Your home is about to hit the market. You did your homework and chose a really good Realtor who knows their stuff. Your home is looking the best it has looked in years. It looks so good now, you joke with your Realtor that you’ve changed your mind about selling.
You’ve decluttered, you’ve scrubbed and cleaned until the inside is Q-tip clean, you serviced the furnace and cleaned the roof and gutters. You've focused on the most important things to fix before listing a home. Fido and his GI issues are safely sequestered at Aunt Ellie’s. Your home is priced perfectly and those photos, in your humble opinion, are worthy of the front cover of Architectural Digest!
Your home is most certainly ready for prime time and the heaving masses of eager buyers.
The question is: are YOU PERSONALLY ready?
Obviously, getting your home ready is critical. However, you, yourself must also be prepared for the market and what is about to happen over the next few days, weeks and months.
Are you sure you really want to sell your home?
Yes, it’s getting a little late in the game but are you 100% committed to selling your home? What’s the real reason you want to sell?
People sell their homes for many reasons. Some have to sell because they are relocating for a new job and some have to sell because they lost a job. Some sell because the home has grown too small for their growing family and some sell because they have become empty-nesters and the home is now too big....
The Ballard neighborhood Seattle is a great place to live and is a sought after area by many Seattle home buyers. Currently, the Seattle real estate market is ranked as the hottest in the country, overtaking Portland, Oregon late 2016. Seattle home prices went up up 12.7% over 2016.
Many buyers looking to buy a Ballard home and who may have lost out on a home already, are probably wondering what percentage of the homes for sale in Ballard are likely to be purchased by an all-cash offer. Also how do Ballard condos and single family homes compare. Finally, how does the Ballard neighborhood compare with other areas.
To answer this question, I looked at statistics for the following:
- The 100 most recent sales for each of Ballard and Capitol Hill (Seattle neighborhoods) and Bellevue (city on the other side of Lake Washington, for those of you who are newer to the area).
- Looked at both condos and single family homes (houses and townhomes) of all sizes and prices.
- Data was taken from the NWMLS on February 2nd 2017.
When you compare the percentage of cash buyers for each of these 3 areas, you see the following:
For Ballard, about one in ten single family homes sell for cash and about 1 in 5 condos (11 and 19% respectively). For the Capital Hill neighborhood in Seattle, twice as many houses sell for cash compared to Ballard but slightly fewer condos (22 and 15% respectively).
When you pop over to Bellevue, it jumps up again with about one third...
Be it through your own natural, inherent tendencies or through parental coercion, the usual human progression is go to school, get a job, get married, have kids..... and buy a home (actual order may vary).
The urge to buy a home can be pretty strong. People get tired of renting, putting up with thin walls and noisy neighbors and feel like they are throwing money down the toilet. Potential buyers can feel like they are getting left behind by the market and if they don't buy NOW, they will be priced out forever. And some people want to buy just because that's what you're supposed to do.
However, for some people, buying a home might not be a good idea for the particular time they are in in their lives. There's more to owning a home and there's nothing wrong with renting. At certain times, buying a home and taking on all the commitments associated with home ownership are best deferred to when you are really ready to make the leap.... both emotionally and financially.
NOW might not be the right time and later just might be perfect. And sometimes, maybe you shouldn't by at all unless you are willing to look at the concept of home ownership differently?
If you fit one of the following categories, then maybe step back and reconsider your situation.
All you see are dollar signs and a quick profit
In a hot real estate market, home prices go up and up. You think that if you buy a home now, it will automatically go up in value and you will make a tidy little profit in a couple of years.
NOBODY but nobody knows with certainty...