EVERETT — Buyers are active for homes in the city on the lower end of the listing price range while buyers are completely absent for houses above $1.15 million in the latest monthly data for September compiled by broker, Brandice Raybourn.
“Buyers are still here,” Raybourn reports, but “they are taking more time to decide where their money makes sense.”
Raybourn tells the EverettPost.com, “The part that really stood out to me was existing single-family homes priced at $1.15 million and up. September’s numbers showed 16 homes available in that range, with no new accepted offers and no closings for the whole month. Where were the buyers?,” Raybourn asks and she answers, “Higher-end buyers seem to be sitting on the sidelines or being incredibly selective about what they’re willing to buy. The numbers don’t tell us which, but nothing turned into a new accepted offer in that range in September. Other price ranges were still seeing activity, especially below $750,000, where the lower prices may be helping buyers make the monthly payment work. For sellers at the higher end, honestly, you need patience on your side and a price and condition that make sense next to the other homes buyers can choose from. If your home hasn’t found its buyer yet, it’s not just you.”
Everett’s real estate sales data for September picked up where August left off. Everett went from 489 homes for sale to 534, while accepted offers dropped from 134 to 120 and closings fell from 132 to 111. “Both were below August and last September, while inventory grew. Buyers were moving forward, but there were more homes competing for their attention. So, buyers had more to choose from, but fewer homes were finding their buyers,” Raybourn advises.
All the activity, Raybourn discovered, was at the lower-end of the price spectrum. Under $600,000 kept drawing new contracts, and $600,000 to $749,999 had the most resale closings. The $750,000 to $949,999 homes that sold had stronger results than August, but fewer new homes went pending. Above $1.15 million, the monthly resale figures showed no closings or new pending offers.
New construction, the September data shows, builder-closed sales moved quickly, but fewer new homes went pending. Condos and townhomes gave buyers negotiating room, Raybourn found, with borrowing costs weighing on monthly payments; the affordable and middle price ranges remained an important part of the activity. Her conclusion: buyers were still choosing homes, but sellers had more competition for their attention. She added, many closed sales involved negotiating.
Across all housing types, the middle seller received about 3% less than they originally asked. More than 90 active homes had also been on the market for over three months, still waiting for their buyer. The closed-sale numbers only tell us about the homes that sold, not all the sellers still waiting, Raybourn told the EverettPost.com.
The most September sales activity was found in Silver Lake, Eastmont, and View Ridge again which boasted sales above final asking. Homes along the Sound and around Silver Lake and Silver Firs are also part of the competition picture, especially when the price fits buyers’ budgets, Raybourn details. Some of those more affordable homes are still attracting multiple offers; the examples below show sale prices, not offer counts.
- Silver Lake: listed at $699,000, sold for $875,000, about 25.2% above final asking.
- Eastmont: listed at $559,950, sold for $569,950, about 1.8% above final asking.
- View Ridge: listed at $724,900, sold for $735,000, about 1.4% above final asking.
Above final asking was not always above original asking. View Ridge’s example started at $749,950 before being listed at $724,900 and closing at $735,000. The strong examples show what happened with particular homes, not every home in those areas. Higher borrowing costs put more attention on the monthly payment, which helps explain why affordability matters so much.
Among the 100 September sales, 52 closed at or above final asking, including 23 above it. But 39 had reduced their price before closing, and 38 took at least 30 days to get under contract. Another 32 reached contract in seven days or less. One quick sale does not set the pace for every seller. Conversely, does 90 days on the residential market mean something is wrong? Raybourn says, no. “Longer waits are becoming more common again. The days when most homes found a buyer right after going active are behind us for now. A longer listing history does not automatically mean something is wrong. The home may still be waiting for its buyer to enter the market,” Raybourn offers, suggesting always do your due diligence to check condition, disclosures, pricing history, and the other choices available.
For sellers, Raybourn advises, give buyers a clear reason to choose your home. Price, preparation, and presentation need to work together, especially when your buyer has several other homes to consider.
Builders had a different story: their 11 closed sales moved quickly, but only five homes went pending. Incentives or preferred-lender rate offers may change the math for a buyer, so compare the complete deal. Condos and townhomes also gave buyers room to negotiate.