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June 2024 Market Update Vlog

June 2024 Market Update Vlog

Hi, I’m Doron Weisbarth with Weisbarth & Associates. Welcome to my June 2024 Market Update! Today, I’m going to take you on a journey through the latest real estate trends in our beloved Seattle area, and then put things in some historical perspective. Let’s dive right in! So, at the beginning of every month, I eagerly await the updated dataset from the NWMLS. This data helps me and my team gauge if our gut feelings about the market trends from the previous month are on point. Staying in tune with our local market's pulse is crucial because it allows us to provide the best possible advice to both our buyer and seller clients. While recent data about our local market is essential, keeping a broader perspective on our local market trends is equally important. If you look at popular media outlets, you'll often find national analyses that have little relevance to our local real estate market. And even when it’s local information, at best, you might see a type of shallow analysis called ‘year-over-year’, which can be very misleading and most of the time is incomplete. So now that you understand this point, let’s talk about the latest data from May 2024. The trends we’ve seen over the past few months haven’t changed in any meaningful way. We still have plenty of new listings, plenty of homes receiving offers and going pending, and plenty of sales. Correspondingly, market prices have continued to trend upwards. What I want to do next is take a broader perspective to see how things look from a historical standpoint. I like doing this exercise every few months to help keep perspective, and to make sure that the trends are consistent and that we’re not noticing any aberrations. What you’re looking at here is the dataset starting in January 2014, so just over 10 years aga. To make things a bit clearer, I smoothed out the data by presenting each data point as the average of the trailing three months. This method allows us to easily see the seasonal cycles of market activity in the ‘Closed Sales’ dataset. And you can easily see that while market activity this year is higher than last year, it’s still low overall. This is a result of the low number of new listings that we’ve had for quite a while. As for the median price, you can see the obvious upward trends. While some fluctuations may appear seasonal, there are other, more significant factors that better explain these changes in median prices. I’ll dive into those factors in a future newsletter, so stay tuned! As usual, 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 . Again, the point of this exercise is to confirm that, overall, our real estate market is stable and predictable despite mortgage rates, inflation, wars, COVID, etc. Knowing and understanding this fact is incredibly important for any buyer or seller. It gives you the confidence to make decisions long term.  So, if you or anyone you know is considering buying or selling a home this year, please refer them to me and my team at Weisbarth & Associates. We’re here to provide guidance and ensure you make informed decisions to maximize your results. We’ll gladly meet with anyone and give customized education and advice, to make sure that you or your referral is making the best decision.  It's easy to refer your friends, family, or coworkers to us. You can connect us by email, or send a message through my website and Weisbarth.com/refer . And you want to know what’s the best way to reach me? The best way to reach me, by far, is by phone at 206-779-9808. It’s always a great way to start a nice relationship, don’t you think?  And remember, your business and referrals help the kids at Childhaven, which now, goes by their new name, Akin, so you’re doing a good deed too! It can’t get any better than this! Please remember to like, subscribe, and follow for more great insights, charts, and tips on my monthly vlog. And don’t forget to read our monthly newsletter at Weisbarth.com/Newsletter . I’m Doron Weisbarth with Weisbarth & Associates. Have a great June, Happy Father’s Day, happy almost summer, and I’ll see you next month!
May 2024 Market Update Vlog

May 2024 Market Update 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!
What Is After-Repair Value (ARV) in Real Estate?

What Is After-Repair Value (ARV) in Real Estate?

