It’s Friday, let’s sweep! | Seattle SFH vs Condos – what have you noticed?

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Welcome to Friday, let’s sweep! Today, we’ll pick apart “the science” around our dueling markets within Seattle = Single Family Homes vs Condominiums. “Dueling” may not be the perfect vernacular, however making a point that they are currently different and should be evaluated independently when people ask you “how is the market?”

Hoping these digestible bites help in educating your clients! And oh, when people do ask you “how is the market?” – here is solid socratic response…”good question, which market are you asking about?” Powerful! This response shows you are listening and allows you to give a better response – it’s all about them!

Ps, Thank you manager, Rob Graham for providing these #’s below!

City of Seattle | July 2019 vs July 2018
# of Single Family Homes for sale in  July 2019 compared to July 2018 are up 33.2%
vs.
# of Condos for sale in July 2019 compared to July 2018 are up 74%
Median Home price for Single Family homes in July of 2019 vs. July of 2018 down 5.1%
vs.
Median Home price for Condos in July 2019 vs. July of 2018 down 12.3%
Days on Market for SFH in July 2019 vs. July 2018 up 36.8% to 26 days
vs.
Days on Market for Condos July 2019 vs. July 2018 up 150% to 40 days
Sale price to original list price for SFH in July 2019 98%
vs.
Sale Price to original list price for condos in July 2019 95%
1.7 months of inventory of SFH in July 2019, up 30.2% compared to July 2018
vs.
3 months of inventory of condos in July 2019 up 86% compared to July 2018
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What have YOU noticed?

I’m interested. Leave me a note in the comment section!

Enjoy another productive summer weekend in work + play. Here to help, the ultimate goal…

All in, for you.

Laura Smith | Co-owner | Windermere Real Estate Co.

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[picture: Baseball Hall of Fame, Cooperstown NY]

It’s Friday, let’s sweep! | small town big city + august #’s + (sample) revised form

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[photo from Farmer’s Museum, Cooperstown NY – life in the 1800’s]

Welcome to Friday! En route home after a traveling the East Coast – chasing those fields and fields of dreams in Cooperstown, NY. It was a “pinch me” kind of trip. What continued to crop up for me this week was observing small town life. A few days ago, I witnessed one business owner bring another business owner lunch because he was too busy at his store to step away. I thought to myself, how might I better bring more small town moments to our big city? It’s something I’ll ponder on our six hour flight home tomorrow. I sure did enjoy the pace of small town!

Let’s look at our big city, by the #’s…

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It’s no surprise that Seattle is the top city in the country where millennials are moving. Apple plans to add 2,000 jobs in Seattle. The first of 4,500 Expedia employees will start moving into Interbay soon. While demand here is expected to stay strong, prices continue to cool…

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Note: if you are looking for these graphics for your August social media plan – text me & I’ll email them to you! 206.227.7133 c

Modernization of Selling Office Commission Rules | October 1st > it is coming.

And we’ll be ready…

Upcoming, you’ll begin to look at the (sample) Revised NWMLS Form 41c. If you’d like to take an early look – go to NWMLS homepage > Legal Bulletin 217 > choose (sample) revised From 41c > “Selling Firm’s Commission“. By digesting these revisions, you’ll begin to see how this Form may come into play for you come October 1st, 2019.

 I’ll be using FWL as a weekly touch to ensure that you are properly equipped with the information needed to help navigate the new rule change. I will also be recording a 3 part podcast series to augment the education around such. We have time, we’ll be ready.

Note: can’t find the (sample) revised form 41c? Ask your manager, they have it and will pick it apart with you within an office meeting or two…

Travel day for this crew tomorrow > Boston to Seattle. Back in the offices next week.

Have a fantastic August weekend in productive work + play!

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It’s Friday, let’s sweep! |August is…

Welcome to Friday, let’s sweep! 

A good friend and broker, Diane Terry shared this on FB last week. I stashed it away for today’s FWL. “Sunday” has officially arrived for me. Signing off for a proper vacation…

August is the Sunday of Summer” – Watson Kennedy blog

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Before hitting the road from current locale of Boston to Cooperstown, NY…a few questions to ponder in August…

When working with Buyer customers, when & how do you discuss your fee?

When working with Seller customers, when & how do you discuss SOCs?

If you have a clear plan for both, you are ready for NWMLS October 1st, 2019 changes around SOCs. If you a not confident with either question, I promise to get you there.

