October Home Prices Up 13% in Shoreline

By James Sharpe

Redfin Real Estate Agent

In October, Shoreline saw a 13.2 percent bump in home prices compared to the same time last year, thanks to an increase of higher-priced homes coming on the market. As the economy continued to rebound, many homeowners were able to sell their properties because the market could support the price they wanted for their home. There was even demand for Shoreline homes priced above $1 million, which helped drive up property values.

October sales in Shoreline were down 6.2 percent since last year, with 19 homes sold, according to Redfin’s latest report on home prices. And homes sold 35.7 percent slower, spending an average of 19 days on the market. The decrease in sales and the slower market conditions are partly due to normal seasonal slowdown and sellers pricing their homes above what market data was indicating in October. In the fall, sellers listed their homes for what the market demanded back in the spring and summer months, when low interest rates and limited inventory drove up home values.

For now, many Shoreline homeowners are gearing up for 2014. To get ahead of the busy spring and summer seasons, homeowners are beginning to contact their agents for market analysis. I have already been contacted by a dozen clients who are ready to list their homes in the late winter and early spring.  If you’re a homeowner ready to sell, consider the following before listing your property:  

• Get in touch with your real estate agent, keep an eye on the market and have a good strategy in place for pricing your home.
• Tidy up around the house, clean out your cupboards, get rid of personal items and pack away things you haven’t used in a while. Clean out the crawl spaces. Make sure they are debris free and that you do not have pests and rodents.
• Complete any necessary maintenance and repairs around your home.
• Paint the interior walls neutral colors, spruce up the landscaping and pressure wash the exterior of your home so it stands out on the block.
• Visit our Home Selling Guide for other helpful tips.