Bothell WA Real EstateJanuary 12, 2018 / byPuget Sound Life / Categories : Puget Sound General
If you have been thinking about selling your home in Bothell or even considering purchasing a home, make sure you get some facts about the current real estate market.
You will need some key stats that will let you see what is moving and how long it is taking for homes to sell. On the flip side- if you are planning on making a purchase, these stats can help you determine how long homes are sitting in an area. Homes that average a long time on market may have a motivated seller that cannot wait. Receiving an offer that is lower than the asking price but still a reasonable offer may tip the scales in your favor in that situation.
There are four price points in Bothell with the most home sales year to date. With 282 homes sold the $400,000-$449,999 price point has been the stellar performer this year.
Bothell borders several different areas and sits in both King and Snohomish Counties. Area 610 – Southeast Snohomish County sold the most homes in this price range at 194.
The other three leading price points came in at 190 homes sold in the $450,000-$499,000 price range, 188 homes sold in the $350,000-$399,000 price range and 174 homes have sold in the $500,000-$549,000 price range. No other price points have sold over 100 homes in Bothell year to date.
To see a chart showing the “Bothell areas and Home sales” for 2007 Year to Date click on the link at the bottom of this article.
The majority of homes are sold in area 610 in 4 different price points ranging from 350k-550k.
The “Average days on market” is a key factor you will also need to think about if you plan on selling your home in Bothell.
To view a chart showing the Bothell areas and “Average Days on Market” for 2007 Year to Date click on the link at the bottom of this article.
Other statistics to factor in is the volume of inventory on the market right now. According to the NWMLS there is approximately 48% more homes in inventory than one year ago. Part of this is caused by mortgage lenders that were offering loans to individuals that did not qualify for conventional financing and these loans are going into default adding more homes to the inventory from foreclosures. This has caused the lending industry to tighten up its lending standards taking a lot of people out of the market that may have qualified under lighter standards leaving inventory to skyrocket.
The past few years gave considerable gains in equity to home owners in our area. The market is shifting to a normal market or what is called a “Balanced Market”. Right now is a great time to purchase homes or investments at considerable discounts under what is called a “Short Sale”.
A Short Sale is when a home owner goes into default on their loan(s) and the lender(s) agree to take less that what is owed on a property to sell it.
I will discuss more about short sales in my next article. All statistics gathered from the NWMLS.
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