I’m minutes from swapping my high heels for sneakers, Easter swag, kayaks, a good book and the anticipation of seeing the whales that have arrived Whidbey Island. Before I make this swap, let’s sweep…
At a glance, for this week > why you are “worth it” + Seattle stats (talking points), a reminder in an uptick in wire fraud, a reminder to “make the calls!” and Windermere Cup fun is brewing. Ok, let’s sweep!
Why you are worth it! | Think back to when the Internet became a thing. Now, think back to 2001. I remember this time well – a time of tech boom + bust. I was working for a very tech heavy real estate brokerage. A time when the brokerage I was with spent $11M dollars (venture cap) in 11 months focused on technology, not relationships. A time when we saw technology being an incredible disrupter to so many industries (great example, travel companies). Fast forward to know, 2017. In reviewing NAR’s research from their 2016 Profile of Home Buyers and Home Sellers – this is what I was reminded of. Stunning really when you think back to 2001 and the Internet as the disrupter for many…
2001 68% of all customers used a real estate broker
2016 85% of all customers used a real estate broker
WHY? Good question – here are four reason that will make you feel confident…
- Complexity | Would you all agree that the transaction was simpler in 2001 as compared to 2016? Heck yes! Think of the addenda now that exists and the creativity that it takes to prepare a winning offer in this market. More complex now, indeed.
- Risk | The transaction is risky for a customer. Example, let’s pretend a Seller mispriced their home by 10% on a $800,000 home – yup, that is a $80,000 risky proposition. Yes, good idea to hire a professional for this vs rely on automated valuations.
- Infrequency | The latest research shows the average homeowner stays in their home is approaching 10 years! This use to be closer to 7 years. Yes, that means the home buyer and seller as part of a transaction is even more infrequent.
- Emotional | Think about a list of things that are more emotional than buying or selling a home? It is a short list if you really stop to think about it. Another reason why there is an increase in customers hiring a real estate broker.
YOU bring a ton to the table. The role you play in your customers life is indeed making an impact. These four reasons are a big part and the “why” you are worth it!
Seattle Stats | Data thru March 2017 now available and digestible for both you and your customers. These monthly reports are a great add to your buyer/seller packets. A sneak peek at the talking points below – these talking points will be posted on the windemermerestats site shortly…
April’s password: wreapril
- Closed median price at an all time high of $630,800, up from 14% from year ago (page 1 bottom chart)
- Price appreciation is being driven by low supply and high demand. Seattle months supply of inventory is less than three weeks (.5 months page 1 top chart).
- 566 active listings as of 3/31/17. Down 20.5% from the year before and 29.5% from two years before (page 1 clue bar top graph)
- Scarcity has buyers paying above list price on 58% of the sales that closed in March (page 3)
- What was the cost of waiting one year (March 2016 vs March 2017) to buy in Seattle? $78,800 in median price. $6,565 per year ($547 monthly) in payment. (Page 5 lower left-hand chart).
This + that! | This is what is on my mind from this week – be extremely cautious of emailed wire instructions and only have clients wire money after verifying wire instructions with a known phone number. Criminals are hacking into email accounts of real estate brokers, escrow agents, mortgage brokers, title companies…and having success. Your manager has most likely been talking about it. I’m simply keeping it top of mind.
As listing brokers, let’s make sure we call every single broker back that did not bring in the winning offer. Selling brokers are working their tails off, as you each know. We owe it to every one of them to make that call. Thank you, signed – this wild market!
If you are looking for the upcoming Windermere Cup details – we’ve got the line up for you – including a Cinco de Mayo party the evening before…follow along here!
Ok, off with the high heels on with the sneakers! FWL is officially on Spring Break this next week…our family is Whidbey bound. When I return I’ll be writing next about the dreaded “Z” word: Zillow – The truth about Zillow’s accuracy, how to respectfully talk about Zillow and how to position yourself as the trusted source.
As my son use to say at the age of 2, “Happy Keester” everyone! I wish he still said that. Shoot, please press the “pause” button on this growing up thing.
…and oh, if you missed Episode #1 of our Double Down podcast, link below. I am already working on Episode #2! P.S. If you download the SoundCloud app on your device – makes it super easy to listen, save, pause and come back whenever.
Laura Smith, General Manager | Windermere Real Estate Co.
Ballard + Eastlake + Madison Park + Northgate + Sand Point + Wedgwood