PS: July “science” + monthly password updated for windermerestats.com. Your office has the password or send me a quick text!  > 206.227.7133

Ok, leaving Boston and road tripping to Cooperstown, NY. Shale playing baseball for a week. Piper & I his biggest fans this week. One key ingredient missing: Chad. Had to stay back for work obligations. Feel free to check in on him;) Thank goodness for FaceTime!

August is the Sunday of Summer” > Sunday is here.

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All in, for you.

Laura Smith | Co-owner | Windermere Real Estate Co.

It’s Friday, let’s sweep! | Dear agent…

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Welcome to Friday! How many of you have heard me say…”it matters who says it?” Well, it does. And what I want to share today I did not pen – although every once of what I’m going to share is how I feel to the core. I’ve brought in a guest writer of sorts…1000 Watt.

1000 Watt is a company that obsesses over writings about real estate, branding, marketing, media and technology. I came across one of their blog posts and it quickly rose to the top of what I wanted to share this week within FWL. As you know, I too obsess over such writings however every now and again it’s healthy to hear it from another source…”it matters who says it“…

With industry “noise” a constant in our every day, this is what I want you to digest – today and everyday. Call it a pick me up, call it a shot in the arm, call it…a “you matter” mantra. Own it and please make this your next brain tattoo.

Dear agent…

You are the most important entity in the real estate business. Hands down.

The commissions you earn flow outward to sustain a vast array of companies and people. 

Without you, the real estate ecosystem as we know it would not exist. 

You guide buyers and sellers through minefields. It will take centuries still for artificial intelligence to match the emotional intelligence you use to bring solace, confidence and clarity to people who need it.  

Those around you, myself included, don’t do enough to vocalize this truth and express gratitude for it. 

While most of what I write is for everyone in and around our business, this one is devoted to you, the great real estate agent.

Coming of age.

We are living in your time, the age of the great agent. Despite industry fortune tellers who predict iBuying as your demise, your value in the transaction is cemented.   

Buying and selling a home is not just complex. It consumes the totality of what it is to be a human being: rationality and emotion, intuition and logic, joy and loss. The crockpot of psychic stew that simmers during a transaction requires a skilled hand throttling the heat. 

That’s you. 

Being an agent today requires smarts. Resourcefulness. A predisposition to adaptation. You need to master software, run a business, manage resources, prospect, maintain ties to past clients and ceaselessly convey your value against strong competition. Every decision is critical — the broker you use, the tech you license, how you brand, who mentors you.

Consumers today are smart. Homes are expensive. The part-time, low energy, uneducated, techless agent is a lump on the industry log with no clear role in the future.  

Your career is Mt. Everest. You start at the base with dreams of reaching the summit. Every step up requires calculation. The celebration of failure that is fashionable among tech entrepreneurs cushioned by millions in VC is not your reality. Every mistake matters. 

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 I didn’t write it. I do “show up” however for you, because I believe it. You are the most important entity in the real estate business. Hands down.

#TheHuman Algorithm

In other news, the kind of “noise” I like a lot – the Blue Angels and hydros return this weekend for Seafair’s 70th anniversary. Is there anything more synonymous with summer in Seattle than this upcoming weekend?

Happy Birthday Seafair! Celebrate well, Seattle!

It’s Friday [late] edition! | Let’s sweep the #’s + digest the “art” of conversations

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Welcome to Friday evening – a beautiful summer evening at that! We are jumping into the weekend I’ll make this post short and right to the point!

The June “science” is out and ready for you to digest and use to help people better understand where the market is and where we have been.

Full reports published here.

*remember, WindermereStats is password protected. Text me if you need it! 206.227.7133. Your office also has the password.

Outside of the “science”, here are a handful of the conversations I’ve had this week > the “art” of what we do…

1. Listing brokers: make sure earnest money isn’t too light – we could start to see lighter EM’s.

2. When using digital signatures and multiple parties are signing – be sure you have confirmation that both/all parties actually signed (vs. signing on behalf of the other party) – yes, this happened (husband signed for both he + wife and wife was not aware she has sold her home – ps, PSA void)

3. When having Earnest Money deposited, please direct EM to where the PSA states it is to go – selling firm/closing agent.

4. Have price adjustment conversations as part of your pricing strategy before list date – then these conversations are more a part of the plan vs a difficult surprise.

