What challenges can you face when selling different Seattle property types?
Types of Seattle real estate
There are many different types of real estate—some residential Seattle property types include single-family houses, condos, townhomes, and multi-family properties like duplexes and triplexes.
A single-family house is a standalone structure that doesn’t share walls with other homes. It often has a lot of private features, like a yard, driveway, and garage or carport. The next three property types share walls and sometimes floors/ceilings with other units. A condo is similar to an apartment, but typically owned instead of rented, with shared areas for the larger condo community. Townhomes are vertically split units that have multiple floors, with two or more units in a single structure. Multi-family properties are structures that contain multiple housing units, including duplexes (2 units), triplexes (3 units), and quadplexes (4 units).
Hurdles when selling a house in Seattle
A lot of buyers want a single-family home, but as housing prices go up, not as many people can afford to purchase one. Single-family houses are the most expensive of all the different residential Seattle property types. According to Redfin, the median price of a single-family house in Seattle in April 2024 was $1,070,000, up 9.5% from the previous year. The buyer pool may be smaller due to these high prices, and some buyers might struggle to secure financing.
A home buyer may also need to pay a homeowners association (HOA) fee every month. An HOA is a management team that oversees the budget for the neighborhood, maintains outdoor landscaping, and makes sure amenities are in working order. The median HOA fee is $388 in Seattle, according to Today’s Homeowner. This extra cost on top of a monthly mortgage payment can be too much for some buyers. HOAs can also have a reputation as being too strict, since there are usually some restrictions on what renovations you can make to your home, or even what kind of outdoor decorations you can have.
Offering to pay for closing costs or the buyer’s real estate agent commission can attract more buyers to view your house. Talk up the positives about living in a single-family home, like the privacy and free reign the owner will have to make changes.
Challenges when you sell a condo
The price of a condo in Seattle is only about half of the price of a single-family house, but still over half a million dollars. Fewer Seattle property buyers may want a condo for several reasons. There’s less privacy when you share walls and a floor/ceiling with other people, and less private outdoor space. There usually won’t be a garage or a private yard.
Most condo complexes have an HOA, so that median $388 price tag will probably apply for any potential buyers. On top of this monthly cost, condo owners can be required to pay special assessments. These are fees charged to homeowners by the HOA, usually to cover unexpected expenses or property renovations—for example, if extensive property repairs are needed after a big storm, or if new water or sewer lines need to be installed. They can be charged more frequently if the HOA mismanages the budget or reserve funds run out.
You can offer seller concessions to offset the long-term cost of an HOA. In your house listing, emphasize the benefits of living in a condo, like the lack of outdoor maintenance needed and the many amenities that condo properties usually offer.
Obstacles when you sell a duplex, triplex, or quadplex
Sellers of multi-tenant buildings can face many of the same difficulties as those selling other types of real estate. A lot of people don’t want to share walls or a floor/ceiling with other homeowners, and the lack of private outdoor space can be an issue as well. If you’re selling a whole duplex, triplex, or quadplex (instead of selling each unit separately) you may not be able to find a large pool of buyers. You’re more likely to find an investor interested in purchasing the whole building rather than an individual buyer who wants to live in one of the units, but the cost could be too high for smaller investors.
Selling each individual unit can take some time, but you will probably have an easier time finding buyers. Larger investors with the funds to buy the entire structure are also a great option if you don’t want to spend a lot of time on marketing the property.
Difficulties of selling a Seattle townhome
A townhome is similar to a duplex or triplex because most buyers will only want to buy one unit, meaning that you’ll have to go through the selling process multiple times if you’re selling the whole structure. Since townhomes are on multiple floors, they often have less open space on each floor, which turns some buyers away if they want a more open-concept living area.
There are two types of townhome ownership, each with their own downsides for a buyer. The first type is a fee simple townhome, which is similar to owning a single-family house. The buyer will own both the structure and any land included in the property lines. A fee simple townhome has outdoor space to maintain, but usually not the same amount they’d get with a single-family house, and without as much privacy. With condo townhome ownership, the buyer will only be purchasing the interior structure, not the exterior walls or any land. A condo townhome often comes with a higher maintenance payment or HOA fee because the buyer isn’t responsible for landscaping and external property maintenance.
One upside to a fee simple townhome is that the buyer has more leeway to renovate and decorate the outside of their home. You can appeal to potential home buyers who want to make the property their own outside of the bounds of the interior. With a condo townhome, you can stress the convenience and time-saving aspects of not having to deal with landscaping or exterior maintenance. A lot of buyers will consider that to be worth the cost of an HOA fee.
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Contact us today to discover why We Buy Ugly Houses could be a great way to sell your Seattle property without the hassles of a traditional sale.
This blog is for informational purposes only and should not be considered legal advice.
