Debra Sinick

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Homes are Selling Fast in Redmond and Bellevue Near Microsoft

In Bellevue real estate, For Buyers, For Sellers, Market Statistics, Microsoft, Real Estate news, Redmond on June 21, 2012 at 2:43 pm
Home Sales Near Microsoft

Redmond and Est Bellevue Real Estate Sales for Homes Near Microsoft, May, 2012

The odds were still fabulous for selling a home near Microsoft in May.  Seventy-four percent of the homes for sale sold in May.** This continues the absolute fabulous streak for real estate sales in the communities of Redmond and East Bellevue near Microsoft.*  The last three months have been just outstanding for sellers in the area because the supply of homes for sale has been so low. 
 
The number of homes for sale crept up above 100 for the first time since February.   This was a very small change in the number of homes for sale and really has not slowed the market down for sellers in any way.  It will be interesting to see if the number of homes for sale continues to increase and if there is a point in which it will change the balance between buyers and sellers.  If there are more choices, then the
 
In May, homes on average took 49 days to sell, which is  a huge drop in market time from last year and even last month!   Median pricing increased  from $405,000 to $485,000.   These numbers only show the median pricing for May and happen to be a reflection of the homes that sold that month.  This huge jump in median price for the month means there were more expensive homes that sold in May.  It does not mean that home prices have increased by 20%.    Remember to look at a number of months to see a trend in pricing.   The market needs to trend upwards for a while to see if there is any real improvement in the pricing.
 
The well priced homes are selling quickly.  If a home does not sell in a week or less in Redmond and Bellevue near Microsoft, then the chances are that it is overpriced. More than likely, if a home is not selling, a price adjustment can usually do the trick. I remember having a home for sale near Microsoft years ago that all the buyers and agents complained about.  I kept hearing that the house was too dated, too dark, too…, etc.   As soon as the price was dropped to reflect the true market value, the buyers and agents had wonderful things to say about the house.  The house then sold.  The house had not changed at all, but it was priced where it should have been and the buyers got excited about it.  Remember, no buyer is going to pay more for a home than the market will bear.  The buyers usually pass on the overpriced listings and wait for other homes comes on the market.
 
If you’d like more information about your home’s value or how the market is doing in your neighborhood, please contact either Brooks, my business partner or me.
 
By the way, where are Bellevue and Redmond, WA?


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*The data does not cover the entire cities of Redmond or Bellevue, but just the areas east of downtown Bellevue and highway 405 and near Microsoft in Redmond.**The absorption rate is the number of homes for sale divided by those that actually sold.
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