Rambler Home Sales in High Demand
Rambler home sales continue to be a hot commodity. I know from first-hand experience.
“Gerhard, thank you for an excellent and well-prepared offer.
There were seven offers, but one just really blew everyone away.”
This was the response from the listing agent to my client’s offer. Our offer included an escalation clause with a $631,000 limit. But that was not enough. The offer that was accepted was 8.3 percent over listing price and all cash. Listed for $600,000, this Bothell rambler sold for $650,000. The home’s vintage was 1961, one of those mid-century moderns that are so popular these days. The 2,520 square feet on one level consisted of four bedrooms and two-and-three-quarter baths with a fabulous kitchen, dining area, and family/living room, all in a perfect layout. This picture of the exterior taken on a rainy day does not do the home justice. You may find more pictures here with the address being 24305 3rd Place W Bothell 98021.
Looking at the property’s history, I found that this rambler home sold last in February 2013 for $390,000. Judging by the 2013 listing description the major remodel of this home had already been done back then. The main difference between the 2013 and the 2017 listing was that the latter was beautifully staged.
The home was purchased in 2013 for $390,000 and sold for $650,000 only four years later. That’s a nice 13.6 percent annual appreciation rate.
The rising number of retiring Baby Boomers is the main reason for the popularity of the rambler home. Baby Boomers look for level access and one-story mobility, possibly in a wheel chair. The other reasons are the ease of maintenance compared to multi-story homes and the interest of architects and builders in these mid-century modern homes. Many ramblers in the Seattle area were originally built in the 1950s and early 1960s.
Baby Boomers: still a growing market
According to a 2014 report by the U.S. Census Bureau, in 2050, the population aged 65 and over is projected to be 83.7 million, almost double its estimated population of 43.1 million in 2012. The baby boomers are largely responsible for this increase in the older population, as they began turning 65 in 2011. By 2050, the surviving baby boomers will be over the age of 85.
Incidentally, according to the Pew Research Center, Millennials have surpassed Baby Boomers as the nation’s largest living generation, according to population estimates released in April 2016 by the U.S. Census Bureau. Millennials, defined as those ages 18-34 in 2015, now number 75.4 million, surpassing the 74.9 million Baby Boomers (ages 51-69).
Rambler Home Sales: brisk and over list price
According to the Northwest Multiple Listing Service (NWMLS), over the past 120 days, 45 Bothell ramblers found buyers. Of these sold homes, 21 were priced under and 24 over $400,000. Of the 45 homes 10 took 30 days or longer to sell. There were several reasons for this but the most frequent was that the home was overpriced. The remaining 16 homes priced under $400,000 sold on average in five days and 4.1% over asking price. The least expensive rambler was listed for $315,000 and sold in three days for $320,000. The remaining 19 homes priced above $400,000 took an average of seven days to sell for 7.8% over asking price. The most expensive rambler was listed for $859,000 and sold in seven days for $890,000.
Let’s talk Rambler
Are you looking to buy a rambler home? Would you like to sell your rambler home? P+ (425) 891 8213 or send me an email. Here’s where you can set up a free consultation that suits your schedule. If you don’t “speak rambler” you may “speak ranch” which is what these one-story homes are called in most of the country.
This post appeared first as the 73rd issue of The View from the Street.