Got An Offer On Your Home? Consider Yourself Lucky!

For those of you out there who are currently trying to sell your home, you may have noticed that it's taking a bit more time for homes to sell as compared to last year.

December statistics for communities within the zip code of 98146 including Arbor Heights, Roxbury Heights, Shorewood & North Shorewood, Hazel Valley, North Burien, White Center and Top Hat are as follows:

There are currently 144 active single family homes(132) and condos (12) in 98146. Since December 1st there are 8 homes and one condo showing 'Pending' status, which means that these contracts are currently in escrow. Also, since December 1st there have been 16 homes sold and 2 condos sold within this same zip code.

Therefore, by looking at December numbers we can see that there is about 8 months worth of inventory here. This means that if we were to stop taking listings today, it would take 5 1/2 months to sell every house in 98146 at current activity levels. Wow. Last year, average market time was 85 days, and that average is long, due in part to one luxury property that is still on the market today.

But my intent here today is not to beat a dead horse. I would simply like to stress that getting an offer, any offer, in this tightening market is gold. It is a starting point, a wonderful bit of good fortune that should be acknowledged gracefully, and contemplated very carefully. Do your best to negotiate as much to your advantage as possible. But please keep in mind the numbers above; they are telling you that this is a buyer's market right now, and you may have to be a little more flexible than perhaps the sellers of your home had to be when you bought it.

Most of you probably know that Realtors believe that, "The first offer is the best offer you are going to get". More often than not, it is the truth in my experience. So give it all you've got, and walk away a winner!

Thanks for stopping by my blog!

Comment balloon 5 commentsLisa Bosques • January 03 2008 12:21AM


Wonderful post, Lisa.  It's not much differnet in my neck of the woods.  The numbers really say it all, don't they?
Posted by Nancy Brenner, Roswell Georgia Real Estate Agent (Referral Associates of Georgia, Inc.) over 12 years ago
Lisa, that's good advice.  These days the listing price is simply where the negotiation starts.  This is not retail.
Posted by Frank Jewett (tech4REpros) over 12 years ago
Lisa ~ I could not agree more. Good advice!
Posted by Brian Wentz, Realtor - Des Moines Iowa Real Estate (Keller Williams Greater Des Moines) over 12 years ago
You said it all - the first offer is usually the best - and I actually have a few sellers that seem to have embraced that theory lately. Things are looking up.
Posted by Kevin McGrath, Long & Foster Real Estate Companies (Long & Foster Real Estate Companies- Fredericksburg/Spotsylvania) over 12 years ago
Lisa, it's so important to prepare sellers for the fact that they will have to negotiate, and it could take many back and forth counters before something works.  My all time record was three months, and it finally worked out.  That was back in the 90's when the market here totally tanked. 
Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) over 12 years ago

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