Market Conditions in Edmonds>Question Details

Carol, Both Buyer and Seller in 98020

Would it be best to sell our view home in the Edmonds, WA Bowl this spring or next?

Asked by Carol, 98020 Wed Apr 23, 2008

It's a 4 bedroom with a nice view of the sound and mountains, which we'll list for about $700,000. We plan to move to Crystal River, FL where the market is very slow. Currently, we should be able to purchase a nice Florida home for about $250,000.
From a purely financial viewpoint, do you think we would we be better off selling now or next year?

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Answers

10
Hi Carol,

That is a great question! In the last couple of weeks the market in Edmonds has really been picking up, there are a lot more listings that are becoming active and there are also a lot more transactions moving to closing, which means there are buyers out there ready to make a move.

Now you mentioned that this is purely a financial viewpoint so with that in mind I would tell you to put your house on the market this spring at a price that you would be happy with, something to remember is that buyers are coming in with slightly lower offers then asking price so make sure to factor in a few percentage points to be negotiated off your listing price. Now if your property doesn't sell in a timely fashion then I would take your property off the market. I would then wait until next spring and try again, but this time you would make some upgrades to your property such as paint, new carpet, windows, staging, etc., if you haven’t already done so.

I hope some of this information was helpful & if you have any further questions please feel free to contact me!

Take care,

-Ian Hill
1 vote Thank Flag Link Fri Apr 25, 2008
Usually these types of questions are difficult to answer, because we don't know what the future holds. But here we do know what happened in 2008 and 2009.

Stated differently, I think there's little reason to still be answering this question in 2014.
0 votes Thank Flag Link Sat Feb 1, 2014
If you are thinking of selling your Edmonds bowl area home, I recommend you sign up and follow Market Insider, which will provide to you knowledge to help put you in control of your real estate transaction.
I have provided a convenient hyperlink below so you can sign up for your FREE Market Insider monthly updates.
Let me know how I can help.
0 votes Thank Flag Link Fri Jan 31, 2014
Carol,

A few of my office mates below have many great points you should take under advisement. I would add just 2 points:

1) We only know the market conditions today, a whole bunch can change by spring
2) Spring is when everyone lists their homes, so there is a great deal more competition

Good luck in Crystal River, when you get there you have to eat at Cody’s Roadhouse, they have great BBQ wings.

Take care,
Scott Marques
0 votes Thank Flag Link Wed Oct 6, 2010
I have specialized in selling used homes in this area since 1978, and so I have seen the ups and downs of the various market cycles. There are two major considerations to ponder.

The first is that the Edmonds area, and particularly the Edmonds "Bowl" has always been a much sought-after location. There is a lot of money in this city and while we may be influenced by the regional market, we are not controlled by it.

It is true that you may not get the price that you may have gotten at the so-called peak. But there is probably a buyer for your home now if it is in good condition, staged properly and priced fairly.

The second thing that I would suggest is that you focus more on the big picture and what you want to accomplish. While I am certainly no expert on Florida real estate, it should be obvious to even the most casual observer that the prices there on certainly on the low side. If you wait to sell here, and get another $50,000 but end up paying another $100,000 for the Florida property a year or two from now, what have you gained? Another alternative, if you folks are able, may be to buy the Florida place now and rent it out (with a property manager- long distance rentals can be a big hassle). Then wait on the Edmonds property and hopefully sell it for a higher price next spring.

Personally, I'd consider making the move and doing the buy-sell now. At this point- you know what you have to work with- a year from now- who can tell?
0 votes Thank Flag Link Wed May 7, 2008
Carol,
Wow your really going the distance. Edmonds to Florida. A home with a view in the Edmonds bowl is always on peoples want list. I think your question is more personal preferrence. When do you want to be in Florida? Why would you wait? What are the advantages to waiting.These are a couple questions I would ask myself.
Our market in the Edmonds bowl is still solid, with a little longer market time. Good news is we have had alot of inventory come on in my office in the last couple weeks and I work in the Edmonds bowl. So if the house is clean organized in good shape and priced right it will sell in a timley fashion. This really is a question of timing for you. It sounds like a win win situatuion with what you can buy in Florida.
Good Luck and let me know if I can be of service to you.
~Kristine Hovde
0 votes Thank Flag Link Thu Apr 24, 2008
Carol,

Really there is a simple answer to your question. The bottom line comes to this, is your home really worth 700,000 and will it sell for that price today?

It sounds like you have already looked into the market out in Florida so you know what to expect there. As for your home, my recommendation would be to have a pricing analysis done on your home don’t tell the agents what you want, often times agents what to cater to your desire and will often (not always) find a way to believe what you want them to.

Really, have the agent do their own homework. Just tell the agent you really want to know what your home would sell for today. This way they will come in unbiased and find out what TRUE comparables are going for and what they are listed for.

In general I recommend people sell their home when they need to if there is a need. The advantage you have is that you can wait if you have to. So that being said here is one option; put it on the market for 6 months, if it doesn’t sell, well take it off till next spring and run it again. The disadvantage to this is the inconvenience of having your home on the market and possibly having someone come through your home.

You must be honest with yourself though. Is the home worth what you want on our market today? If it is go for selling it and see what happens. If it was not to sell, take it off at the end of summer and try it again next year. If your home is not worth what you want for it then you will likely have to take a lower sales price or wait for the real estate economy to increase to the sales price of what you want.

I hope this helps in some way. Best Wishes in making the right decision for you and your family.
Web Reference: http://www.homelantern.com
0 votes Thank Flag Link Wed Apr 23, 2008
Real estate selling and buying is not a science, every situation is different. Your situation sounds good considering our micro-market is better than the one you are looking to buy in. It will always be best to sell high and buy low. In your case better to sell sooner than later as noone can predict when specific mircro-markets shift.

When considering the best time to sell it is always best to look at seasonal changes, market shifts and your competition. My advice would be to consult with a local expert to better educate yourself on the process and the market.

Edmonds will be saddended to loose you whenever you make that choice.

-Daniel Studioso
0 votes Thank Flag Link Wed Apr 23, 2008
Nobody can predict what the market will do in the future, and even the best forecasters can be off. However, many financial experts think that the real estate market will continue to be slow for at least the rest of this year. Before you decide, ask yourself these questions:

Why do you want to move to FL?

No decision can ever be considered purely financial (there are always non-tangible considerations that must be factored in). For instance, if you're considering a move to FL, is it because of the climate, to be closer to family, or other reasons? If it were purely for financial reasons, there are certainly less expensive places to move. Take into consideration your motivation for the move, and the timing involved. What opportunity costs would you be missing out on if you wait?

What is the competition like in your neighborhood right now?

You mention having a view. If there aren't many homes for sale, you may not have a difficult time selling. If the neighborhood is saturated with similar homes for sale, you may wish to sell when there is less competition.

If, after taking everything into consideration, you don't feel the absolute need to sell now, I'd probably recommend waiting until the market recovers a little.

Best of luck in your move!

-Daniel
0 votes Thank Flag Link Wed Apr 23, 2008
Hi Carol,

That is a decision that can only be determined by you. No one can predict what the real estate market will be like in Washington or Florida in a year. Prices could go up, down, or stay flat. It sounds like you’re in a win-win situation with moving to Florida to get just as good of home. I would do what is best for you personally, to move now or wait a year!

Sorry to hear you're leaving the Great Pacific Northwest!

Take Care,

Gina
0 votes Thank Flag Link Wed Apr 23, 2008
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