Doron's Vlog

Hi, I’m Doron Weisbarth with Weisbarth & Associates, and welcome to my November 2024 Market Update! Today, we’re tackling a question I’ve been hearing a lot lately: Did the election affect buyer activity? Let’s dive in. October was an odd month—there’s no other way to put it. At the end of September and the beginning of October, we saw a flurry of market activity. Homes were being listed, going pending, and closing at a pace that lined up with the seasonal trends we’ve seen in years past around the start of the fourth quarter. In fact, when we look at the numbers, October ended with more closed sales than the previous month, which is pretty typical for this time of year. But then something strange happened. During the second half of October, the market seemed to screech to a halt. Buyers, who were so active just weeks earlier, suddenly disappeared. And this wasn’t just a local phenomenon—it was happening in many parts of the country. There wasn’t any major economic or employment shift that could explain it. The only explanation that seems to fit is the anxiety and uncertainty people felt around the election. As the saying goes, a confused mind does nothing. When people feel uncertain, they tend to freeze. They wait for clarity before moving forward, and that’s exactly what seemed to be happening in the market. 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 November newsletter, available online and for download, for free, at Weisbarth.com/Newsletter, that’s Weisbarth.com/Newsletter. Now, it didn’t help that mortgage interest rates that had been dropping for most of August and September, reversed course in late September and started climbing again, settling around the 7%. But we had this level of interest rate this year, and the market activity didn’t seem to be affected. So, as I said, while I’m sure that the higher rates didn’t help, it’s hard to put all the blame on them. Now here’s the good news: whether you liked or disliked the outcome, the election is now behind us. One major source of uncertainty has been resolved, and that should help restore some confidence to buyers who were sitting on the sidelines. In addition, the fed dropped it’s prime rate by a quarter point, which, eventually will help bring mortgage interest rates down a bit. By the time this update reaches you, I hope we’ll see normal buyer activity for this season resuming. If your home is on the market but hasn’t been getting much attention, or if you’ve been holding back on buying or selling because of election uncertainty, the market will soon give us clearer signals about how we’ll end this unusual year. So, if you or someone you know is still considering selling a home this year, you still have time, but you need to act soon! If you’re not sure whether you should sell this year still, or wait for next year, we can analyze your options to help you make a clear decision that is best for you. My team and I famously offer a no-obligation consultation to help you put together a strategic plan on how to accomplish your real estate goals. Referring someone to us is easy—you can send them our way through our website, this newsletter, an email, or even better, just give me a call and let’s talk directly. And remember that you business and referrals help the kids and families at Akin. Thanks to everyone who participated in their big gala fundraising even last month, where Weisbarth & Associates was the key sponsor – it was truly magical! Thanks for tuning in! Don’t forget to like, subscribe, and follow for more updates. And if you’d like to read my newsletter or share it with a friend, you can find it at Weisbarth.com/newsletter, that’s Weisbarth.com/newsletter. I’m Doron Weisbarth with Weisbarth & Associates, and I’ll see you next month!

Hi, I’m Doron Weisbarth with Weisbarth & Associates, and welcome to my October 2024 Market Update! Today, we’re talking about something a lot of people don’t expect—the annual fall market bump. Now, we all know that spring and summer are often seen as the busiest times for real estate. But here’s the thing—are they really? Historically, yes, we see a lot of activity during spring and early summer. But as we get into mid- and late summer, things tend to slow down. People are focused on vacations and sunshine, getting back to school, and just generally enjoying the season. But once everyone settles into their routines, something interesting happens. We often see the market bounce back. This fall market bump can start as early as mid-September, last through November, and sometimes even carry into mid-December. And this year? Well, it looks like we’re following that same pattern. If you take a look at the graph I’ve highlighted, you’ll see that in September, new listings and pending sales were both way up compared to August. In fact, pending sales are right on par with what we saw in May and June of this year, which were the highest months for activity this year. Most of these new listings came onto the market in the second half of September, and you’ll see that there was a corresponding increase in pending sales—so yes, buyers are engaged. Most of these sales will likely close in October, which means we’re still seeing strong activity. 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 October newsletter, available online and for download, for free, at Weisbarth.com/Newsletter, that’s Weisbarth.com/Newsletter. A big reason for activity is in the drop in mortgage interest rates. With rates having fallen more than a full point from their peak earlier this year, buyers are back in the game, and prices are holding steady. Now, we can’t say for sure if October will be the peak of this activity or if it will come later in the year, but if history is any guide, we should have a strong finish to 2024. So, if you or someone you know is still considering selling a home this year, now is the time to jump in and take advantage of the market’s fall surge. If you need some guidance or fine-tuning to make sure you maximize your results, let’s talk. My team and I offer a no-obligation consultation to anyone looking to buy or sell. We’ll help you put together a plan that’s tailored to your needs. And as always, your business and referrals help support the Akin community, so you’re not just making a smart financial move—you’re also doing a good deed. Yay for that! For anyone needing help with their real estate goals, the best way to reach me is by phone. Just give me a call directly at 206-779-9808, that’s 206-779-9808. Yes, that’s my personal mobile number, and it’s the best way to connect with me. If you’re referring someone, just have them call me directly—no need for a formal introduction. Thanks again for tuning in! Don’t forget to like, subscribe, and follow for more updates, and be sure to check out my monthly newsletter at Weisbarth.com/newsletter, that’s Weisbarth.com/newsletter. I’m Doron Weisbarth with Weisbarth & Associates, and I’ll see you next time!

