What were the chances of selling a home in West Redmond in April, 2007?

Sellers had a 45% chance of selling their home.


West Redmond is still performing at the top of the market. However, the area is coming back a bit to reality. In March, 58% of the listings received offers and sold. In April, 45% of the listings sold. More homes are on the market, so in some neighborhoods there is more competition. Overall, the area still has the lowest inventory of all the Eastside markets, with only 137 single family homes on the market. Compare this to the plateau/Fall City/North Bend area which has over 600 listings! In West Redmond and East Bellevue, 63 sales happened in April, slightly less than the March total of 70 sales, but a 9% drop. So bottom line, there were 14% more homes, 137 for sale in April as compared to March with 119 homes. Hence the odds of selling a home in April was 13% lower than in March.

Remember 45% of the homes did sell in April. Some homes are easy to sell for a variety of reasons: lack of competition for a particular style of home, the condition of the home, the specific neighborhood, a unique quality, etc. A home should be showcased with staging and professional photographs. With the help of a Realtor who knows the competition, a home will be positioned to get a seller the best price and, possibly, multiple offers. To get the best price, sellers should make their homes available to all the buyers by listing their home. The exposure to many buyers creates a buzz for a home. With multiple buyers there are often multiple offers and a higher sales price.

I will do a posting about a few real life experiences sellers have had recently when trying to sell on their own. I will talk about how the sellers missed making the most money and had a tougher experience with the sale. However, that is for another posting!