Is it UP, or is it Down? --- Here is a recent situation the Knowles team was involved in.
A client asked: How’s the market? Are prices headed up or trending downward?
Well, we said, sort of like what older people might wear … depends.
On what? he asked. On where you are looking, we said.
For example, we just wrote an offer on a really nice house inWest Seattlefor one of our clients. Our offer was one of seven. We came in second. The winning offer came in $32,000 over the asking price. We are seeing multiple offers more frequently now.
So clearly, one would say prices are UP big time!
But, wait. The March 27th press release from the Case-Shiller Home Price Index (click here) reports overall nationwide price declines of another 3.9% since last year. For Seattle, Case-Shiller reports the January 2012 index value as 130.99 which is a continuing slow month-by-month decline for the past 7 ½ years. The last time theSeattle index was at 130 was May 2004.
So clearly, one would say prices are DOWN!
Huh? So what is it? he said. Both statements are TRUE! Here’s why, we said.
Seattle’s Case-Shiller index values are based on a wide geographic area which includes many, many sub-markets. Some are doing well, some not well.
OurWest Seattleclient experienced the economics of that much smaller market area.
So what should I do? he said with just a bit of irritation.
First, decide what your preferred geographic area might be.
Second, dig into the stats for THAT area.
Third, visit the available homes.
That’s what we do as professional Realtors®. We do all that research for you.
If you are thinking of selling, you should call us, too. We do a free home evaluation for you. It is called a comparative market analysis (CMA for short).
Whether you are buying or selling … step 1 … call us!
Robby the Realtor (Leviton) at 206-910-1632 and The Knowles Team, check out our sites and become informed on the local Real Estate situation.
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