Seattle Condo Review: Blog with News & Advice about Seattle Condos

Poll Result- Sellers

So what are SCR readers planning to do with their condos before the fall? Our recent poll suggests most sellers who are planning to list their property will be doing so within the next few weeks or in the summer.  If this is representative, we are most likely going to see an increase in inventory on the market.  This is not unusual since inventory usually picks up in the spring and summer anyway.  However, there are still a moderate number of homesellers waiting to see how the economy performs and is willing to wait till listing their units.  60% of the respondents are happy where they are and not looking at selling their condo anytime soon.

-Wendy

Seattle Rental Market

Let's face it. With the exception of the high end of the market, the mainstream downtown condo mid-market is not really moving. In fact, increasing numbers of patient home buyers are worried prices will retreat further the moment after they buy. As a result, more and more sellers are tired of waiting for a buyer and opting to become these waiting buyers' landlords rather than raise the white flag and make huge price reductions. 

Moreover, those sellers who have experimented with dropping selling prices aren't seeing much change in buyer activity anyway. Much of the market is on lock-down mode and it seems most buyers have made up their minds that they're not getting in this year regardless of the numbers. It would appear as though there have only been 2 speeds in downtown Seattle condos for the last few years, fast and stop.  As an example, only one 2BR condo less than $500K was sold in Belltown in September and another one in October.

The optimistic owners are quietly taking their units off MLS and hoping buyers return to the market at the same time in the Spring to compete against each other for the most desirable units next year (probably in May/June). In fact, 15% of those who took the recent SCR poll as of the time of this post believed prices will rise in the Spring and another 15% believed prices will be steady but inventory will move more quickly.

SCR Reader Poll: Will it be a happy Spring 2008?

Tips for Selling Your Condo

For those of you who are already counting your capital gains on your recently purchased condos, my advice is never to underestimate the power of staging and marketing materials.  With all the new projects being announced every few weeks and the large number of other sellers looking to lock in their gains now that the downtown market is no longer piping hot, how will your unit stand out, sell fast, and sell for the best price?

In no particular order, here are some things sellers overlook:

Price it right. Think about your pricing strategy based on your investment goals, timing, and budget.  Price it too low and you may leave money on the table.  Price it too high and and you risk pumping up your days on market only to over-correct often by a series of painful cuts.

Get the word out. Market your condo using a variety of demand generating vehicles beyond the MLS such as online, newspaper, direct mail, open houses, etc.

Stage it.  If you have tenants, consider incenting them to keep the place looking tip top.  If it's vacant, consider professional staging so buyers can develop an emotional and apsirational bond with the unit.

After you've staged or at least freshened it up, don't just whip out your PowerShot and  upload the photos.  Spend some extra time or money to take photos that really sell your property.  Buyers often decide whether they want to view your unit by the second photo, don't blow it.

Delight the buyer.  From the ease of viewing, availability of background info on the unit and it's advantages, rationale for the price, and responsiveness to buyer questions and offers, take a page out of Nordstrom's book.  For many buyers, an unresponsive seller, rude listing agent, or lack of timely information about the unit can drive a buyer to the unit down the hall.

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As an example of the power of staging and professionally taken photos, compare the pictures below which are for a unit I'm representing in Avenue One. 

 

 

 

-Wendy

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