Pricing Your Home: The Past, Present and Future Forecast

If you have been thinking of selling your Tam O’ Shanter home, knowing the history of pricing is key. Where it is at currently and where it is going plays a big role in how you price your home. Pricing correctly from the start is the most important step when selling your Tam O’ Shanter real estate. If you overprice for current conditions, your home can sit and grow “stale” as we like to say. The result is that the property sits and prospective buyers assume something is wrong with the home when in reality, it is simply priced too high for the market. When a seller decides to do a FSBO (For Sale By Owner), they typically look at what their neighbors are listed at. The appropriate way to pull comps is by listing based on what similar homes sold for. This tells you what buyers are willing to pay.

If you are getting ready to sell, you may be wondering what the pricing situation is. Let’s go over the stats.

The Past Year

According to CoreLogic, the actual year over year price appreciation for Washington State has been 10.2%. For the United States in general it has been 6.2%. Washington state has been one of the hottest home markets with a price appreciation higher than California. This is interesting because for the past several months, California has been dominating the top 20 hottest housing markets. This is impressive for Washington state.

The Past Month

According to CoreLogic, for the past month Washington has had a 0.4% price increase. Meaning if you were thinking of selling just a couple months ago, your home’s value has gone up since then. The United States in general has increased 1.1%.

The Future

For the next 12 months, the forecasted year over year increase in price is predicted to be 5.9% in Washington State. It is expected to be 5.3% for the United States as a whole. This is a pretty big increase. If you intend on moving within the next year, let’s discuss how you can prep your house and get it on the market for a quick sell for the most money.

For more information on selling a home in Tam O’ Shanter, give me a call. I would be happy to discuss our current pricing conditions.