Are Buyers Competing to Bid Prices Up?

Are buyers competing to bid prices up above current list prices? The answer is yes, at least for the nice homes that most buyers want. I thought you might find this interactive chart interesting. Drag your mouse across the chart to see the data. It shows the sales prices of homes as a percentage of

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Sequim Real Estate Market

The Sequim real estate market has seen it’s toughest year yet with high demand for the best homes in the best areas at a time when the inventory is at historical lows. Here’s what has been happening in the Sequim real estate market with the latest data over the past ten years. This first graph

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When Home Sellers Chase the Price Down

What does it mean to chase the price down? For a home seller it means reducing the listing price again and again, but each time they are just behind the market trend, and instead of being on the front edge and getting their home sold, they are behind a market pull back every time they

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Sellability and Appreciation

How important is sellability and appreciation in your home? Extremely important, and I’ll tell you why. Too many widows in their 80s have been left with a home they cannot sell, and it becomes a nightmare for them when they are struggling to maintain the property and pay property taxes. I’ll explain what has happened to many

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Sequim Home Prices Compared to Other Areas

Sequim home prices are fairly reasonable compared to many areas of the country. We are probably in the middle when it comes to the price of a three bedroom, two bath home. Here are three homes in three areas of the country from the cheapest homes prices to the most expensive home prices. For $65,000,

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Fair Market Value Pushed Up by Shrinking Inventory

The fair market value of home prices is determined by supply and demand. That is fundamental economics. But something unique is happening to Sequim and Port Angeles real estate prices that you may want to know. When supply decreases over a period of time and demand remains steady, prices will be pushed up. That’s logical, but there’s another

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Real Estate Prices

Are real estate prices in the Sequim area at or near a bottom, and if so when will real estate prices start to increase? What kind of appreciation can we expect in Sequim? These are questions that buyers have been asking me as they plan to buy their retirement homes in or around Sequim. Most buyers

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What Happens When a Home is Overpriced

What happens when a home is overpriced?  A lot.  The implications of having a home that is substantially overpriced in the MLS can be tragic.  Here is what I have seen . . . more than once.   A home was overpriced by almost 25%.  In other words, it was listed in the MLS at

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Are Listings Over Priced in Port Angeles and Sequim?

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

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Real Estate Prices

It’s a buyer’s market.   There are many foreclosures flooding the market, and the inventory of listed homes and FSBO’s has reached record highs all over the country.   So have prices dropped dramatically?   In some areas of the country, the answer is yes, but in other areas, the answer is, “not by much.”

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Sequim Average Listing Price and Inventory

What is the Sequim average listing price? What is the current inventory? Here’s a great graphic answering those questions. One short coming is that the Trulia database does not include the entire Olympic Listing Service database of listings, but it is still useful. You can also search the Trulia database for Sequim homes for sale.

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Where Have All The Buyers Gone?

The inventory of Sequim homes for sale and Port Angeles homes for sale is high, higher than it has been in recent memory for most of us.   Price reductions are almost a common place event in our MLS listings.   Is reducing price enough to sell? No, it’s not.   Reducing price and offering

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Is the Real Estate Market Bottom Here?

Is the Sequim real estate market now at a bottom?   This is the ultimate question.   Sequim is largely dependent upon markets in California, Arizona, Oregon, and Texas believe it or not.   Are these markets and the national market showing signs of bottoming out? If anyone needs hard evidence that the real estate

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Sequim Real Estate Price Reductions

Sequim and Port Angeles real estate listings have seen some reductions in prices recently.   Realtors love to use euphemisms.   Just as a used car is a “pre-owned car,”   so a price reduction is a “price improvement!” True from the buyer’s perspective, but certainly not from the seller’s perspective. In the last three

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Sequim and Port Angeles Real Estate Price Reductions in June 2008

Price reductions for real estate listings in Sequim and Port Angeles in the month of June, 2008 are revealing.   There were about 95 properties that were either sold for less than the listed price or are still listed for sale but had a price reduction.   The average price reduction in June is 91%.

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Sequim Real Estate Prices

Sequim real estate prices are reasonable but not as low as some areas of the Midwest United States. I often receive email requests or telephone requests for a stick built home with 3 bedrooms, 2 baths, and a garage under $125,000. The average price of homes sold in Sequim in the first five months of

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Sequim Real Estate Sales in 2007

What did 2007 home sales look like in Sequim? Here is a graphic summary of home sales in Sequim categorized by price range. [Click on graphic to enlarge.] The majority of sales in Sequim were in the price range of $200,000 to $350,000, and there were more single family homes sold in the higher price

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Sequim Real Estate Price Reductions

What has been happening with real estate prices in Sequim and Port Angeles recently? During the month of December, 2007, there were 72 price reductions for residential properties. Click on the image to enlarge it for viewing. These price reductions in December represent homes only, not lots and not multi-family units. The average 12% price

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Port Angeles and Sequim Real Estate Prices

Wondering about the trend of Sequim real estate and Port Angeles real estate prices? Here is a vignette of the last three months showing the number of price reductions of listed properties in the Olympic Listing Service in four price categories. Not conclusive by any means, but instructive. Stay tuned for more valuable market stats.

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