Where are you getting your “real estate IQ?” If most of your information has been coming from the news, you may want to start looking elsewhere.
The news isn’t off-the-mark with reports of low inventory. However, one thing you may not have seen reported in the media is information about current values.
Of course, this is because values will vary greatly depending on your location. The local area with the biggest rise in value last year was Bothell, where values moved from an average of $650,000 to an average of $730,000 at the end of the year.
Everett was a much different story. There, the average sales price of $472,000 dropped by $20,000 at the end of the year. Marysville saw similar changes, beginning at $393,000 at the start of autumn and dropping to $374,000 by the end of 2017.
Ultimately, the point is that you need to be educated. It’s important that you understand what is happening in your area so that you can stay in front of the market. We can’t decide what to do in the future by looking at the past, so let’s make sure that your education is local. We can help you with that.
My team and I just handed over keys to two families who were both affected by low appraisals in the last couple of months. One of them had the entire transaction fall apart because the seller would not allow us to educate them about the current market. At the end of the day, though, we were able to find this family another, better deal.
As for the other family we just worked with, the deal went smoothly because the seller allowed us to educate them. We showed them statistics and the seller worked with us to create a win-win situation.
Overall, the most important thing is that you’re getting your information about the market from a full-time, professional Realtor.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.