Friday, May 24, 2013

April Laurelhurst Real Estate Summary

Thanks to Kim Dales for providing us with this neighborhood real estate activity monthly report:
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As April drew to a close Laurelhurst like many neighborhoods in NE Seattle continued to have a lack of inventory therefore pushing prices up making homeowners who were selling very happy and buyers very frustrated as 50% of the homes that were sold in April had multiple offers.

Why is a multiple offer situation advantageous for the seller? Perhaps the most important reason is that if a buyer knows that they will be competing with other buyers for a specific property they want their offer to look strong in the eyes of the seller. One was to do that is to do a Pre-Inspection.

A pre-inspection is the same and a typical home inspection the difference being it is completed prior to making an offer. This of course can be a costly proposition as if the buyer chooses to pay for the inspection and ultimately does not get the home the inspection fee is not refunded.

I am aware of many buyers who have done multiple preinspections before they have actually purchased a home. This as you can imagine can be extremely expensive and frustrating for the buyer.

Other ways a buyer can strengthen their offer is by being flexible with their closing date, offer to give the seller extra time to move out at no cost to the seller and have strong financing.

Our market continues to be " Advantage Seller", so if you are even contemplating selling your home get a market analysis from your Realtor and see if the time is right.

NEW LISTINGS                      
Price                                          Quantity
$450,000 - $499,999                  1  

$1,250,000 - $1,499,999            3
TOTAL                                            4

Average price: $1,085,000

Price Range     Quantity               DOM*
$3,495,000        1                          49
(listed last year)

Price Range                  Quantity     DOM*
$650,000 - $699,999          1                  6
$700,000 - $749,999           1                  7
$850,000 - $899,999           1                  6
$950,000 - $999,999            2                 42
$1,250,000 - $1,499,999    1                     8
$1,750,000 - $1,999,999     2                 71
TOTAL                              8

(6 out of 8 properties had multiple offers)

Average price:$1,155,244
Average DOM: 32

Price Range                        Quantity        DOM
$600,000 - $649,999              1                26
$850,000 - $899,999             1                   8
$1,000,000 - $1,249,999        2                 63
$1,250,000 - $1,499,999       2                    9
$2,000,000+                         1                    6
TOTAL                                7

Average price: $1,244,014
Average DOM: 26

Kim can be reached at  206.235.7772 or by email

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