WELL.
WELL. WELCOME BACK. WHETHER YOU'RE THINKING ABOUT
BUYING OR SELLING A HOME, IT
ALWAYS HELPS TO KNOW WHAT'S
TRENDING WITH THE LARGER REAL
ESTATE MARKET.
RIGHT?
WELL, SEATTLE BASED REALTOR
BROOKE DAVIS GAVE US AN UPDATE
ON WHAT'S HAPPENING IN OUR
AREA.
THE FIRST QUESTION IS USUALLY
ARE WE IN A BUYER OR SELLER'S
MARKET RIGHT NOW?
BUT I FEEL LIKE IN SEATTLE
YOU'RE ALWAYS IN A SELLER'S
MARKET THAT IS CORRECT.
WE ARE IN A SELLER'S MARKET AND
THAT'S PROBABLY HOW THE YEAR
STARTS OUT MOST YEARS.
AND SO IT'S BEEN AN INTERESTING
SELLER'S MARKET, THAT'S FOR
SURE.
I MEAN TELL ME MORE ABOUT THAT
.
HOW INTERESTING.
I MEAN OBVIOUSLY YOU'VE GOT YOU
KNOW, COVID WE'VE GOT SO MANY
OTHER ISSUES AFFECTING KIND
OF THE WORLD AT LARGE.
HOW HAS IT AFFECTED THE REAL
ESTATE MARKET?
WELL, IT'S ACTUALLY MADE PEOPLE
WANT A NEW HOME.
THEY WANT A DIFFERENT SPACE AND
SO THAT HAS FUELED THE REAL
ESTATE MARKET AND RIGHT NOW
PROBABLY THE BIGGEST FACTOR
MAKING IT A SELLER'S MARKET IS
WE NEED HOMES TO SELL.
WE NEED INVENTORY.
THERE'S WAY MORE BUYERS IN THE
MARKET THAN THERE ARE HOMES FOR
SALE.
BUT BY SOME OF THE LARGEST
VOLUMES THAT I'VE EVER SEEN.
SO SOME LISTINGS ARE GETTING,
YOU KNOW, TRIPLE DIGIT NUMBERS
OF SHOWINGS IN UNDER A WEEK.
SO THAT'S OVER 100 INDIVIDUAL
SHOWINGS FROM REALTORS PRIVATE
SHOWINGS IN JUST A WEEK'S
AMOUNT OF TIME.
IT ALMOST SOUNDS INTIMIDATING
IF YOU HAVEN'T ALREADY BOUGHT A
HOME.
IS THERE ANY I MEAN HOW DO YOU
COMPETE?
THAT IS A REALLY GOOD QUESTION.
SO IT REALLY STARTS WITH YOU
KNOW, YOU'RE WORKING WITH A
REALTOR AND IDENTIFYING THE
STRATEGY THAT'S GOING TO WORK
FOR EACH PERSON.
A LOT OF TIMES THAT'S ACTUALLY
DECIDING IS THIS THE HOUSE THAT
I'M READY TO COMPETE FOR?
RIGHT.
SO IF HOMES ARE GETTING REALLY
HIGH VOLUMES OF OFFERS, IT
REALLY COMES DOWN TO KIND
OF IDENTIFY WHICH ONE YOU'RE
READY TO MOVE FORWARD ON.
OF COURSE THERE ARE SOME
STRATEGIES THAT EVERYONE WORKS
TOWARDS LIKE RIGHT NOW FOR
EXAMPLE, IT'S VERY COMMON TO
WAIVE CONTINGENCIES.
SO WITH THAT I MEAN IS JUST BE
PREPARED TO PAY THE DIFFERENCE
IN THE EVENT OF LIKE A LOW
APPRAISAL IF THERE'S AN ISSUE
WITH THE FINANCING, BE PREPARED
TO EITHER TAKE CARE OF THAT
INSPECTION IN ADVANCE OF MAKING
THE OFFER OR LOOK THROUGH LIKE
A SELLER PREPARED FOR
INSPECTION REPORTS WHICH IS
BECOMING MORE COMMON RIGHT NOW.
SO THERE ARE A NUMBER OF THINGS
YOU CAN DO TO MAKE YOURSELF
MORE COMPETITIVE TO THE SELLER
WHEN YOU FIND THAT THIS IS THE
RIGHT PROPERTY.
THIS IS REALLY GREAT ADVICE YOU
WERE MENTIONING BECAUSE OF YOU
KNOW, WE'RE ALL STAYING AT HOME
OR WE'RE ALL THINKING WELL
WE'RE LIVING SO LET'S BUY A NEW
HOME.
HAVE YOU NOTICED PEOPLE ARE
BECAUSE WE'RE WORKING FROM HOME
MOVING OUT OF THE CITY MORE?
