Many people who are looking to sell their homes ask me this great question all the time. "When is the best time to sell my home?" And my answer? In today’s market, the sooner you can sell, the better!
In Puyallup, we are still experiencing a shortage of available homes, with only about a three month supply of inventory. New listings have been receiving immediate attention and activity, and if a home is priced correctly, its chances of receiving an offer soon after hitting the market are excellent! Are you wary of selling because your home needs a bit of updating? Good news on that front, too— Puyallup is experiencing a “perfect storm” right now in that anything and everything is being snapped up.
Because of the lower inventory, sellers have a better chance of selling more quickly and for top dollar. When there’s a lower inventory, there’s less competition overall (and in Puyallup right now, this means less competition from newer homes, too!).
If you're thinking of selling your home, definitely explore the benefits of doing so now. As always, feel free to give me a call (253-380-7702)— I can empower you with the information you need to make the best decision for you and your family!
For great information and continued updates about the housing market, keep RISMedia on your list of best websites. Written in a reader-friendly fashion, this site shares the most recent statistics with regard to growth and predictions. RISMedia recently shared that after a promising year of double-digit price increases in many areas of the country, the experts predict that prices will more moderately rise as we see additional inventory on the market. With rates remaining favorable, it's still a great time to buy. With inventory still relatively low, it's an ideal time to sell. Win-win for buyers and sellers!
If you've never visited the DQ (Data Quick) News website, you should take time to do so! This gem of a site develops a quarterly report that allows you to find some great data specific to your neighborhood's zip code. It will answer questions like "how much has the median value for homes appreciated/depreciated compared to the same quarter a year ago?", and "what's the percentage of change (down or up) in sales volume in my neighborhood compared to the same quarter a year ago?" For example, in my South Hill Puyallup neighborhood where the zip code is 98374, DQ News (Quarter 2) reports that the median sales price is $224,475, which represents a 7.4% increase over the same quarter in 2012. Sales volume of homes is up 29.2% over this same quarter last year. This is great evidence that the market is appreciating. Sellers, the message is now is a great time to sell, if it's an appropriate time for you. Buyers, the bottom of the market has come and gone – if you are serious about purchasing a home, now's a great time to move forward!
I have been surprised and delighted to receive comments from readers thanking me for sharing statistics in a reader-friendly manner, plus requesting that I keep the updates coming. OK, so here are Trendgraphix April stats for Puyallup: for short sales, there are 127 active short sales, 24 pending shorts and only 9 closed sales in April. This is a measurable decrease in all short sales categories, particularly the closed transactions. Not sure why, but I will be investigating. Bank-owned stats stayed pretty similar, i.e. foreclosed properties are selling quickly! April shows more traditional sale homes listed – very typical for this time of year – and fewer pendings than the previous month, fewer closed sales for traditional sale properties. I found that surprising, since the market remains busy and I, on a personal note, have closed mostly traditional sales (versus shorts or bank-owned sales) this past month.
No doubt, Zillow is perhaps the most-visited real estate website. Many of my clients frequent this site. However, be advised that all the information shared on Zillow, comes with this Zillow disclaimer:
The Zestimate (pronounced ZEST-ti-met, rhymes with estimate) home valuation is Zillow’s estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home’s value. The Zestimate is calculated from public and user submitted data; your real estate agent or appraiser physically inspects the home and takes special features, location, and market conditions into account. We encourage buyers, sellers, and homeowners to supplement Zillow’s information by doing other research such as:
* Getting a Comparative Market Analysis (CMA) from a real estate agent
* Getting an appraisal from a professional appraiser
* Visiting the house (whenever possible)
BOTTOM LINE: Continue to reference Zillow for home sales information, it’s a great place to begin. However, add a second step and enlist the support of a Realtor for the most accurate information with regard to a home’s anticipated market value, substantiated by actual comparable sold properties.
For assistance with determining your home’s actual market value, please give me a call! Happy to help!
Pioneer Park, S Meridian & 4th Ave SW
Saturdays 9:00 to 2:00 April 14 – October 13
Sundays 10:00 to 3:00 May 27 – September 2.
If you live in downtown Puyallup, it’s an easy stroll or quick bicycle ride. Great reason to live downtown! Other persuasive arguments are the library, restaurants and coffee places (love the new Anthem!), Pioneer Park and summertime concerts, the fairgrounds. And downtown Puyallup is affordable. Trendgraphix reports an average sale price of $140,000 over the past few months. Attractive pricing, indeed, so don’t wait too long to move on a property you might like to purchase; inventory is low and homes sell quickly – 8 out of 10 homes are selling and average days on market is 68. As always, for more information about the Puyallup real estate market, please give a call, send a text or an email.
I have lots of clients who call and say “I want to buy a short sale”. My response always is: ” Short sales are a great option, but not always a great fit for every buyer, in light of their goals. Why do you want to buy a short sale? And let’s talk about your goals.” The most recent statistics (March 2012) show that there are 158 active short sale properties listed in Puyallup (including Edgewood). Stats also show only 28 pending short sales in March and even fewer – 23 – closed this past month. Not very good odds, unfortunately – about 1 in every 6 are actually closing the sale. Also, most listing prices for short sales are not bank-approved prices, so there’s no guarantee about the attractive price tag. On a positive note, the majority of my clients who have chosen to purchase a short sale home have been successful – they just require some flexibility and a lot of patience! For more information about short sales, please give me a call!
Well, it’s clear that the bank-owned properties are winning when it comes to statistics of how quickly homes are selling in Puyallup (including Edgewood). March stats show 37 active bank-owned properties (about 1/16 of the market of all 518 active properties in Puyallup), 59 pending bank-owned homes (those that have caught offers and are waiting to close the sale); and 52 sold/closed bank-owned homes. Average price per square foot for these homes is $81; average days on market is 68, and average sales price is $163,000. There is less than a one-month inventory of homes, meaning that they all sell fast! Bank owned properties are a great choice, but they do have their unique characteristics (priced compellingly, often times multiple offers, many are cash-only or able to be financed only with a rehab loan, etc.). If you’d like more information about purchasing a bank-owned home, please give me a call!
Had to relook the most recent market update from our office – the .81 sales ratio for Puyallup being what caught my immediate attention. I mean, it absolutely feels like 4 out of every 5 homes in Puyallup are selling – buyer activity has been crazy – but to actually see the statistic that represents what I am experiencing – powerful and priceless! What a testament to the highly desirable community in which we live, along with the great schools and wonderful people who live in Puyallup. Then again, maybe it’s the Wine Bar!