5. It’s summer, make your “flow” fun! Keep it light, find fun ways to connect. One of the key coaching elements I share with brokers asking for a lift in their business is to focus on 20 “live” contacts each week > in person or on the phone followed up with a “next step.” Summer “live” contacts are FUN > find the FUN!

…and on that FUN note, who has played Spikeball? Wowza, the Smith’s new front yard summer game. A must in summer play, Smith approved.

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All in, for you.

Laura Smith | Co-owner | Windermere Real Estate Co.

It’s Friday, let’s sweep! |computation of time + July 1st NWMLS Forms revisions

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…ok, #HAPPYFIFTH! It’s Friday, let’s take a quick sweep and then jump right back into summer work + play! First order of business, a quick brush up on Computation of Time. Good time of year to share critical points. For many of us, this is forever embedded into our brains. For those of you looking for clarity and a few more reps with respect to the  importance of understanding Computation of Time…here you go:

PS, yes > yesterday, The 4th of July is a Legal Holiday when computing “time” with respect to your purchase and sales currently in play.

Understanding “Computation of Time”

General Term “l”

General Term “l” (Computation of Time) of the purchase and sale agreements governs how time is calculated for the various time periods in the agreement.

Critical Points
  • Any period of time starts on the day following the event commencing the period (e.g. mutual acceptance occurs on Tuesday, day one is Wednesday)
  • Time periods of 5 days or less do not include weekends or legal holidays
  • Time periods of more than 5 days include weekends and legal holidays
  • Time periods end at 9:00 pm on the last day of the specified period
  • If the last day of the time period is on a weekend or a legal holiday, it moves to the next day that is not a weekend or legal holiday (except for the Possession Date)
  • Time periods are not delayed by a missing legal description – time periods begin from the date of mutual acceptance
  • The computation of time provision applies to all timelines in the purchase and sale agreements and any addenda (e.g. Form 22A, Form 22B, Form 22D, Form 35, etc.)

Reminder: NWMLS 2019 Forms Revisions have taken effect as of July 1st, 2019

NWMLS Legal Bulletin 216 fully summarizes revisions to many NWMLS forms and introduces one new form. Many of the revisions were made for clarification purposes and are not substantive changes. I want to point out one substantial change and the new form so that you may easily digest without looking to hard! *want a full run down of revisions? > See homepage of NWMLS for Legal Bulletin + red-lined versions of changes.

I’d like you to digest the following…

#1 Inspection Addendum (Form 35) and Pre-Inspection Addendum (Form 35P)

The Inspection Addendum has been revised to state that the buyer shall not provide the inspection report, or portions of the report, to the seller unless the seller requests a copy, or as required to deliver notice of additional inspections. The Pre- Inspection Addendum (Form 35P) was revised to include a similar provision. There were also a few minor clean-up revisions made to other sections of Form 35.

  • Each scenario will be different, as you know, yet let’s get ahead of this and lead within our field with this change.
  • Let’s not be the brokerage that sends the inspection without an “ok” from Seller! *we typically are not. Just a solid reminder!
  • If we receive an inspection, or part of one – our first line of defense shouldn’t be to draw a line in the sand and get combative. Bring your art of negotiation to the table instead.
  • It will take awhile to have all Firms/brokers playing by the new “may not” vernacular = give grace where we can [the art of what we do]
  • When responding to an Inspection Response > move content from an inspection report to within the body of the response – 35R or 34, as needed.
  • Not sure what to do in a given scenario? Track down your manager – or me – and let’s get to work, together.

#2 Financing and Related Forms

 

The Increased Down Payment for Low Appraisal Addendum (22AD) has been clarified to provide that, if the buyer waives the financing contingency, the seller may not terminate the agreement under the provisions in Form 22AD. In addition, a new notice formNotice for Increased Down Payment for Low Appraisal Addendum (22ADN) –was created for the notices required by Form 22AD.

Heads up: if you stash NWMLS Forms somewhere outside of transaction desk, time to recycle! The new revisions are in play.

…and on that note, let’s get back to summer play! Thanks for digesting the above, in your continued commitment to be the best in the business and in your actions in constantly raising the bar. #TheWindermereWay

All in, for you.

Laura Smith | Co-owner | Windermere Real Estate Co.

…and oh, a few shots from Hoopfest last weekend > a me + Piper kind of weekend. The best. And yes, she drained that jumper [bottom right] after a wicked step back move. Fun to watch her play and coach the girls. Life is sweet. Focus on the good.

meandP

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