The Value of Home in Seattle’s Changing Market
My husband won a 20 lb turkey in a drawing. Turkey isn’t traditional in Sweden and I’d never cooked my own. Thanksgiving Day dinner featured gumbo at my brother’s house so two days later we cooked a turkey dinner for friends. As we were shown how to cut the bird, rave reviews flowed between sips of 2003 Columbia Crest Walter Clore Private Reserve Red Wine. For these two days, I forgot about Real Estate and was all about Home. Most of the nation is experiencing declines in property values. With our strong economy, Seattle is fairing better but that doesn’t mean we’re insulated from the rest of the nation. We’re going through our own changes.
As the turkey and wine bottles were put away I started preparing for an open house the next afternoon and it hit me: I’m hearing buyers talking more about Home!
I know that may sound silly but it’s significant … read on.
The mortgage chaos caused a number of loan programs to virtually *poof* overnight; adjusting ARMs heave thousands into the grips of foreclosure; media reports struggle across the nation and possible recession; President and others comment about separating from certain securities and investments; home buyers here seem to put the collective brakes on purchasing, they look longer and compare with leisure; so inventory doubles what it was this time last year; sellers used to fast turnover with minimal investment become disappointed and disillusioned and have difficulty accepting the market did change in a flash; prices reduce but buyers don’t swarm; sellers react in a variety of ways, some in a financial bind hope for month-to-month tenants; some fire their Realtor, some feel they can do better FSBO; some financially able have taken the property off the market and will re-list after January 1; sellers who are financially able and steadfast ride the wave of change.
So comes the connection with buyers talking more in terms of Home than Real Estate.
In our steep market home buyers often looked at purchases through a cash filter. Showing properties it was usual to hear renovation plans and speculations for huge short-term returns and less about the quality of a long-term space to accommodate person or family and integrate with community.
In this changing market while showing buyers conversation is more about lifestyle, family, attraction to neighborhoods, what would make that place a great place to live and entertain. Sure, they’re talking to me about renovations and updates, too, but more in the context of liveability and longer-term investments.
This renewed perspective of a home for the sake of a Home influences the market — the way buyers buy, the way sellers sell. Don’t buyers really control every marketplace? If they refuse to buy, there is no economic commerce.
Representing sellers and buyers I empathize with each in their unique and individual quest for a fair deal and fast close.
Very curious I am to learn what 2008 will bring and how I can contribute to the best of it.
If you have questions about the current mortgage environment or products contact James Wirth at Landover Mortgage 425.501.4749.
Search current listings.
Wondering whether it’s a good time for you to sell or buy? Call or email me.
Denice Rochelle
Coldwell Banker Bain
206.769.1214
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