Elizabeth Rose Batson, Realtor

Newly listed @ 369k.

https://www.zillow.com/homedetails/451-Serpentine-Sequim-WA-98382/114626497_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare

I want to talk for a minute about REALISTIC market expectations for both SELLERS and LANDLORDS, and the effects of over-pricing.
Going into 2024, Sellers and Landords should be aware that it is a Buyer's / Renter's market right now.
How Come?
While rental housing and homes for sale may have low inventory, I have experienced that people aren't willing to jump at the first thing that comes along - ESPECIALLY if it's over-priced. With higher interest rates and cost of living, Buyers are being cautious about which homes they will ultimately invest in, and Tenants are simply holding out until something more reasonably priced comes along,.
So What?
Over-priced homes are selling, on average, around 10% less than it's initial listing price. Many Sellers are being strong armed into provided Seller Consessions to aid the buyer in closing costs, just to get the sale of their home to the finish line!
How Do I Know My Home is Over-priced?
A tell-tale sign that your home is over-priced is if it's listed for over 45+ days without an offer, or if it's been advertised for rent without a submitted application for more than 2 weeks.
What Can I Do?
Make sure the listing agent or property management company you are working with walks you through current market trends. They should be asking "'What is your dream number,' 'What do you think is fair,' and, 'What is your absolute bottom line?'"
Any agent who says they can sell or rent your home for whatever your "dream" number is, is probably lying to you, unless they have provided accurate data and comparable sales that supports that number.
Final Note.
Times are changing. There aren't a lot of Buyers out there and it isn't the feeding frenzy for housing that it was back in COVID era. I implore you to be gracious towards the agent willing to tell you the cold-hard truth, and caution you against the agent who will tell you whatever you want to hear, just to win your business.

Elizabeth Rose Salinas, REALTOR® - Sequim Realtor & Author Learn more about Sequim's local real estate market expert.

I was talking to a friend today who said her bank would only approve her for "X amount". She was discouraged, and had already given up.

So told her that when I was buying my first house, the original Lender I went to could not approve me for the loan amount I needed. I was already in contract and only a few weeks from closing! I was about to throw in the towel myself, but luckily my Realtor suggested I apply for the same loan at a different company.

I "shopped around" and ended up finding a different lender who's DTI (Debt to Income) allowance was higher.

My free book talks all about the importance of shopping for a lender. Not every lender has the same rates, loans, or assistance programs as the next.

Click the link below to read more about it!

https://elizabethsalinas.book.live/buyer-book

https://portal.onehome.com/en-US/share/1022245h90611

New 20 acre Land Listing! 425k with stellar views!