We just sold this home in the beautiful Boulevard Place neighborhood of Mercer Island. We’re excited for our clients who are planning to remodel and restore the charm and character of this mid-century modern home.
The list price was $889,000, and as with many desirable properties listed for under $1 million on the island, this was a competitive situation that brought in six offers, including at least two from builders. The closing price was $1,025,000.
Lessons learned – for buyers:
Having made three offers in this price range recently on Mercer Island, each has been competitive ranging from three to seven total offers competing. In this case, we wrote a strong and compelling offer, and their vision for restoring the home versus tearing it down may have also contributed to our winning bid.
However, the competitive market has also turned away many buyers. Our previous clients gave up on Mercer Island and bought a home in the Leschi neighborhood of Seattle instead. The purchase of that home was also a multiple offer situation, but we had more negotiating power in a lower price range.
The takeaway – for determined future islanders – is buying a home here, especially under $1 million, may take patience, flexibility, mindset, and, of course, a strong offer.
Thoughts for future sellers:
If you are looking for top dollar for your home, it’s an excellent time to consider listing. Record low inventory (see graphic below) and high demand are driving bidding wars and homes selling at asking price or higher. Interest rates remain historically low motivating buyers to make purchases now versus waiting until later.
“10 Year Look Back” – Windermere Quarterly Review Q2 2015
Has someone approached you directly about buying your home? As compelling as a cash offer and a quick close is, listing your home will bring the greatest number of buyers that will help you get the best price for your home.
Though going to market may seem daunting, it is likely more manageable than you think with the help of a full service real estate team.
If you are thinking about selling your home, We would be happy to answer any of your questions and provide you with an analysis on the current market value for your home. Feel free to get in touch anytime. We would love to hear from you.