When diving into the real estate market, especially in vibrant areas like Seattle, understanding key financial metrics is crucial. One such metric that stands out is the After-Repair Value (ARV). At Weisbarth & Associates , we believe that knowledge is power, and understanding ARV can significantly impact your real estate investment decisions. Serving areas like Ballard, Wallingford, Green Lake, and more, we aim to empower our clients with insights that drive smart investments. Understanding After-Repair Value (ARV) The After-Repair Value (ARV) is a critical figure in real estate, representing the estimated value of a property after all repairs and renovations have been completed. This metric is essential for investors, flippers, and even homebuyers looking to gauge the potential worth of a property post-renovation. ARV helps in determining whether a property is a viable investment by providing a clear picture of its potential market value. Why Is ARV Important? Investment Decisions: ARV is a cornerstone for investors. It helps in assessing the profitability of a property by comparing the purchase price and renovation costs against the estimated post-repair market value. For instance, in sought-after Seattle neighborhoods like Wallingford or Green Lake, knowing the ARV can guide you in making informed investment choices. Financing and Loans: Lenders often consider ARV when providing loans for real estate investments. A well-calculated ARV can lead to better loan terms, as it provides lenders with a sense of the property's potential value. Negotiation Power: Understanding the ARV gives buyers and investors an edge in negotiations. It provides a solid foundation for negotiating purchase prices and estimating renovation budgets. Calculating ARV Calculating ARV involves several steps, each requiring careful consideration and accurate data. Here’s a simplified breakdown: Assess Current Property Value: Start by determining the current market value of the property. This can be done through a comparative market analysis (CMA), which involves looking at similar properties (comparables) that have recently sold in the area. Estimate Renovation Costs: Next, estimate the cost of necessary repairs and renovations. This step requires a detailed inspection of the property and a clear understanding of the extent of work needed. Evaluate Comparable Properties: Analyze recently sold properties in the same area that have undergone similar renovations. These comparables provide a benchmark for estimating the post-renovation value of your property. Calculate ARV: The final ARV is calculated using the formula: ARV=Current Property Value+Renovation Costs Example of ARV Calculation Consider a hypothetical scenario in Seattle’s Ballard neighborhood: Current Property Value: $1,000,000 Estimated Renovation Costs: $250,000 Comparable Properties (After Renovation): Average sales price $1,500,000 Using the formula: ARV=$1,000,000+$250,000=$1,250,000 In this example, the ARV is $1,250,000, suggesting that post-renovation, the property could be valued around $1,250,000. If comparable properties in Ballard are selling for an average of $1,500,000, this indicates potential for a profitable investment. ARV in Seattle's Real Estate Market Seattle’s real estate market  is diverse and dynamic, with each neighborhood offering unique opportunities and challenges. Areas like Ballard, Wallingford, and Green Lake are known for their vibrant communities and high demand for renovated properties. Understanding ARV in these areas can provide investors with a strategic advantage. Ballard: Known for its trendy vibe and historic charm, Ballard properties often see significant value appreciation post-renovation. Wallingford: With its mix of old-world charm and modern amenities, Wallingford is a hot spot for real estate investments, where ARV calculations can help identify lucrative opportunities. Green Lake: Popular for its scenic beauty and recreational opportunities, Green Lake attracts buyers looking for updated and modern homes, making ARV a valuable tool for investors. Partnering with Weisbarth & Associates At Weisbarth & Associates, we specialize in guiding our clients through the complexities of the Seattle real estate market. Our expertise in evaluating ARV ensures that our clients make informed and profitable investment decisions. Whether you’re looking to buy, sell, or invest in neighborhoods like Ballard, Wallingford, or Green Lake, our team is here to provide the insights and support you need. Understanding ARV is just one aspect of a successful real estate strategy. With Weisbarth & Associates by your side, you gain access to comprehensive market knowledge,  expert advice , and a commitment to your real estate success. The After-Repair Value (ARV) is a vital metric for anyone involved in real estate investing. By providing a clear picture of a property’s potential value post-renovation, ARV helps investors make informed decisions, secure better financing, and negotiate effectively. In the bustling Seattle market, particularly in areas like Ballard, Wallingford, and Green Lake, understanding and leveraging ARV can lead to successful and profitable investments. Trust Weisbarth & Associates to guide you through this process with expertise and dedication.

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Greater Seattle's most innovative real estate team

Doron and his team don't just promise to sell your home or help you buy a great home - they GUARANTEE it in writing! Doron and his team are in the top 1% of all real estate brokers in the state of Washington. They received the prestigious "Best in Client Satisfaction Award" from Seattle Magazine every year since 2012 backed by hundreds of glowing reviews on Zillow.

Doron and his team measure their success not just by the numbers of homes sold, but also by how much they are able to give back to the community. By giving away a substantial portion of their income from every sale Weisbarth & Associates have donated over $300,000 to Childhaven.org, a local organization that takes care of kids from families that need extra support and love, as well as to the Phinney Neighborhood Associates(PNA).

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