This past weekend I had 3 offers on listings, resulting in one sold listing and another listing with multiple offers on it. It’s hard to believe. Of course, the prices for those properties would have been unheard of in the market last year or the few years preceding that. But that seems to be the new reality. If our prices seemed to be inflated the last few years-and they did, they’ve now returned to a new “normal”; back to where they were before the rapid quantum serge to prices we had a hard time wrapping our minds around. In fact, it seems that we’re back to 2004 prices.
Although it’s still a buyer’s market, once the inventory starts selling off, the law of “supply and demand” will allow prices to rise once again. However, it may be quite a few years until we see prices like we have had in the past few years. In the meantime, we’re happy to see sellers–those who are willing to price at today’s market value–able to sell their current homes (and take advantage of record low interest rates) so they can move on to homes that better suit their lifestyle.
If you’re thinking of selling, contact me (call/text/email) for a consultation regarding what it will take to sell your home in today’s market. I can help you stage your home and set up an effective campaign to target market to your most likely buyers. Mercer Island offers a wonderful lifestyle for all ages and interests. I just attended a heartwarming luncheon of the Mercer Island Women’s Club, enjoying the company of talented, interesting fellow Islanders; one of the many perks of living here!