THAT CERTAINLY HAS BEEN A BIG
TREND AND ALL THROUGH 2012 WE
SAW SOME OF THE SUBURBS OUTSIDE
OF THE CITY START TO APPRECIATE
IT ACTUALLY AT HIGHER RATES
THAN IN THE CITY AND PEOPLE
OFTENTIME RIGHT NOW ARE SAYING
LOOK, I DON'T NEED TO COMMUTE
EVERY SINGLE DAY TO WORK AND SO
I NO LONGER NEED TO LIVE WITHIN
THE CITY LIMITS AND A LOT
OF COMPANIES AS EVERYBODY KNOWS
THEY'RE NOW SAYING THEY MAY BE
ABLE TO WORK REMOTELY
INDEFINITELY OR WHAT I HEAR
REALLY OFTEN NOW IS WELL, I'M
SURE I'LL BE ABLE TO WORK
REMOTELY AT LEAST A COUPLE DAYS
A WEEK.
AND SO IF YOU'RE ONLY COMMUTING
TWO OR THREE DAYS A WEEK THAT
REALLY CUTS DOWN ON THE AMOUNT
OF TIME YOU'RE SITTING IN YOUR
CAR.
I MEAN IT REALLY TRULY DOES.
ALL RIGHT.
LET'S SAY YOU WANT TO STAY IN
THE CITY AND SO YOUR OPTION IS
A CONDO.
HOW IS THE MARKET LOOK FOR
CONDOMINIUMS RIGHT NOW?
IT IS SUCH A GOOD TIME TO BE A
CONDO BUYER.
SO I DO HAVE SOME REALLY GOOD
NEWS FOR BUYERS RIGHT NOW IN
TERMS OF NOT HAVING TO HAVE
THOSE HIGH VOLUMES
OF COMPETITION THAT WE SEE IN
THE RESIDENTIAL MARKET.
WE ACTUALLY SAW THE PEAK
OF CONDOMINIUM INVENTORY LATE
LAST FALL AND THAT MEANT THAT
BUYERS REALLY HAD A LOT
OF OPTIONS UNLIKE THE
RESIDENTIAL MARKET.
SO AND THIS IS IN CITY CONDOS
THAT WE'RE TALKING ABOUT.
IF YOU LOOK AT CONDOMINIUMS
OUTSIDE OF THE CITY IN MORE
SUBURBAN AREAS, THOSE ARE
ACTUALLY QUITE COMPETITIVE AS
IT TURNS OUT AND HAVE CREATION.
YES, THERE'S THERE'S LESS
OF THEM.
BUT WHEN YOU LOOK AT YEAR OVER
YEAR MEDIAN PRICES FOR SEATTLE
CONDOMINIUMS, THEY DID COME
DOWN SO IT IS A GOOD TIME TO BE
A CONDO BUYER.
INTERESTING.
HOW IS THIS WHOLE THING
AFFECTED RENTERS LET'S SAY I
MEAN IS THERE LESS WAR?
WHAT'S GOING ON THERE?
YEAH, RENTS HAVE KIND OF DONE
THE OPPOSITE IN CITY THAT HOME
PRICES HAVE SO RENTS HAVE COME
DOWN.
THERE'S A LOT OF LARGE
APARTMENT BUILDINGS ESPECIALLY
WHEN WE'RE TALKING ABOUT
APARTMENTS VERSUS HOUSES FOR
RENT.
A LOT OF THE LARGE APARTMENT
BUILDINGS ARE OFFERING
INCENTIVES SEVERAL FREE MONTHS
RENT OR LOWERING PEOPLE'S RENT
SO IT IS A GOOD TIME TO BE A
RENTER.
THAT'S IT'S A VERY DIFFERENT
MARKET FROM THE RESIDENTIAL
MARKET RIGHT NOW.
HOW DO YOU FIND I MEAN I
ALREADY DECIDED IN JUST THIS
BRIEF CONVERSATION THAT IF I
EVER BUY A HOUSE I'M CALLING
YOU.
BUT HOW DO YOU FIND THE RIGHT
REAL ESTATE AGENT?
YOU KNOW, THAT'S A REALLY GREAT
QUESTION.
SO IF YOU'RE A BUYER, YOU KNOW,
BE PREPARED TO SPEND SOME TIME
WITH THIS PERSON.
RIGHT.
SO IT HAS TO BE SOMEONE THAT
YOU FEEL LIKE YOU HAVE A GREAT
LINE OF COMMUNICATION WITH AND
YOU KNOW, ALSO LOOK FOR THEIR
EXPERIENCE AND HAVE THEY DEALT
WITH MULTIPLE OFFERS NOW IF
YOU'RE A HOME SELLER IN THIS
MARKET, YOU KNOW THAT YOU ARE
GOING TO BE POPULAR.
BUT IT'S ALSO IMPORTANT TO KNOW
THAT YOU MAY BE LEAVING MONEY
ON THE TABLE IF YOU DON'T HAVE
SOMEONE WORKING FOR YOU WHO IS
ALSO EXPERIENCED WITH MULTIPLE
OFFERS THAT THEY KNOW HOW TO
ORGANIZE AND THEY KNOW HOW TO
BEST PREPARE YOU TO LOOK REALLY
GOOD