With the real estate prices soaring, the Bellingham WA median home price has reached a record high of $400K. If you have been planning to sell your home, this is the best time to look for buyers. With the all-time high real estate market, you cannot get prices better than these.
More demand, less supply
For about two years, the real estate market in Bellingham witnessed a shortage of good properties. As a result, the costs of properties started to rise. Due to a low supply and more demand for real estate, the market prices have become very high, which makes this the right time to sell property.
How to price in seller’s market
You will be tempted to price your home high in a seller’s market. However, before high returns drive you towards making a bad decision, there are some things you should keep in mind. Here are the pricing options you have.
Low price and strict deadlines
If you live in a nice neighborhood that’s in demand, instead of marking your home at a higher price, mark it at a price lower than the market price and hold many open houses over the weekend. Make a strict offer deadline for the next week.
This will cause several buyers to make a bid and try to outbid each other. This way, you will generally have a price higher than the market value and will also have an upper hand, which means you will get to dictate the closing terms. If you are planning to try this tactic, make sure you live in a hot area and will likely get about 10 offers in a few days of listing. You can discuss this option with your real estate agent for better guidance. They will let you know if this method will work with your property or not.
You can do some research and find a fair price for your property. When you list your property at a fair price, you’ll still get many offers. This will help buyers understand your expectations regarding the price. And if you get multiple offers, you might just get a price higher than what you expected.
Pricing your home at a rate higher than the market value is generally not advisable. Keep in mind that buyers are also looking for the right price and asking too much can damage your chances of closing the deal. If the house does not get buyer interest and stays on the market for long, it will get stagnant and lower its sale prospects. This will be bad for the image of your property and it might not fetch even a fair price in the future.
You might have heard people say that if your house is good, it will sell itself. It’s not always true. Your home will sell only if it is priced right. You’ll need professional assistance to list it at the right price. When you select a real estate agent to sell your property, discuss these things with them:
- The price you expect for your property
- The number of deals they have closed in one year
- Their plan to market your property
- If they can negotiate with the buyer’s agent
Select the right agent
A good agent is keenly aware of the Bellingham WA median home price. They will answer all your questions and use their market insight to help you get the best price. They will also warn you about any possible non-serious buyers.
To get the best deal, you need to price it right, have the right communication skills, and find the right agent to help you with the process. The real estate scene in Bellingham WA is at its peak and yet it is challenging for the sellers to get the right price. Make sure when you come to the market, you have done your research and are prepared. While having an agent or a broker is useful, you need to complete your research too to have the right expectations.