Doron's Vlog

Hi, I’m Doron Weisbarth with Weisbarth & Associates. Welcome to my May 2024 Market Update! About three months ago, my team and I made the following prediction: “If you’ve been wanting to sell your home this year and have been waiting for a real boom in the market, it looks like you may have one this spring.” The trends we observed back then have now come to fruition. This, despite the mortgage interest rates jumping into the low- to mid-7% range on April 1st. The market is absolutely thriving! Let’s take a look at the data for single family homes in King County. In April we saw a sharp rise in the number of new listings that had come on the market, and a corresponding increase in the number of listed homes that received an offer and went pending, and the number of deals that closed. These are all markers of a strong real estate market. Not surprisingly, this strong market activity saw an equally strong increase in home prices, reaching very near the peak prices from the spring of 2022. Now, in recent blogs and vlogs, I told you about the pent-up demand and supply that built up during 2023. What’s interesting is that this pent-up demand and supply from 2023 happened while interest rates were basically the same as they are now, meaning in the low- to mid- 7% range. Back then, these same interest rates had a strong dampening effect on the market activity. Yet, here we are, with the same interest rate, but the market activity and home prices blowing past anything that we’d seen last year. Take a look at the median prices for single family homes for both King County and for Seattle.  And just to be clear, these trends from last year and, again, this year, hold not just for King County, but for many other counties in our western Washington area and beyond. By the way, if you want to look at this data and read my report at your pace and leisure, you’ll find all this information in my May newsletter, available online and for download, for free, at Weisbarth.com/Newsletter , that’s Weisbarth.com/Newsletter . So clearly, this pent-up demand and supply has created quite a momentum in our marketplace. I think that many buyers have internalized the idea, correctly, I might add, that they can always refinance their mortgage once interest rates come down.  And it’s worth noting that our favorite lender, Julie Johnson, from Cross Country Mortgage, offers a free refinance any time during the first 36 months after you buy your home, as long as you get your acquisition mortgage through her, of course.  Now, if you look at historical data, the number of new listings tends to peak just around this time every year. Once the number of new listings starts to decline, we see a corresponding decline in market activity overall. So, it will be very interesting to see what happens in the next few months. Will the forces that create those historical trends prevail again? Or will the momentum of the pent-up demand and supply win the day? If it’s the latter, then we’ll see continued strong activity for a while, even into the summer months, a time that, again, historically, tends to see slower market activity.  So if you, or someone you know, are considering buying or selling a home in the next few months, the market still has plenty to offer, no matter what. “Where to start?” you might ask. Start by getting the proper education that is custom tailored to your needs. My team and I offer free, no-obligation consultations, that will educate you on what you need to know for your specific needs. Our hope is that you’ll hire us because we’ll prove to you that we are the best team to represent you in your transaction, because we have the best knowledge, experience, and knowhow. And, by the way, we have the numbers to prove it.  You can easily refer your friends, family, or colleagues to us by email, or on my website at Weisbarth.com/refer . The best way, by far, is just to call me! I love talking with people about real estate and helping them figure out the best path to move forward. My direct phone number is 206-779-9808, that 206-779-9808. So, don’t be shy – just call me!  And remember that your business and referrals will directly help the kids and Childhaven, which recently merged with xxx and is now called Akin.  If you find this information helpful, be sure to like, subscribe, and share with anyone you know who's thinking about selling or buying a home now or in the future. I'm Doron Weisbarth with Weisbarth & Associates. Thank you for watching. Have a great rest of your spring, and I’ll see you next month!

