As we reflect on the real estate market in the Puget Sound and Washington for the past year, it’s evident that the region has experienced notable trends and shifts. Despite the ongoing challenges posed by the economy and other economic factors, the real estate market in the Seattle area has shown resilience and adaptability.
The region’s vibrant economy, coupled with its attractive quality of life, has drawn buyers from various demographics, including first-time homebuyers, move-up buyers, and investors. This sustained demand has created a competitive market characterized by limited inventory and multiple offers on desirable properties.
In 2023, we sold less homes than any year in the last ten years. It hurt a lot of our colleagues in the industry, but it also set those of you who are at the top of the market apart from the competition. Many of you had your best year. The manner in which you differentiate yourself from other brokers, how you communicate your value, and the level and consistency of service you provide will continue to directly impact your sales volume in the year ahead.
How you define your value is now more important than ever. With the implementation of the buyer agency agreement here in WA, the opportunity to communicate why you’re worth what you charge begins at or near the first interaction with buyers. This is new for many of us. Lean into this conversation with your clients in a way that cements your credibility and market knowledge.
This next year will be nothing like 2023. The Federal Reserve has already indicated it will drop interest rates several times throughout the year. These drops will almost certainly create new buyer and seller opportunities. Both groups have been waiting for interest rate relief and it’s your job to be the broker they reach out to.
Actionable Advice for WA Brokers
Contact Your Clients
Get in touch with your current and past clients often this year. Many buyers and sellers have been disengaged over the last year. Now is the time to get them excited about new housing opportunities.
Prepare for Multiple Offers
Have a clear conversation with your clients, prior to writing an offer for the first time, that explains why you’re drafting the contract a certain way and why it’s in their best interest.
Price Properties Strategically
Pricing last year played a significant role in how quickly a home went under contract. If you’re unsure or want to verify a listing price, don’t be afraid to ask. We are all here to lift each other up and collaborate.
Build Your Referral Network
There will be more relocations this year than last. So be the resource for buyers who need a skilled agent in their new community. The Side Community is a great place to begin building relationships.
Keep your head up and mind focused as we move into 2024!
Information and statistics compiled and reported by NWMLS.