Home Selling in Madison Park>Question Details

Jim, Home Seller in Seattle, WA

How long will it take to sell a $2 million home in Madison Park?

Asked by Jim, Seattle, WA Sun Mar 23, 2008

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HI Jim -

Madison Park overall is still overall one of the stronger markets in Seattle. Length of time on market is going to have a lot to do with many different factors besides location and price range. The location is great! Setting the price is going to be a big part of making sure that your home is competitive in the current market have your Realtor do a detailed CMA and look at square footage, lot size etc. in comparison to other active listings and recent sales. Pricing is the number one key to being successful in today's market in my opinion.

Condition both on the interior and also the exterior (curb appeal, etc.) will also have a big impact on a potential buyer's decision. Is your home updated or remodeled at all? Is there a view?

Lastly, marketing is going to come into play - Most of the houses in Madison Park on the MLS have sold in 60 days or less in the last six months. There is one that just went pending after 90 days. The active listings vary in days on market, but longer market times will definitely be a reality even though rates are down and money is cheaper. With Spring here and summer coming, I would look at things picking up, though.
3 votes Thank Flag Link Sun Mar 23, 2008
Hmmm, maybe twice as long as a house for $1 million.

If I wanted to sell a house in Madison Park or Magnolia or Lauelhurst etc, I sure wouldn't be asking in a forum. I'd call a real estate agent or two and get some expertise. But since I'm such a nice guy and you asked the question, it will take 328 days before your 12th offer. The first 11 will be by unqualified buyers because you decided to try to sell it yourself. Hope that was as useful as your question is pithy. (look it up)

Please note: This information regarding $2 million homes in Madison Park does not apply to $325000 homes in Westwood. :-}

I forgot to mention that Jim lives in South Park and was just curious.
1 vote Thank Flag Link Tue Apr 1, 2008
Jim, it all depends.

Right now, the absorption rate for zip code 98112 (Madison Park and Capitol Hill) is about 5.5 months of inventory - down from a 3-month average of approx. 17 months. What that means is that there have been some recent sales in the area and buyers have cut loose a little. Inventory absorption rates are always in arrears and are a general look a the neighborhood.

However, a "$2 million home" is too general a description of your home and one would need to see it and compare it directly with other $2 million homes to make sure that's the right price point.

If your home compares with homes in the area that are sellin at $1,800k, then you will take longer. It's not jsut about the square footage, but includes the layout, flow and clors of the home as well as just how big is the view or how busy the street. What's the parking situation like? These are all questions we take into account when pricing a home for sale.

Right now, aggressive priving is what is necessary to make things move. Of course (like the others) I'd be glad to assist with an analysis of your home's value. :)

Dugald Allen
Web Reference: http://www.dugaldallen.com
1 vote Thank Flag Link Sun Mar 23, 2008
I agree with what all of the Realtors have said, but always keep in mind, so matter what the statistics read, the simple answer is that your home will sell when the right buyer falls in love with it. Sometimes it takes a while for that buyer to be in the marketplace and sometimes they are already looking. A comprehensive marketing plan should bring new people into the market and advertise to those looking. Another point that should be mentioned is loans; the mortgage market is tightening up and that may increase or reduce the number of people that are truly APPROVED and financially sound enough to be able to purchase for $2 million dollar home. If the buyer's have cash, then that is great! Knowing and seeing your current competition the marketplace will also help determine what features of your home truly stand out or what your home perhaps doesn't have that a home on the market includes (maybe a cool wine cellar or a theatre room?). Understanding what the buyers are looking at will give a hint as to whether your home will sell quick or at average time. Good luck! Madison Park is a very desirable area.
1 vote Thank Flag Link Sun Mar 23, 2008
Hi Jim,

I pulled up the Stats from our Multiple Listing Service for listings in Madison Park. For listings priced between $1 - 3 million since 1-1-08 the stats showed 17 total listings. Of these listings 3 have sold and closed between $1.22 - $1.55 million in price with an average market time of 38 days on the market. There is one home currently under contract that hasn't closed. It is priced at $1.975 million and shows a total market time of 90 days. Of the 13 listings that are still active on the market, the average market time is showing 131 days.

If you would like to get a copy of this market report with addresses to better assess where your home may fit in this picture, please feel free to get in touch with me.

Eric Molsness
RE/MAX Metro Realty
2312 Eastlake Ave E
http://www.molsness.com
Web Reference: http://www.molsness.com
1 vote Thank Flag Link Sun Mar 23, 2008
95 days.
42 days if you price it aggressively.
0 votes Thank Flag Link Tue May 27, 2008
No simple answer without seeing the home -is it priced right for the neighborhood and condition. A good real estate agent will be able to provide you with a good marketing and business development plan. Additionally, they can provide a pros and cons list and help with a landscape and staging plan. I don't know if you are planning to sell FSBO, but stats show that a Realtor can sell a home for more $$ and more quickly. A FSBO doesn't thave the "reach" of a MLS iisting with a competent agent. My company has the ability to quickly provide a snapshot for you to cover the basic parameters.
0 votes Thank Flag Link Wed Mar 26, 2008
As Eric essentially stated it can take anywhere from two to six months. That depends on your motivation, how the home is priced for the condition, location, view, size, etc. Obviously any of the agents commenting here, including me, would be happy to do a CMA (comparative market analysis) on your property.
0 votes Thank Flag Link Sun Mar 23, 2008
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