Selling A Home In Seattle – Bankrate.com

insurance

Financing a home purchase
Refinancing your existing loan
Finding the right lender
Additional Resources
Looking for a financial advisor?
Take our 3 minute quiz and match with an advisor today.
Compare Accounts
Use calculators
Get advice
Bank reviews
Looking for a financial advisor?
Take our 3 minute quiz and match with an advisor today.
Compare by category
Compare by credit needed
Compare by issuer
Get advice
Looking for the perfect credit card?
Narrow your search with CardMatch™
Personal Loans
Student Loans
Auto Loans
Loan calculators
Looking for a financial advisor?
Take our 3 minute quiz and match with an advisor today.
Best of
Brokerages and robo-advisors
Learn the basics
Additional resources
Looking for a financial advisor?
Take our 3 minute quiz and match with an advisor today.
Get the best rates
Lender reviews
Use calculators
Knowledge base
Looking for a financial advisor?
Take our 3 minute quiz and match with an advisor today.
Selling a home
Buying a home
Finding the right agent
Additional resources
Looking for a financial advisor?
Take our 3 minute quiz and match with an advisor today.
Compare car insurance rates
Homeowners insurance
Other insurance
Company reviews
Looking for a financial advisor?
Take our 3 minute quiz and match with an advisor today.
Retirement plans & accounts
Learn the basics
Retirement calculators
Additional resources
Looking for a financial advisor?
Take our 3 minute quiz and match with an advisor today.
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free – so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for .
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Buying or selling a home is one of the biggest financial decisions an individual will ever make. Our real estate reporters and editors focus on educating consumers about this life-changing transaction and how to navigate the complex and ever-changing housing market. From finding an agent to closing and beyond, our goal is to help you feel confident that you’re making the best, and smartest, real estate deal possible.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
If you’re thinking about selling your house in Seattle right now, here’s a bit of bad news: You may have waited too long. A recent report from Redfin showed that Seattle’s housing market is cooling at a faster rate than anywhere else in the country. As buyers worry about the costs of higher mortgage rates and homes sit on the market longer, the market may feel like a gray day in the Pacific Northwest.
However, everything in real estate is relative, and the last two years of pandemic-fueled price appreciation have been great for homeowners. If you own property in the Seattle metro area, you’re still sitting on a very valuable asset. With major tech companies and corporate giants like Amazon and Starbucks heavily invested here, Seattle is an attractive place to call home — and there simply aren’t enough homes available to keep up with demand. Plus, selling now might be smarter than waiting any longer, as experts predict a slowdown for the 2023 housing market.
Read on for everything you need to know to navigate the quickly changing market in the Emerald City.
If you were buying your house, what would you think about its current condition? Remember that buyers are handing over a huge chunk of cash to call Seattle home, so they won’t want a property with a bunch of visible damage. However, that doesn’t mean you have to fix everything, and you certainly don’t need to make a major investment in a big renovation. Instead, do your best to clean things up with a fresh coat of paint, some extra love for the landscaping and some other cheap and easy ways to boost value. If your home is in really rough shape, consider listing it as-is to provide an upfront disclaimer that repairs will be the buyer’s responsibility.
In December 2022, 38.8 percent of listings in Seattle went to contract within 30 days, according to data from the Madrona Group. That’s a strong market, but it’s nowhere near the level of competition that Seattle listings saw during the peak of the pandemic. If you’re on a tight timeline and need to sell in a hurry, consider trying to sell your house for cash. Whether you find an individual with deep pockets or one of the many real estate investment companies that buy homes for cash, this can help accelerate the path to closing by skipping all the hurdles of mortgage financing and loan underwriting.
While Seattle has a fairly small geographical footprint, real estate activity can still look very different from one neighborhood to the next. While median prices are still increasing year-over-year in places like Beacon Hill, Queen Anne and Magnolia, prices have actually been falling in Belltown and Downtown. So, while data from the entire metro area is useful, you’ll want to pay closer attention to the for-sale signs on your own block to get a sense of what to expect when you list.
Closing costs in Seattle aren’t cheap. In fact, Washington state is the fifth most expensive place in the country when it comes to the typical expenses to close a real estate deal, according to data from ClosingCorp. In 2021, closing costs on a typical Washington sale added up to $13,927, and the bulk of these fees fall on the seller’s shoulders.
Here’s a rundown of some of the common fees you’ll need to pay as a Seattle seller:
Before you list your home, you’ll want to put your best foot forward to immediately impress prospective buyers. A home staging service can help get the place ready for prime time. How much you’ll pay for staging depends on the amount of work needed and whether you need to rent furniture to fill empty rooms.
Make sure you complete the Washington state seller’s disclosure form, too, which you’ll need to share with a buyer within five days after entering into a purchase agreement. And if your property is part of a homeowners association, request copies of past meeting minutes, financial documentations and bylaws, as any buyer will want to review all of this information.
Should you try to save some cash by selling your house on your own in Seattle? It might be tempting to try to reduce those commission fees, but in reality, it’ll probably cost you. A recent report from the National Association of Realtors shows that owners who took the “for sale by owner” route typically received nearly $100,000 less for their homes than sellers who worked with an agent. Instead of trying to handle the sale on your own, try negotiating a lower commission rate. For example, if you can get an agent to agree to a 2.5 percent fee instead of 3 percent, and you sell your home for $800,000, you’ll save $4,000.
The right real estate agent won’t just save you money. He or she will be able to share expertise about picking the right photos for your listing, writing a compelling description to attract buyers, scheduling open houses and evaluating offers, too.
While there are plenty of ways to estimate what your house is worth, the best way to get a feel for an appropriate pricing strategy is to review comps of homes similar to yours that have recently sold nearby. Your agent will help you balance both sides of a pricing strategy — not setting it too low and leaving cash on the table, and not setting it too high and then being forced to drop the price. According to data from Redfin, more than 20 percent of listings in Seattle had price drops in December. Keep that in mind as you come up with the magic number to attach to your listing.
Once you accept an offer, your work isn’t done yet. Contracts sometimes fall through, especially if buyers have issues with rising mortgage rates and economic uncertainty. With that in mind, make sure you do everything you can to stay on the path to closing and avoid giving a buyer a reason to back out of the contract. That means responding to contract revisions quickly and being willing to consider concession requests.
Once closing day arrives, your lawyer can do most of the work, making sure all closing-cost funds are transferred and verifying that the purchase agreement is official. Then, the rest of the greenbacks from your Emerald City sale are yours. Congrats on the deal, and enjoy your next chapter — whether you’ll be living like royalty at a new address in King County or packing up for a new adventure in a new city.
Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products.
Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access
BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access
© 2023 Bankrate, LLC. A Red Ventures company. All Rights Reserved.

source

Leave a Reply

Your email address will not be published. Required fields are marked *