Our latest #MiniMarketReport is out, and the name of the game for May was Momentum! With low interest rates, strong job growth, and brokers adding new listings to inventory, we saw a strong start to the peak season with brokers reporting busy open house traffic and increased activity. We predict a solid summer for both buyers and sellers; with the increased inventory, buyers have more choices so sellers should enter the market “show ready” with a solid marketing strategy in place. Reach out for more information on being successful in the summer market. #MarketLeaders
The Spring market is showing an increase in available homes for buyers with home prices staying stable. With beautiful weather, more listings for buyers, and great pricing conditions for sellers, opportunity is blossoming in the Seattle market. Want to learn more? Contact me for details!
I would love to answer any questions you night have about these reports.
It just gets better and better….
Compassed welcomed 2,775 agents and 446 employees.
We added 49 offices
We helped 8,659 clients find their place in the world
and we’ve only just begun.
Written By Chris Doucet
The Condo Conundrum
New condo presales are springing up everywhere. The Seattle area has gone from only resale condo inventory for many years to a vast selection for those buyers willing to wait for buildings to be out of the ground or finished.
These new buildings are sexy and shiny and, for the most part, offer or promise to provide, a vast array of concierge services and enticing community spaces.
As always, condos offer a wonderful option for the first time (often millennial) buyer desirous of a simplified solution in a residence; and with the aging of the baby boomers, empty nesters in hoards are looking to condos to downsize and free themselves from home maintenance and upkeep.
So you have decided on a condo. Do you buy new or invest in a resale?
Price is a major consideration. Buildings under construction are listed in the $1,500 range per sq ft in presale. Resale homes in urban Seattle and Bellevue are typically in the $800 to $1000 sq ft range. Older buildings may not have the latest in technology but they may have more living space. They may also have dated systems that may require updating with potential assessments and higher home owner dues. If price is a consideration, resale is more affordable.
It is always nice to live in a brand new dwelling. Like a vehicle with that new car smell, it can be intoxicating. Waiting for completion of that new project can be an issue. Is it worth the wait on a building that may not be ready when you are? Are you overpaying? What will the housing market appreciation be until then? Will the amenities be up to expectations? What about the developer warranties?
How about views? Since Seattle has become “crane city”, lots of condo views have been impacted. Be sure that the view that you are paying for will not get compromised. Seattle in Progress is a great site to research as are city sites on rezoning boundaries (Housing Affordabilty and Livability) and the LID (Local Improvement District) for upcoming Seattle city assessments to help fund our new waterfront park.
Do your research. Armed with the right information, you can make the best decision for your future condo home.
Written By Chris Doucet
The haves and have nots…
The real estate industry is changing dramatically. Two trends are becoming more and more apparent and dissimilar. One school targets bargain sellers and the other believes that full service is still the best way to represent sellers with, likely, their most significant investment.
Redfin started the trend of offering discounts on home sales. With Refin there are lots of moving pieces. The listing agent that you meet initially is not the agent who markets and transacts the sale, does the inspection and presents the property to best advantage. Services are a la carte. You want more, you pay more. Agents are much less important in the process as is the consistency of representation.
My brokerage, Compass, stands at the other end of the spectrum. A customer driven orientation is our goal with high touch agent interaction, full service and a seamless sales experience that is geared to getting you the very best price.
In keeping with the newest trend, both companies are technology driven. That is where the commonality ends.
In my decades of real estate experience, I have always offered this concierge focus. From branding the property, creative and innovative marketing, staging, home prep and project management plus constant interaction with the client, my goal is to make the selling experience as easy and seamless as possible.
I had always hoped but never anticipated aligning myself with a brokerage that not only felt the same way but added a smorgasbord of services (for instance financing home improvements up front until the home closes with Compass Concierge) immediately available to us. Of course, I have my stable of service providers who are tried and true but Compass adds another layer to allow me to streamline my representation. Add to that Compass’s ever improving technology, it is an unbeatable combination.
You make the choice.