Teeter totter what market’s hotter?
The idea of how Seattle’s current real estate market could be related to sailing has been on my mind for days. Such an interesting sequence of events has led to this place that I’ve drawn a blank even settling for fiction. A thought did roll across my mind, oddly enough in the form of a streaming banner ad: Media + Seattle Real Estate = Confusion|Fear.
Our market has been showing signs of gradual normalizing and I’ve not met anyone who honestly believed our market could sustain its white hot sizzle indefinitely. What goes up must eventually come down. That doesn’t mean what goes up must crash and burn but that’s the impression you may get if you kept up on irresponsible and inaccurate media reporting. The real estate market in our state has taken some direct negative hits from the media that has confused both buyers and sellers - and frustrated the heck out of me.
Real estate is a teeter totter industry. There are two sides to every transaction and two sides to the market. One side of the market is more beneficial to sellers; the other side is more beneficial to buyers. Real estate is in constant motion, back and forth. Even in a very hearty market there are parts of that market that are not as robust. Some sellers experience multiple offers quickly; some sellers wait months for an offer.
It’s supply and demand that determines whether a real estate market is hot or cool, hearty or slow. The moment of the market determines whether a seller sells in a week or months.
Don’t pull out the shovel yet, our real estate market is quite alive. It’s not running marathons. It’s walking right now. Our economy and job growth are kicking you know what! More accurately I present for consideration that market areas here slowed because of supply and demand issues, not because our market was or is crashing. When areas have sudden increases in inventory, the increase will affect that market. Is anybody writing about our inventory increase happening at a time when demand has not? That situation could look like a market is slowing when it’s really adjusting to an increase in inventory.
Oh! Oh! Here it comes: If I were planning a sailing trip to the San Juans I wouldn’t rely on what I read in the paper or what somebody at a sporting goods store told me the weather would be. I’d invest the time to do my own due diligence. I’d pull out my maps and charts, review historical data, get my weather resources. And I would consult my husband, the Swedish sailor.
Seattle area buyers and sellers: Do thorough due diligence with your real estate professional. Know what your market area has done and what it’s doing right now. Be prepared. Stay prepared. Liberate your mind of pesky demons advising you to make current decisions based on how our market used to be. And finally, don’t allow the media to be your source of real estate information - be your own source and connect with a knowledgeable Realtor.
Make yours a great New Year and maybe help someone else’s be great, too.
Happiness Health Wisdom Prosperity and Love to the end!
Search NWMLS listings and contact me if you have questions.
Denice Rochelle
Coldwell Banker Bain
(206) 769-1214
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