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Homes and Land in Sunny Sequim, Washington

Homes and Land in Sunny Sequim, Washington

Sequim's No.1 Buyer's Agent Where Knowledge & Experience Count.

(360) 775-5424
Email: ChuckMarunde@gmail.com

iRealty Virtual Brokers, aka Sequim & Port Angeles Real Estate
125 Olympic Ranch Ln, Sequim, WA 98382

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Are Listings Over Priced in Port Angeles and Sequim?

by Chuck Marunde / Wednesday, 01 July 2009 / Published in Sequim Real Estate Prices

Are homes for sale in Sequim and Port Angeles overpriced? This is a legitimate question. The answer is probably more accurately considered when you look at a particular home. In other words, while many homes are overpriced, many are not. Let me explain.

I heard an interesting story this past weekend. A FSBO (for sale by owner) is trying to sell her home for just over $200,000. What’s interesting is that she started a year ago listing it with an agent at $299,000.   As the story goes, nothing happened for many months until her agent came and said, “We need to reduce the price.”   The owner was upset.   She told her agent that she knew it was listed too high when she first listed it, but her agent listed it at $299,000. After this discussion they reduced the listing price to $269,000, which after many months proved to be too high again.   Hence, the current FSBO for just over $200,000.

I have a five acre, one bedroom home listed for sale at $225,000.   The owner lost his job and has moved, and this is going to have to be a short sale, meaning the sales price will be less than the balance owed to the bank.   The balance owed is about $256,000.   Any sale will be subject to the bank’s approval, of course.   Here’s my point about this listing.   When my client first called me to discuss listing this home, he asked me what I thought it should be listed at.   I gave it some thought and told him I thought a realistic selling price would be $225,000.   He said he agreed, but that the other agent he had interviewed had told him $325,000.   In his own words, he said, “I knew that agent was nuts when she quoted me $325,000 in THIS market.” Had she listed that house, it would have been $100,000 overpriced.   Wow!

On the other hand, I sold a house recently for $251,000 cash, and it would have cost $350,000 to buy the land and build the same house.   That home was listed with an agent.   The listing price was very fair, and even below FMV, but that’s what it took to sell it.   My buyer client got a steal, even in this market.

Some houses are overpriced, some houses are fairly priced, and a few are underpriced right now.   If you’re from out of town, I strongly urge you to work with an agent who has been around for a while and has the experience to differentiate prices for you.   You don’t want to pay too much for a home in this market.

Possibly Related Posts:

  • Are Buyers Competing to Bid Prices Up?
  • Sequim Real Estate Market
  • When Home Sellers Chase the Price Down
  • Sellability and Appreciation
  • Sequim Home Prices Compared to Other Areas

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Tagged under: Listing Prices, MLS listings, real estate prices

About Chuck Marunde

After practicing real estate law for 20 years in Washington, Chuck opened iRealty Virtual Brokers covering the Sequim and the beautiful Olympic Peninsula. Chuck is the author of numerous magazine and Internet articles with a primary focus on real estate. He is also the author of over a dozen books, mostly about Sequim real estate. Chuck is a photographer, videographer, and Registered FAA Drone Pilot. Chuck has combined his love for real estate and technology to create a growing Internet presence in his market, and enjoys building his websites and blogs, including SequimBlog.com and Sequim4Sale.com and LuxuryWaterViewHomes.com. Chuck has degrees in Economics, Law, and Education.

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Chuck E. Marunde, J.D.

Sequim Buyer's Agent
(Atty Ret.)
Founder and Broker of
Sequim & Port Angeles Real Estate dba iRealty Virtual Brokers
125 Olympic Ranch Ln,
Sequim, WA 98382
(360) 775-5424
ChuckMarunde@gmail.com

Blog Articles by Date

From Los Angeles

It's rare, but once in awhile life provides the perfect collaborator for an important endeavor such as buying your new home. For me that person was Chuck Marunde. His two decade background as a Real Estate Attorney, his prolific career as an author of articles and books on Real Estate and his forthright and moral character made choosing Chuck a no-brainer. Chuck is dedicated, thorough, incredible at the negotiating table, knowledgeable about all local laws & regs but, most importantly, Chuck loves what he does. And what he does is find his client the perfect property. Chuck isn't about making the sale, he's about making the sale that is OPTIMUM for his CLIENT and this makes Chuck a rare bird indeed. I love my new home in Sequim and I am indebted to Chuck for making it happen. Kevin E.

From Seattle

I’ve had the pleasure of working with Chuck over the past three years in selling my parent's estate. It was a tough time to sell during the housing recession, but Chuck always kept things on the positive side. With his real estate law background, he offers sound, practical advice. He helps you along with the process using discussions and reason, rather than opinions and speculations. If Chuck doesn’t know the answers, he will get them for you. In several instances, Chuck took the initiative to meet with county officials to get up-to-date facts about zoning and regulations. I was always impressed with his company’s tech savvy communi-cations and internet presence: weekly email updates, blogs, videos, links, Linked-in networking, etc. He is truly pioneering the future of buying & selling real estate. Brian M.

From California

"Andy Romano is a successful motion picture character actor with over 40 years in 'the Biz.' Mr. Romano has a home in beautiful Santa Barbara, California, but he chooses to live most of the time in Sequim, Washington on the Olympic Peninsula in the great Pacific Northwest. Why? In his own words, 'Because it's even more beautiful and surrounded by more beauty in this incredibly peaceful and quiet place. With respect to real estate agents or brokers, well my friend Chuck Marunde, owner of Sequim and Port Angeles Real Estate, is hands down the best there" Andy R.

Intro by Chuck Marunde

From Florida

We do our homework for the task at hand and we look for and expect to enlist partners that do the same. It was our good fortune to select Chuck Marunde of Sequim and Port Angeles Real Estate to represent us as a buyer's broker in our search for a home in the Sequim/Port Angeles area. Chuck's site is all encompassing and super fast compared to many others, he knows the market at every conceivable level and his guidance through the process of selecting and purchasing a home is priceless - above and beyond that of anyone with whom we have ever worked. Add to all this his 20 year background in real estate law and you have discovered a superb asset in the adventure of purchasing a home. Greg and Marilyn

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