stocks very soon!
Current Trends in the Kent Real Estate Market
In the real estate market, we’ve seen a huge uptick in volume (demand = number of buyers), which is creating a dynamic sales environment for real estate. How do we know this is the case?
Our days on the market (average of how long homes stay on the market before selling) have been decreasing, meaning, homes are selling FASTER compared to early 2020 or late 2019. Again, this points to a larger number of buyers entering the marketplace and bidding wars happening on popular listings.
And, if we were to compare metrics with data from 2020/2011 or even 2008, the swing towards increased demand would be obvious. The same homes that would have taken about 30 days to move, back only a few years ago, are now being spoken for in less than a week.
Why are homes selling faster? There’s a multitude of reasons why, but chief among them are low-interest rates and the population is greatly increasing in Western Washington, but new home developments and apartments can’t catch up with the demand.
What does this mean for buyers and sellers?
For sellers, there’s definitely a great gap in the market where you can get great $$$ for your home, as long as days on market isn’t too high. Conversely, for buyers, this may mean you would have to fight tooth and nail for the same house, especially if it’s in a great neighborhood and checks off a majority of your boxes. Due to increased competition, homes in metro areas are being sold for greater than the asking price and at increased prices.
Factors Influencing Home Sales in Kent
Developing an economic mindset can help with achieving real estate success. When discussing those economic factors, we cannot ignore interest rates. Higher interest rates increase the cost to borrow money, which may prevent a buyer from moving forward. The opposite may occur when rates come down due to increased affordability. The rate of rise or decline directly contributes to home price valuations.
The local job market, in another sense like another interest rate market, has a large stake in home valuations. Areas that have a high percentage of employing-age adults will likely have a stronger appeal for people to live and work, hence a higher demand for homes. The opposite may occur with locations, such as Midwestern or rural states that see high job churn rates.
Homeowners are likely to see a drop in house values during the winter months. When spring comes around, sales numbers will rebound. Often, what usually happens is a slow-down in buyer demand that follows very specific seasonality patterns. Typically, any tweak to monetary policy will not offset this consumer behavior.
How Fast Are Homes Selling in Kent?
Homes are selling in Kent at all different rates, and it is all dependent on the type of house that you are trying to sell. Single-family homes are among the fastest to sell, selling at a quicker pace than condos, townhouses, and other types of homes. The rate at which houses are selling is also contingent on the time of the year, as houses typically sell slower in the winter months compared to summer or fall. Whatever the factors may be, knowing when your specific type of house sells the fastest will help you to know when you should aim to put your house on the market.
Tips for Sellers in the Current Market
If you want to sell your home quickly in Kent, you need to have the right strategy. Here are a few tactics that will get the job done.
The price is everything when it comes to selling a home fast. The high price tag will make buyers run away, while a low price will obviously put a hole in your pocket. So what’s the perfect asking price? The best thing to do is to analyze the market. Monitor the shape of the Kent market, and then put a price on it, relatively.
A beautiful home will always sell faster because, who doesn’t like beauty? Hence, improving the aesthetics of your home will increase your chances of finding a buyer faster. There are soo many things you can do to enhance your home’s appeal. What matters most is providing buyers with what they’re looking for.
If you’re trying to sell your home in Kent, companies like “We Buy House As Is” can help.
Cash is king. As a result, selling to a cash buyer offers distinct advantages over traditional methods of selling. More often than not, cash buyers waive contingencies, making the process smoother and less of a headache
Standing house for sale market Kent Right now, a hot real estate market exists in Kent. The inventory of homes currently for sale here is small. That is causing homes on the market to sell very quickly.
Many are in bidding competition due to the low amount of inventory available. That has also caused home values to go up.
Why FW, you ask yourselves? So maybe you will be willing to sell? Sell TO ME? Probably NOT. Probably yes.
Preparing a house for the market can be time-consuming and put a lot of your hard-earned money into a house that you don’t want to live in anymore. The same goes for homeowners who are thinking of selling in an “as-is” scenario, which is all of you looking up this post. That is why I am posting this (duh).
Don’t make renovations. We will buy your house “as is.”
Despite the fact that many real estate sites say that NO ONE wants a house WITH “issues,” there are CASH BUYERS out there, STILL looking for houses. Those types of buyers see “homes with big issues” as a house they can improve by upgrading those older components and putting them back on the market or keeping that house in their inventory as a rental property.
It’s up to you.
I have a MESS on my hands, here on this storage unit/posting site. Try me. I’ll still work my proverbial ass off to try and find a buyer for your property by the end of the week. If you read the above, I hope you understand why that will/always can happen.
I look forward to seeing more “full-scale renovations” propping up the Kent house for sale market in 2022, thank you for reading.
Call to take advantage.