The Market Doesn’t Care About Your Koi Pond
There’s a reason so many Eastside listings are seeing price reductions right now.
Across Bellevue, Issaquah, Kirkland, Redmond, Sammamish and Woodinville, roughly one-third to nearly one-half of active single-family listings have already reduced their asking price. In Woodinville, it’s 44.8%. Sammamish is at 43.8%. Kirkland is at 40.5%.
And these aren’t insignificant adjustments. Depending on the city, the average reduction is running from about 6% to more than 11%.
That tells us something important.
Sellers naturally have a number in mind. Maybe it’s based on what a neighbor sold for. Maybe it’s what Zillow says. Maybe it’s what was spent on the kitchen remodel, the landscaping, the outdoor room—or yes, the koi pond.
All of those things may add value, but they don’t determine value...The market does!
A home is ultimately worth what a qualified buyer is willing to pay for it today, compared with the other choices available to them. If buyers consistently pass at a certain price, the market is sending a message.
That’s why pricing isn’t about proving what a home should be worth. It’s about understanding where buyers see value and positioning the property accordingly.
As I often tell my clients, I don’t sell hope, I sell probability.
And the better we understand what buyers are willing to pay today, the better chance we have of creating interest, urgency, and ultimately the strongest possible result.
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