Here are some interesting statistics:

As of today, February 11, there are 263 single family homes listed in the Anacortes / Fidalgo Island market. 42 of those listings have accepted offers and are undergoing inspections or are pending and moving toward closing. The median house price of the listings without an offer is $470K. The median price of the listings with an accepted offer is $399K.

Average market time for a house with an accepted offer is 109 days.

Average market time for a house without an accepted offer is 142 days.
The most expensive home in Anacortes is $2.5M. The least expensive home is $160K.*

How do you get results in a market like this if you are seller? Avoid some common pricing pitfalls and you will make out just fine.

1. Your home is special to you, but at the end of the day, it is just another home on the market. Try to be objective and not emotional about pricing. In this market, buyers are looking for a good deal, and their number one concern is price. Even the rock-bottom interest rates we have seen haven’t done much to improve buyer confidence. Many sellers are waiting for offers to come in before they lower their prices – but buyers these days aren’t even willing to write offers if they feel a property is overpriced.
2. If you have to lower your price, don’t think of it as “giving away” your home. You will get what the market commands for your home. If it’s lower than you thought it would be, it is simply the market driving the price. “Giving away” your home is when you price it significantly under where the current market is commanding you to price it.
3. Use the market trends and stats to price your home. Pay very close attention to what has actually sold recently and not what is sitting on the market. Don’t price it based on how much you need for that new car or boat. If the market is not responding with a price that will help you meet your objectives, then it may not be the right time to sell if you truly cannot accomplish your goals.
4. Be aware that no one really knows when the market will “bounce back”. Most industry people think it could be several years. We hope it’s sooner, but prepare for a bit of wait. The good news is that, depending on when you bought your house, you will probably still get a very good return on your investment. You might not make a killing – but if you are priced correctly you will be able to sell in a reasonable time and get on with your plans. And, for most folks, that’s what really matters anyway!

Happy selling!

*All statistics courtesy of the Northwest Multiple Listing Service