Higher Priced Home Sellers May Need an Extra Dose of Patience

Home Sellers with properties priced at or above $700,000 may need to come to terms with the fact it may many many months (even a year or more) to sell their high-end property. I’m basing this on current NWMLS statistics for Single Family homes in the Maple Valley/Covington area.
Currently there are 74 active listings on the market which have an offered price of $700k or more. There are 0 (ZERO) pending sales in escrow, and 8 which have sold and closed within the last six months.
Assuming no new inventory came on the market and the sales pace remains the same, we should have approximately 16 closed sales within a 12 month period of time. Given the inventory of active listings, it would take approximately 4.6 years to have those 74 Active listings sold & closed.
It’s tough when there aren’t many buyers in the market for what you have to sell. A common saying in real estate is “price or time”. If you’re willing to wait, you’re more likely to get your price and if you’re willing to be more aggressive on price it will take less time. Either way, in a market where supply significantly outnumbers demand, it’s important to be ready at all times. Because when a buyer comes knocking, if your home isn’t ready or you’re not willing, they will move to the next house and just may not come back!