Genny, Home Seller in 98033

Market Outlook in spring '08 in Sandhurst - looking to sell

Asked by Genny, 98033 Thu Feb 28, 2008

I have a 1975 2,600 sq ft w/ 4 br and 1-3/4 ba split house in the Sandhurst subdivision. I am looking to sell this spring '08, if the market is cooperative.

It has a lake view, 9600 sqft lot. Not much upgrade but in good condition. Zillow estimates almost 800K. Is this a minimum or maximum #? What is the market outlook in this area this spring?

Help the community by answering this question:


first, get it appraised
currently it is not a good time to sell a house


good luck
0 votes Thank Flag Link Fri Mar 28, 2008

So far the spring market has been healthy. In order to arrive at a correct market price one would need to actually see your home and then compare other properties within the area to your home. While there is not a scientific formula for arriving at a list price this will give you a good starting point. As an agent it is also my responsiblitiy to help you develop a punch list of what needs to be done to the home - staying within your budget - to maximize the sale price of your home.

Best Regards,

Marion Tilley
Web Reference:
0 votes Thank Flag Link Fri Mar 28, 2008
I would answer this question like I did for a similar home seller. The Zillow range may not be accurate since it does not represent the condition of your house. John L. Scott has a great tool - Trendgraphics that can be used to ascertain what is happening in your neighborhood and county. Then, a Realtor should look at your home and present you with a market analysis.
0 votes Thank Flag Link Thu Mar 13, 2008
Kirkland has been a hotbed for builders, who are rebuilding or doing major remodels before selling. Your property may be appealing to that type of buyer as well. I think Zillow is a datapoint, but comparable properties that are pending and recently sold are the best. Properties that are currently available will be your competition when yours is listed. I suggest to clients to not "price it high and then drop the price" because stale properties move much slower. The best time to sell is the first two weeks your property is one the market.
0 votes Thank Flag Link Sat Mar 1, 2008
In follow up to James answer...Zillow is a good starting point, but that is exactly what it is...a starting point. I am working with a seller who works for Zillow right now and was just talking with him a few nights ago about some of the limitations of Zillow. Zillow can only account for so many facts...even with you, the view could be really variable of the cost as Zillow really has no way of adequately valuing the view.

Even the homeowner that I am working with admitted that Zillow's "zestimate" had his home overpriced. His home is in the "value range" provided by Zillow...but generally this value range has a large swing. I like getting a basic idea from Zillow...but always remind buyers and sellers that Zillow is just that...a very basic idea.

As far as your market conditions...we have been very optimistic here recently with the activity from buyers in the market. It is impossible to accurately say how your market will be this summer but the potential is very good. Still, the market does require a strong dedication and plan to properly sell the home. Talk with a couple of realtors to get an idea on price and marketing strategies.

Hope that helps...good luck this spring...the weather keeps reminding us how quickly it is coming!
Web Reference:
0 votes Thank Flag Link Thu Feb 28, 2008
Kirkland as a whole has been historically a very stable market when it comes to the ratio of inventory to sales. Every year since 2004, inventory has been peaks and dips have been consistent and so has sales for the most part (Q3 and Q4 of 2007 bucked the trend of 2004-2006). What this means to me (and it's easier to see visually with graphs) is Kirkland doesn't lean as much to buyers as other area are. For instance, downtown Seattle inventory was greater every single month in 2007 than they ever were from 2004-2006, but sales did not keep pace it's very much a buyer's market in downtown Seattle.

The outlook for spring ...for me is optimistic. Buyer activity has been brisk so far but the question remains how that activity translates to sales. We'll know more as Q1 comes to a close. Kirkland's sale's activity has historically peaked (as with most areas) between March and May. So your best shot of selling is as you said... spring time. Now, with that being said, .. price wise for the year should be pretty flat, but things are definitely moving. If you have a good house on a good lot and you're not asking for the moon, you have a good shot at getting it sold.

Regarding Zillow....I recently (last month) completed a pricing and market report for a seller up in Juanita area and Zillow's estimate for the place has gone up about $160K in 1 month ...obviously not realistic. My friends at zillow say that some changes were made to their valuation system and that's why valuations suddenly changed. My advice is to regard Zillow estimates as a ballpark figure ...a big ballpark...safeco field + qwest field big. The best way is to have someone do a thorough analysis of your house and immediate area. Get a couple opinions and see what they all say.

I'd be happy to email you these graphs I have made for the Kirkland market. It's a lot easier to understand than writing it out in words.
0 votes Thank Flag Link Thu Feb 28, 2008

Do, or have done, an honest market comparison of your home. Plan on pricing your home on the low end of comparable homes on the market to generate traffic to your home. Plan on staging your home so when the buyers come to see it, they want to fall in love with it and buy it. It may even require doing some of those updates so there aren't too many things for a new buyer to do. Too much work to be done is a turn-off to buyers, particularly in a slower market.

If you look at all of that, and your net still looks attractive to you with whatever work is required to actually get your home sold in a short time frame you should probably do it! If you don't want to price your home competitively, state it well and make it move-in ready, it probably won't sell anyway.

There are many good folks in your area who can help, but I'm not one of them!

Good luck on whatever you decide,
0 votes Thank Flag Link Thu Feb 28, 2008
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