4 Reasons To Consider Selling Your Seattle Condo Right Now
We are going to give you 4 reasons to consider selling your Seattle condo – Right Now.
Year to Date, Condos Off To A Fast Start
2017 is off to a fast start in Downtown Seattle. Although there is just 42 condos on the market, there have been 39 sales year to date. Momentum in any market can be the ultimate catalyst to success. Taking advantage of a hot market is something you should consider. If you are an owner of multiple units, have an investment unit or condo in your family that you have been debating selling – in our opinion, now could be a great time to sell. Here is a chart that really drive this point home – it is the “months supply of inventory”.
In laymen’s terms it is the chart that shows your probability of selling. Inventory is at historic, if not all-time lows. There are just 1.4 months of inventory or 42 Seattle condos to choose from:
In summary, there is a ton of momentum for condo sellers and as you can see in the chart above, there is very little inventory. As a seller, could you ask for anything more?
Changes In Seattle Landlord Rental Policy
If you own a condo rental and it is not professionally managed, we suggest you pay attention to what we are about to share. There have been massive changes to Seattle Landord Tenant Policies and we encourage you to do your research before signing another lease. In August of 2017, Seattle City Council approved an ordinance which aims to eliminate discrimination by landlords against tenants.
1. First Come, First Serve – This new rule requires landlords to review and evaluate tenant applications one at a time and pick the first tenant who meets the screening requirements. Effective January 2017, this new rule went into effect with the intent of eliminating discrimination against renters with alternative sources of income (Veterans, Unemployment insurance, child-support payments, etc….) Landlords are required to keep track of the time and date they receive applications.
2. Protection Against Eviction – another change to the Seattle Landlord Tenant legislation is geared towards assisting tenants as they near eviction. The change would obligate landlords to accept pledges from community based organizations that choose to cover the rental payements in arrears or other financial obligations that the tenant cannot meet – giving tenants another resource to avoid eviction.
3. Ban On Employer Preferences – The 3rd and final major change in the Seattle Tenant Laws is that Landlords will not be able to offer special discounts or incentives to renters who work for specific companies.
Changes in Seattle Tenant Law and the laws becoming more cumbersome are a good reason to consider 2017 as a year to sell your Seattle condo.
Multiple Offers, Big Gains
Record low inventory and incredible demand have created a perfect storm for Seattle condo sellers. Take Capitol Hill as an example – we reported yesterday that 7 out of 10 properties on Capitol Hill sold for full asking price or went above the asking price. Downtown is experiencing a lot of the same results. In fact, year to date, 23 out of the 39 sales in Downtown Seattle had full price or multiple offers – that is 59% of the market or 6 out of every 10 sales. With only 1.4 months of inventory, the probably of selling is almost a certainty – the price at which you sell, might exceed anything you have ever imagined. Want to find out how much your Seattle condo is worth? We will give you a free analysis – no questions asked.
Policy Changes and Interest Rates
We don’t like to get into politics. In fact, we simply won’t do it. At UrbanCondoSpaces, our goal is to live by the Golden Rule. We simply respect our clients, readers and followers too much to have an opinion on what they should believe and who they choose to support.
With that said, the President, Fed Policy, financial markets and the global economy all have a relationship or correlation to our local economy. We understand that Seattle is literally one of the best markets in the country for real estate. We also understand that what goes up, must come down. We want all of you to make great financial decisions. One of those decisions could be taking a little real estate exposure out of your portfolio. There is a little saying from Wall Street traders that we absolutely love “you never go broke taking a profit!”. Pretty self explanatory right?
When you invest in real estate, interest rates should always have your attention as well. In a White House that is pro-growth, we have to be wary of a strong dollar and rising rates. Keep an eye on the bond market or have us do it for you.
We hope you have a few takeaways from our post – we are also doing our best to look after buyers. Have questions? Don’t be afraid to ask!