Hi, I’m Doron Weisbarth with Weisbarth & Associates. Welcome to my April 2024 Market Update!
For most homeowners, when they try to sell their home, the two main questions on their minds concern “price” – can I sell my home for the price that I want and that I think that it’s worth? And “time” – can I sell it fast enough so that I can move on with my life?
As you can see, market all activity indicators all trending upward. For single family homes across King County, New Listings and Pending Listings – those homes that received an offer but hadn’t closed yet - and Closed Sales, have all taken a strong upswing in March.
On the chart I highlighted the first quarter of each year since 2021, so that you can see that this increased activity follows a familiar, annual pattern for our area. So from that perspective, there’s no big surprise here.
However, when I add the graph for Median Prices, you can see that prices have experienced a strong upswing in February, and are continuing that upward path, albeit, not quite as strongly in March. And, as I pointed out in last month’s blog and vlog, the Median Price starting in February is already higher than at any time last year.
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 April newsletter, available online and for download, for free, at Weisbarth.com/Newsletter, that’s Weisbarth.com/Newsletter.
I want to clarify that the trends that I’m showing in these charts for single family homes in King County hold true for other counties in our area as well.
Now, what halted a lot of the market activity last year were the higher mortgage interest rates, that at one point shot above the 8% mark. Those rates dropped
below the 7% mark at the end of last year, which helped fuel some of this market surge that we’re seeing today.
Interestingly, mortgage interest rates have climbed above the 7% mark again very recently. However, so far, I don’t see any changes in the buyers’ behavior. My sense is that many buyers have internalized the message that they can always refinance their mortgage when the rates drop down again, as they are expected to do starting later this year. And a quick plug here for my favorite mortgage officer, Julie Johnson from Cross Country Mortgage here in Seattle, who will refinance your acquisition loan for free, anytime within three years after you took an acquisition loan with her.
Of course, there’s no guarantee that this buyers’ behavior pattern will continue.
So, we’ll see what happens in the next few months. If market activity continues to trend upwards, sellers can expect to continue to enjoy price gains, with at least moderate appreciation in the value of their homes, and they can expect quick sales.
Now, a word of caution here. Look even when the times are good, relying on the market to deliver to you the full value of your home, is a risky undertaking. Getting the most from your sale doesn’t happen just because your home gets listed on the NWMLS. I’ve seen many homes in the last couple of months that were improperly marketed and improperly priced, and, as a result those sellers walked away from tens of thousands of dollars, literally, and in a couple of cases over $100, 000 – I’m not making this up!
As in almost any field, there is an art and science to doing things right. In the case of maximizing the value of a home, this requires a tested strategy, a properly laid out plan, a deep understanding of the buyers’ psychology and perspective, and intimate knowledge of the market forces and dynamics.
So, if you or someone you know is considering a real estate move this year, my team and I are here to provide guidance and ensure informed decisions to maximize your results. We’ll show you our system for reaching that goal, and proof that it actually works! We’ll be happy to sit down with anyone, with absolutely no obligation, and show you our plan and the strategies that we use, and explain the logic behind them.
You can easily refer your friends, family or colleagues to us by email, or on my website and Weisbarth.com/refer, or, the best way, just call me! My direct phone number is 206-779-9808, and I’m always happy to speak with old friends and make new ones, and help in any way I can.
And let’s not forget that your business and referrals will directly help the kids and Childhaven.
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.
I'm Doron Weisbarth with Weisbarth & Associates. I hope you enjoy this amazing Spring, and see you next month!