May…We Be Reaching Normalcy?
Statistics for Trilogy at Redmond Ridge
Sold in May
- Escrow closed on 5 home resells, down 3 from April.
- State excise tax was paid on 3 new-build houses.
Sales cut in half during May
Five homes were sold in Trilogy at Redmond Ridge during May compared with ten in April. All were resells and among them a Washington on Adair Creek Way. It sat for more than a year before it sold for only $385,000. I thought it was a nice house but a shamefully low price because of inadequate and uninspired marketing.
Similarly, a Cedar on Morgan Drive slumbered on the market for 282 days before being sold for $560,000. Another Cedar sold in 25 days for $700,000. Good marketing made a difference of 255 days and $140,000.
The other two sales were a less than stellar Hemlock on the market 40 days which sold for $610,000 and an average Whidbey which sold for $503,000 after 35 days.
Marketing is more than a sign and flimsy, uninspired flyers. An agent content with just that, maybe a little more, deserves to be fired. A seller can fire an agent at any time. If the agent is inadequate, fire him because it’s your checking account that otherwise will suffer.
As June begins there’s a shortage of quality Shea homes for sale. A home in good repair, with good staging and is spotlessly clean with the benefit of skillful, quality marketing should sell quickly at a fair price.
Appraisals Kill at Least Two Sales!
It’s rare an appraiser can’t find comparables to support a mortgage application. It doesn’t happen often in Trilogy at Redmond Ridge, but did twice recently. The buyers offered too much for the market to support because the sellers asked more than the true market value of the property. No sales.
Trilogy at Redmond Ridge is unique. If you want to sell a Bainbridge and six just like it have sold in the last few months, then you know the value of your home and have a solid history of price trends. An experienced Trilogy at Redmond Ridge broker has analyzed those factors and understands a home’s extra features and location can allow a buyer to recognize greater value.
An outsider might not have an in-depth understanding of Trilogy at Redmond Ridge. An agent new to Trilogy at Redmond Ridge might set a price too low which would have a harshly negative impact on the value of similar models and other nearby homes. A home priced too high can stagnate the market. Buyers might retreat concerned about why Trilogy homes aren’t selling.
Inventory in Trilogy at Redmond Ridge is up, slightly. All those anxious buyers who waited through the winter for more choices might have already found and bought what they wanted.
I’ve said it before, and more and more folks in the industry are saying that this upward spiral isn’t likely to last. More likely, as money gets more expensive and inventory grows today’s “seller’s market” could become a “buyers’ market.”
Those appraisers are a wary bunch. They know the baseline value of every model. Banks are cautious and qualifying for a loan is difficult. If you are going to sell, do it now, and hire an experienced professional specializing in Trilogy at Redmond Ridge who can be objective about price, the community and potential buyers.
Pending Sales
As of May 31st, there are 20 pending closings with 4 more awaiting inspection. Five of them are builder spec houses. June should be a big month for sales as only five of the 17 pending sales from April closed in May.
What’s Active?
The average time on market for Trilogy’s 15 available resell homes as of June 1 is just under 32 days, down a week from last month. The longest time on the market for any of the 15 available listings is just 56 days, an ARCH home with minimal upgrades.
The old inventory is gone. Sellers accepted true market values for their homes. Buyers snapped up what was available. Buyers react positively to smart pricing based on solid facts, well-planned and executed marketing programs and quality presentations whether advertising or visits to an open house.
Some Personal Observations, Please…
If It Isn’t Accurate, It Isn’t Valuable.
A lot of real estate mailing lists get stuffed into my mail box. I see a lot of hype. It’s mostly statistics about numbers sold and days on the market. One mailer claimed the average Trilogy at Redmond Ridge house was on the market only 30 days before it went pending. Not so. According to the Multiple Listing Service, it was 51.65 days. We rely on the Northwest Multiple Listing Service and King County tax records for information. We keep records of every statistic we report. I’ll make them available to any client or someone interested in talking with us about selling or buying. I respect the intelligence of those I serve and their expectation that my news reports are accurate.
There are a lot of new names on “for sale” signs and mailers. One advertising it specializes in Seattle, Phoenix and San Diego offers a 4 percent commission, but only if you agree to a 1 percent listing fee. I don’t know if you get that back if they don’t sell your house. They also promise “outrageous service.” If you take the time to read the fine print, it’s pretty much what most agents provide.
Your mailbox and email are inundated with brokers who think you care about how many homes they want you to believe they’ve sold and how quickly. Sometimes they beg you to give them your listing, but then remind you that they prefer Estate and Forest models, houses with big price tags and corresponding commissions. Some seem to think that because they live here, you have a need to know all about their life style, the cafes and pubs they haunt, even how they travel and where they spend the winter.
If you live here, you have “skin in the game” and it’s hard to be objective about the value of a Trilogy at Redmond Ridge home or the best way to market it. We don’t live in Trilogy although it’s been a part of my professional life almost since the first streets were paved. Just like you, we have a personal life, and we respect that you want to keep yours private and avoid folks who might make you uncomfortable with a hard sales pitch over drinks.
Selling your home at a fair market price requires provable performance as well as advertising promises. A broker needs an active and studied knowledge of a community when writing a brochure, developing advertising and initiating those one-on-one-discussions with prospects. Sure, hi-tech exposure of your property is necessary, but getting to the closing table means personal commitment. After all the papers are signed you should be pleased about price and conditions. That means your broker had an energetic and skillful personal commitment, and it didn’t matter about what model you sold or bought.
We’ll just keep offering you facts and commitment. “You” is the most important word in our vocabulary. We are here to serve YOU not WE.
Forecasting…And Conclusions
A frenzy for homes is definitely upon us. June will be a huge month. We received two full price offers for a new listing June 1, and it’s already pending, the buyers ensuring they got the home by skipping the inspection process.
If you plan to sell, we recommend you do it soon. We can help you prepare your mindset, as well as your home for the process. We know your home’s true value. We have a powerhouse marketing program to bring you top dollar in short fashion. Give us a call. We’ll share the details with you and how we can make the “elephant’s approach” unique for you. Then we’ll serve you at your pace, whatever that may be.
That’s a wrap for May. We’ll see you next month.
If we may serve you in any way, just let us know. I can be reached directly at (425) 501-8424 or [email protected].
Thanks for sharing your time with us. We value it.
Warmest Regards,
Devin & Bridgette
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