Hi, I’m Doron Weisbarth with Weisbarth & Associates. Welcome to my September 2024 Market Update! Today we’re diving into how changes in mortgage interest rates can impact your home’s value. With the recent drop in the prime rate last week, it’s the perfect time to explore what this means for buyers and sellers alike. When mortgage rates drop, the first thing that happens is that buyers get more purchasing power. For instance, if rates drop from 7% to 5%, obviously, buyers can afford more home for the same monthly payment. Makes sense? So, this might open the door to homes that might have been previously out of reach for these buyers. Interestingly, we’re already seeing more buyers enter, or re-enter, the market because of the increased affordability, due to the recent drop in the mortgage interest rates. With more buyers in the market, the next thing that happens is that demand goes up. If we have more buyers competing for the same number of homes, then guess what? Prices naturally start to rise. And in a market like Seattle, where inventory is often tight, this effect can be even more pronounced. On top of that, lower interest rates don’t just attract homebuyers—they also bring in real estate investors who are looking for favorable financing terms. The activity of these investors adds even more competition to the market, which, again, can contribute to prices going higher. So, what does all of this mean for homeowners? For starters, if your current mortgage interest rate is higher than what is available after the recent interest rate drops, now could be the time to consider refinancing your mortgage. A lower rates might mean you can reduce your monthly payments and keep that extra cash in your pocket, or shorten the term of your loan. And, you could always do both. Then there’s the benefit of home equity. As prices go up, homeowners build equity faster, which creates opportunities to use that equity for home improvements, investment properties, or other financial goals. And, of course, if you’re thinking about selling, the current low-interest-rate environment is working in your favor. As I said before, more buyer demand means more competition, and that often leads to higher sale prices. Selling your home when interest rates are low can put you in a great position to maximize your return. And, if you have to both sell your home and also buy a new home, these same low mortgage interest rates will make it easier for you to make that transition, at least on a financial level. Looking ahead, while no one can predict exactly where rates or prices are going, one thing is clear: when mortgage interest rates drop, buyer activity tends to increase, and home prices generally follow. Now, in our area, even if mortgage interest rates start to rise again, Seattle is such a desirable market that the long-term value remains strong for homeowners. So, if you or someone you know is thinking about buying and or selling, let’s talk. My team and I can help you understand how these changing market conditions—like last week’s prime rate drop—can be made to work to your advantage, beyond just the obvious stuff. Yes, there’s an art to all of this! Understanding not just the big picture, but also the nuances can help you maximize your results, whether you’re looking to buy, sell, or both. As I’ve told you in the past, my team and I offer a no-obligation consultation to anyone! Yes, we’ll talk to anyone, and put together a customized plan to help them achieve their home ownership goals. And remember, your business and referrals help support the Akin community. So you get a good deed out of it too, yay! For those people who need help with their real estate need, reach out to me and my team by email or send a message through my website at Weisbarth.com/refer. The best way, really, is to connect is by phone. Nothing beats a personal, one-on-one connection, nothing! Soif you’re referring someone, I don’t need any fancy introductions. Just have them call me directly at 206-779-9808, that’s 206-779-9808. That’s my mobile number and the best way to reach me. So call any time! Thanks for tuning in! Don’t forget to like, subscribe, and follow for more insights. Check out my monthly newsletter at Weisbarth.com/newsletter, that’s Weisbarth.com/newsletter. I’m Doron Weisbarth with Weisbarth & Associates – see you next time!