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Doron's Vlog

July 2024 Market Update Vlog

July 2024 Market Update Vlog

Hi, I’m Doron Weisbarth with Weisbarth & Associates. Welcome to my July 2024 Market Update! Today, we’re diving into some fascinating trends that could give you a huge advantage in the real estate game. So, let’s jump right in! Most years, the peak market activity comes in June, which correlates to the peak number of new listings that come on the market. Typically, we see the number of new listings build up during the first and second quarters, peaking around June. Then, it slows down over the summer before a second, smaller peak in mid-fall. However, this year it seems that the peak number of new listings came in May. I don’t think that this means anything, necessarily.  But what’s really intriguing is that buyer activity tends to peak at the same time as new listings. At the beginning of the year, we get this massive surge of eager buyers. And then, by mid-year, many of them have already made their purchases, while a few of them might leave the market frustrated and without a home. Of those who remain, many get caught up with fun summer activities. And then they tend to come back with renewed energy in late summer and early fall. And guess what? That’s when we see that second peak in new listings and market activity.  This perfectly orchestrated dance between buyers and sellers might explain the little wiggles that we see in median home prices. The BLUE line is the median sale price of single family homes in King County, and the ORANGE line is the number of new listings each month. The general trend in home prices is definitely upwards. But, as you might imagine, this is not a straight line, but rather prices wiggle their way up. You can also see the direct relationship between the month-to-month price variations and the number of new listings, which, in turns, correlates with market activity. I highlighted the peak number of new listing every year with the green line. You can see how those peak correlate so well with the peak median home prices each year. But does that mean that the value of homes overall changes? I think that the answer is an emphatic ‘not necessarily!’. You see, what I notice is that, no matter what time of the year it is, when a good home comes on the market, and particularly if the home is properly priced and properly marketed, it will sell fast and for top dollar. Every time!  But if one or more of those three ingredients is missing or deficient, then the house will sit longer, and will not get that top dollar.  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 July newsletter, available online and for download, for free, at Weisbarth.com/Newsletter , that’s Weisbarth.com/Newsletter . Now, during the first and second quarters of every year, when the gap between supply (sellers) and demand (buyers) is the greatest, the market pressure might overcome some of the marketing deficiencies. So even if the house is not quite the best, or priced correctly, or marketed correctly, the market frenzy might just tip things in its favor.  But as we move into the third quarter, when we see more homes available, and fewer buyers, that gap between supply and demand shrinks. And now, just throwing your home on the market without a proper plan and strategy can be very costly. Or if you are looking to buy a home, and you think that you’ll be able to snag a good deal without competition, and therefore don’t need to be properly prepared to compete, you are going to be very disappointed. Good homes still draw plenty of buyers! So, now I hope that you can see how this market seasonality, and other nuanced market trends will change how you approach your buying or selling strategy.  Makes sense, right?  And this is where a skilled, knowledgeable real estate broker can really make all the difference for you to maximize your outcome. There is  no such thing as a one-size-fits-all approach to the buying and selling process. A skilled broker will know where we are in the cycle, how other forces are affecting the market, and will know how to synthesize all of that information into a comprehensive plan for you, and then guide you correctly.  My team and I are super skilled at doing exactly that! We meet weekly to review all the market information and to discuss the best approaches for our clients. That’s why we are among the top 1% of brokers in the state of Washington – we know what we’re doing! And this is not some tired platitude – we have the numbers to prove it! So, if you or anyone you know is looking to buy or sell a home, reach out to me and my team first. We’ll show you how market timing can change your specific game plan.  We’ll provide you with that a fact-based education, custom tailored to your specific needs, to make sure that you understand exactly what’s going on. And the best part is that we’ll provide you with all that information for free and with absolutely no obligation. You see, we believe that once you hear what we have to offer, you’ll want to work with us because you’ll understand that we are the best people to represent you in your transaction. Make sense? 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 . But you want to know what’s the best way to reach me? The best way to reach me, by far, is, you guessed it, by phone. My direct number is 206-779-9808, that’s 206-779-9808. I love helping people figure out their way around the real estate maze, and help them reduce the uncertainty and the stress that comes with it, and then get them the best results possible, truly! So call me anytime.   And remember, your business and referrals help support the Akin community, formerly known as Childhaven.  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 Have a fantastic rest of your summer, and I’ll see you next month for more great insights and updates. Cheers!
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!

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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