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Homeowners using new strategies to sell
11:10 PM PDT on Monday, September 17, 2007
SEATTLE -- It's not exactly a slump, but some of the wind has left the sails of the local real estate market. What used to sell in two weeks is now taking as long as 45 days. That's leading some sellers to employ new strategies.
The multiple listing service reports that in King County, there are about 3,000 more homes on the market this year than last year and they're staying there longer.
"It's a buyer's market. They have so much to choose from," said Tavis Gaudet. When put up his 'for sale' sign, he wasn't alone.
"There were two signs, one across the street and one up the block," said Gaudet.
There's direct competition in his West Seattle neighborhood. Just go a couple of blocks away and you'll find three houses in a row for sale.
So much inventory in such close proximity is a change from the boom market of recent memory.
In the Phinney Ridge neighborhood, it's the same story.
Realtor Reba Haas says selling a home these days requires more patience and sometimes, savvy strategy.
"You're always looking for some kind of edge that's going to take you beyond what your competition is going to be," says Haas. She says the market trend is offering buyer incentives, such as paying for home warranties or closing costs. One client of hers is even offering a year's worth of homeowners dues.
Bottom line is people are still buying, and Haas doesn't expect prices to soften.
"There are too many people coming here for us not to have it continue to be strong," said Haas.
That's why Gaudet is waiting without worry, at least for now.
"It's only been a couple weeks, but maybe after six, seven weeks, I'll probably consider it," said Gaudet.
When it comes to incentives, you do need to be careful. It's illegal to offer anything that could be considered a kickback, like cash. Your best bet is to consult a realtor before getting too creative.
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