Hi, I’m Doron Weisbarth with Weisbarth & Associates. Welcome to my April 2024 Market Update! For most homeowners, when they try to sell their home, the two main questions on their minds concern “price” – can I sell my home for the price that I want and that I think that it’s worth? And “time” – can I sell it fast enough so that I can move on with my life?  As you can see, market all activity indicators all trending upward. For single family homes across King County, New Listings and Pending Listings – those homes that received an offer but hadn’t closed yet - and Closed Sales, have all taken a strong upswing in March.  On the chart I highlighted the first quarter of each year since 2021, so that you can see that this increased activity follows a familiar, annual pattern for our area. So from that perspective, there’s no big surprise here.  However, when I add the graph for Median Prices, you can see that prices have experienced a strong upswing in February, and are continuing that upward path, albeit, not quite as strongly in March. And, as I pointed out in last month’s blog and vlog, the Median Price starting in February is already higher than at any time last year.  By the way, if you want to look at this data and read my report at your pace and leisure, you’ll find all this information in my April newsletter, available online and for download, for free, at Weisbarth.com/Newsletter , that’s Weisbarth.com/Newsletter . I want to clarify that the trends that I’m showing in these charts for single family homes in King County hold true for other counties in our area as well. Now, what halted a lot of the market activity last year were the higher mortgage interest rates, that at one point shot above the 8% mark. Those rates dropped below the 7% mark at the end of last year, which helped fuel some of this market surge that we’re seeing today.  Interestingly, mortgage interest rates have climbed above the 7% mark again very recently. However, so far, I don’t see any changes in the buyers’ behavior. My sense is that many buyers have internalized the message that they can always refinance their mortgage when the rates drop down again, as they are expected to do starting later this year. And a quick plug here for my favorite mortgage officer, Julie Johnson from Cross Country Mortgage here in Seattle, who will refinance your acquisition loan for free, anytime within three years after you took an acquisition loan with her.  Of course, there’s no guarantee that this buyers’ behavior pattern will continue.  So, we’ll see what happens in the next few months. If market activity continues to trend upwards, sellers can expect to continue to enjoy price gains, with at least moderate appreciation in the value of their homes, and they can expect quick sales.  Now, a word of caution here. Look even when the times are good, relying on the market to deliver to you the full value of your home, is a risky undertaking. Getting the most from your sale doesn’t happen just because your home gets listed on the NWMLS. I’ve seen many homes in the last couple of months that were improperly marketed and improperly priced, and, as a result those sellers walked away from tens of thousands of dollars, literally, and in a couple of cases over $100, 000 – I’m not making this up!  As in almost any field, there is an art and science to doing things right. In the case of maximizing the value of a home, this requires a tested strategy, a properly laid out plan, a deep understanding of the buyers’ psychology and perspective, and intimate knowledge of the market forces and dynamics.  So, if you or someone you know is considering a real estate move this year, my team and I are here to provide guidance and ensure informed decisions to maximize your results. We’ll show you our system for reaching that goal, and proof that it actually works! We’ll be happy to sit down with anyone, with absolutely no obligation, and show you our plan and the strategies that we use, and explain the logic behind them. You can easily refer your friends, family or colleagues to us by email, or on my website and Weisbarth.com/refer , or, the best way, just call me! My direct phone number is 206-779-9808, and I’m always happy to speak with old friends and make new ones, and help in any way I can.  And let’s not forget that your business and referrals will directly help the kids and Childhaven.  If you find this information helpful, be sure to like, subscribe, and share with anyone you know who's thinking about selling or buying a home. I'm Doron Weisbarth with Weisbarth & Associates. I hope you enjoy this amazing Spring, and see you next month!

Hi, I’m Doron Weisbarth with Weisbarth & Associates. Welcome to my March 2024 Market Update! 2023 may have been a snooze fest for real estate, but hold onto your hats because 2024 is about to bring in the heat! March has barely begun, and the market is already sizzling. Let’s dive into some of these metrics. First up, the median sales price is skyrocketing. In February alone, single family homes in King County saw a jaw-dropping 16.1% surge from last year, hitting an average of $935,000. Meanwhile, single family homes in Seattle are not far behind with a 13.1% boost, reaching an impressive $927,450. And guess what? These figures are already higher than last year’s highest median sales price. And guess what else? The spring sale is just getting warmed up! But wait, there’s more! New listings are flooding in, up a whopping 39.4% in King County and 36.1% in Seattle. Similarly pending home sales, those home that received an offer but haven’t close yet, they’re on fire too, jumping 15.7% in King County and 21.3% in Seattle. By the way, if you want to look at this data and read my report at your pace and leisure, you’ll find all this information in my March newsletter, available online and for download, for free, at Weisbarth.com/Newsletter , that’s Weisbarth.com/Newsletter . These numbers are off the charts! If these trends hold even at a more modest pace, 2024 is going to be a great year for real estate.  And just to be clear, it’s not just King County and Seattle stealing the spotlight. Similar trends are popping up in Pierce and Snohomish counties, and all across western Washington. What’s driving this frenzy, you might ask? Well, it’s the perfect storm of pent-up demand and pent-up supply that brewed over the past year. Those high interest rates that prevailed through most of 2023 really scared many buyers and  sellers. But at some point, people have to just move on with their lives, and so when the interest rates dropped below the 7% mark late last year, we started seeing a mini surge in buyer activity, that picked up speed after the first of the year.  Interestingly, a large percentage of the new listings were new construction homes. Hopefully we’ll see more existing home owners list their homes in spring, which the more traditional time for many such seller.   How long will this party last? Who knows! But if my crystal ball is right, we’re just scratching the surface of this real estate extravaganza. With interest rates holding steady – or dare I say, dropping further – the market’s momentum shows no signs of slowing down. Buyers in particular are very active, fueling bidding wars and pushing prices higher.  So whether you or someone you know is itching to buy or eager to sell, now’s the time to seize the moment! Take advantage of our free, no-obligation consultation offer. We’ll decode the market madness and craft a winning strategy tailored just for you. You can easily refer your friends, family or colleagues to us by email, or on my website and Weisbarth.com/refer , or, the best way, just call me! My direct phone number is 206-779-9808, and I’m always happy to speak with old friends and new friends alike, and help in any way I can.  And hey, let’s not forget the cherry on top: with the help of your business and your referrals, a portion of our earnings goes straight to supporting the kiddos at Childhaven. So what are you waiting for? Dive into spring with confidence! Reach out and let’s make this season the hottest one yet!  If you find this information helpful, be sure to like, subscribe, and share with anyone you know who's thinking about selling or buying a home. I'm Doron Weisbarth with Weisbarth & Associates. Happy Spring, indeed!