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Low housing inventory equals multiple offers and higher prices

By Vince Decker, Phinney Ridge real estate broker at Historic Homes in Seattle and Preview Properties, Inc.

For the sake of this article, I examined single-family homes within the following boundaries: North 50th Street, 3rd Avenue NW, Aurora Avenue North and Holman Road NW/ North 105th Street.

The data is clear. In our Phinneywood area, inventory is low; only 24 homes are available. Homes sell quickly when they are in good condition and priced correctly, often with multiple offers and escalated prices. Although the number of closed homes in September is small (indicative of back-to-school time), there are 38 homes pending on their way to close. Homes are selling faster the farther south they are in our neighborhood. The Phinneywood area continues to be a home buyer favorite. With interest rates at historic lows, market activity is brisk.

Phinneywood-area homes sold in September

Address                  Beds  Bath    SF fin/unf.   Garage    Days   List/Sell Price

532 N 80th St       1         1           1, 700            1 car         11      $249,950/$255,000
235 NW 53rd        3         1.5       1360/240    1 car         3       $409,000/$409,000
527 N 78th St.     3         1.5       1420/860     1 car         10    $459,950/$459,950
355 N 75th St       3         3          1890                2 car         3      $545,000/$570,000
536 N 70th St      4         2.5       2520               1 car         7      $569,000/$578,000
519 N 70th St      5         2.5       2520               1 car         4       $598,000/$640,000
549 N 71st St       3         3           2070              1 car          3      $639,800/$655,000
7016 Fremont    4         3           2350               1 car          7      $765,000/$775,000
6211 Dayton        4         2           2450               1 car          7      $839,000/$815,000
5903 Fremont    5         2.75    2410/200     1 car          7      $840,000/$861,000

If you are thinking about selling and want to make good choices, here are some helpful thoughts:

  • Bad ideas: expensive bathroom/kitchen remodels/additions, new garage, expensive landscaping.
  • Good ideas: green/organic materials, simple repairs, tidy the yard, replace ugly appliances.
  • Bad ideas: staging all the character out of your home, paying too much for real estate commission.
  • Good ideas: thorough clean up, store clutter, paint inside and out, and replace needed hardware.
  • Bad ideas: inability to disconnect from your home when selling, talking with buyers when they visit.
  • Good ideas: Only selling if there is a compelling reason to do so, having a plan and sticking to it.

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