Your Monthly Snapshot on the PhinneyWood Real Estate Market
OCTOBER 2023 REPORT
The new year brought back a familiar pattern of market activity to our PhinneyWood neighborhood – we see heightened buyer activity just as the inventory level of homes for sale is at its lowest. This increased demand combined with limited supply put enormous pressure on market prices, as evident by the return of aggressive bidding wars.
If you look in the data for January, you might not see the reflection of the market pressure in the median price data quite yet, as most of the homes that sold in January will close in February. But you can see it in the number of new listings and the number of listed homes that went ‘pending’ (meaning that they received an offer but are pending the close of the sale).
Despite the market demand being so high, many sellers will actually leave some money on the table at closing. Many sellers are being advised to list their homes too low. This advice is based on analysis that only looks at the data from past sales, but ignores a more nuanced analysis and understanding of the market trends and dynamics. If you list your home too low, even if the final sales price escalates, it may not escalate high enough if your starting point is too low.
Want to know how much your home can sell for and how long it will take? Call Doron for a no-obligation consultation with a full analysis, and tips on what to do (and more importantly – not do) to maximize your sale. You can reach him at 206-779-9808.
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