Lake Forest Park Real Estate: Market Update 2010 - Feb 2010 comments -
The average price of homes in Lake Forest Park has dropped to the tune of roughly 20-25% since 2007. This is surprising to me given the sheer volume of amenities that Lake Forest Park has to offer - the parks and shopping are wonderful. The city is waterfront on the banks of Lake Washington, and there are wonderful waterfront facilities for all depending on what part of the city you live in (Civic Club if within boundaries, Sheridan Beach Community Club if you are in those boundaries, and then of course there is the city owned waterfront park which many won't tell you about (Lyon Creek Waterfront Park)...Lake Forest Park has a wonderful farmer's market and some great merchants. I could go on with all the reasons that it makes no sense for prices to have dropped that much, but that is another post obviously......
Lake Forest Park homes are taking a bit longer to sell, but they should because the market is slower. You should expect to price your home appropriately and it might take 60-120 days to sell, but that is normal. Only under price your home if you truly need a quick sale. Looking at many of the house that have sold in only two or three days shows you that they were clearly under priced. I am sure there are those that will argue that they were priced right, but that is just not true.
"I have gone to listing appointments and had the sellers tell me agents wanted to price their home below or at assessed value when there were clearly amenities and features of the home not accounted for in that number. I think it is pretty convenient to price a home at what Zillow or the county tells you it is worth rather than doing the work and trying not to leave any money on the table for your clients...."
Could it be that perhaps the Lake Forest Park real estate market has suffered so greatly because homes were not listed where they should have been? This is not 1999 and this is not 2005 or 2006. It takes longer to sell your home. The only thing that speeds that up is lowering your price to below market value because that is what buyers are after right now. Below market priced homes are being snatched up and I feel like a great disservice is being dealt to the sellers of these as well as the rest of the residents of the city who watch their home values drop as a result. Recovery is a team effort and won't be found by taking the easy way out. You need a local Lake Forest Park agent and you need to talk to at least three of them. Get someone who wants to act in your best interest and not leave YOUR money on the table. You can find all the latest Lake Forest Park Real Estate on our site - search for free always and no forced sign ups! Lake Forest Park Real Estate
Subscribe to CommentsComment