Welcome to Friday! This week was full and good. Lots to share, plenty to digest. Let’s get this going and dig right in…
What quickly rose to the top of my sweep this week was an article shared with me by broker, Barbara Brandt from our Wedgwood office. This article hits home in articulating our value. Another angle on cost vs value. I found the article spot on however the imagery now tattooed in my brain – not one I’ll forget. Click here and see if this too will be tattooed in your brain!
Our Q3 Seattle Market Report is a wrap! Created for you as another tool in your toolbox. Your offices have the ISSUU digital link and PDF versions. This report will also be featured in our Nov 1st Client Newsletter. A quick snapshot of how it turned out!
“Real Estate is not only one of the most significant components of our economy, it also directly influences how we live, work, shop and play.” – Runstad Center for Real Estate Studies | University of Washington
This week I attended the University of Washington Annual Runstad Center Leadership Dinner. Frankly, I didn’t entirely know what I was showing up to. Thank goodness I threw on a dress + heals for the evening – it was that kind of affair along with 800 others all suited up. The room was filled with the “whose who” in what appeared mostly in the commercial sector, current and alumni Runstad students along with key local real estate influencers.
I came for the keynote speaker: Amy Bohutinksy, Chief Operating Officer, Zillow Group who was there to share with us pieces of The Zillow Group’s Report on Housing Trends.
Indeed the world has massively changed and The Zillow group has been working to understand us – the consumers and our changing needs. The outcome has been a giant research project – asking 13,125 consumers – buyers, sellers, homeowners, renters …lots and lots of questions. The entire report resides here for you should you be looking for some light reading (warning: not light at all – 180 pages!)
Want to skip the 180 pages and instead digest a few bites? Here you go. Ps, I have to wholeheartedly admit, these are not new ah-ha’s for many of us. It’s what we are seeing and experiencing. I promised a summary – so here you go…digest what you’d like!
The first time homebuyer in the market. We still very much have a healthy parentage of first time homebuyers in our market – with monthly rents so expensive. 25% of first time homebuyers are putting less than 5% down.
Truth: Data shows that “yes” Millennials (age: 18-37) indeed want & believe in homeownership. On average Millennials are buying later than previous generations. 62% of Millennial Buyers are “dual tracking” simultaneously shopping homes for sale and for rent. Data shows…
Myth: Americans are on the move. On average, Americans move 11 times in their lifetime. Truth: people that sold their home in the last year had been on average in that home 12 years. Data continues to show people are staying in their home longer.
Truth: The vast majority of people still very much work with a real estate broker. 86% of buyers & sellers work with a broker. This % has not changes over the past decade despite having access to so much information.
Truth: Seattle’s real estate market is the hottest market in the nation right now.
Interesting digestible “bite”: over 100 Bay Area companies have satellite offices in Seattle. The secret is out: talent is here in Seattle.
It was certainly an entertaining night for me. Lots of praise was given to the Jacobi family for Windermere’s contributions and the impact that has made in helping The University of Washington celebrate the new Real Estate Department and on a whole, become one of the largest university real estate faculties in the country. My dinner date was one of those faculties, Matthew Gardner – our very own chief economist. Question: Have you ever been to the battle of the barristers event (you know, the event where 5 real estate attorneys hash out a topic?). Ok, now – imagine having dinner next to a chief economist who is listening to a keynote focused on data! Like I said, interesting + entertaining! Many ways to evaluate #’s and data.
Next week I’ll be taking a sweep of all highlights and “bites” from Inman’s Luxury Connect in Beverly Hills where 55+ Windermere brokers from all over our network spent the last couple of days together. Inman was again very pumped to have such a large group represented again. Lots to be share – will let you know what content filled these seats!
Ok, that’s a wrap. In continued partnership with you & loving it. Have a fantastic weekend in productive work + play! Here to help, the ultimate goal. And oh, a reminder to SAVE THE DATE – see below. We are planning serious fun this year – Casino Night should be a blast! Be there.
Laura Smith, General Manager | Windermere Real Estate Co.
Ballard + Eastlake + Madison Park + Northgate + Sand Point + Wedgwood