Q4, 2023 Newsletter

Q4, 2023 Quarterly Newsletter

A Quick Market Update 8 Avg. Days on Market in Jan '24 Down from 32 days in Dec '23 515 Homes Pending Up 64% from Jan 1 $879K Median Home Price Up 7.9% YoY

A Quick Update on how 2023 ended & the start of 2024 As we reflect on the conclusion of 2023 and the promising start of 2024, the real estate market has exhibited notable shifts that are shaping the industry's trajectory.

The final quarter of 2023 saw a gradual slowdown in the real estate market, as buyer activity tempered and the pace of transactions eased. This deceleration was influenced by factors such as seasonal trends, buyer hesitancy amid economic uncertainties, and a natural adjustment following robust activity earlier in the year. We saw favorability for buyers for the first time in 4+ years — we were able to negotiate seller credits for eight of our clients in the end of 2023. Conversely, the onset of 2024 has brought renewed vigor to the real estate landscape, marked by a drop in interest rates. This development has injected fresh momentum into the market, reigniting buyer enthusiasm and stimulating demand, making the shift back to a sellers market evident. The stats above depict this shift given that pending sales are up 64%, however inventory has remained steady. The stabilization of financing conditions have prompted a surge in buyer inquiries and a resurgence of market activity, setting a promising tone for the year ahead.

Myth Busters The Myth: With interest rates trending down, the market will become too competitive again and I will get out-bid on any house that I want to put an offer in on. Here's the truth:

The highest priced offer doesn’t always win the deal. There are multiple levers that can be pulled when putting an offer in on a house, aside from just the price point. Here are three key ways to win an offer: Flexible Closing Timeline: Accommodate the seller's timeline to make your offer more appealing. Waived Contingencies: Consider waiving certain contingencies to streamline the process. Strong Pre-Approval: Present a solid pre-approval from your lender to instill confidence in the seller.

Team Updates New Year, New Team, New Brokerage!

We are thrilled to announce the newest addition to our team, Michael Wolf! With five years of industry experience and a wicked eye for design, Michael brings a fresh perspective and creative flair to our team. Alongside his husband, Michael calls West Seattle home, where they reside with their beloved dog, Zelda. From Alki Beach strolls to exploring the lush greenery of Lincoln Park, Michael's love for our city's unique neighborhoods shines through in every property he presents. Apart from his passion for design, Michael is an avid fitness enthusiast, always seeking new adventures through travel, and exploring new restaurants. His vibrant personality and zest for life make him a valuable asset to our team.

We are also excited to announce our transition to Compass, a brokerage renowned for its focus on technology and collaboration. This move empowers our team to bring even more to the table for our valued clients. Compass offers a unique advantage to both buyers and sellers by providing access to a comprehensive suite of tools and resources that streamline the real estate experience. For buyers, Compass's advanced technology and market insights enable them to find their dream home efficiently, while sellers benefit from tailored marketing strategies and the support of knowledgeable agents to maximize the value of their property. Additionally, Compass's collaborative approach fosters a seamless and transparent transaction process, ensuring a positive experience for both buyers and sellers.

Our Latest Success Story How Minor Updates Led to a $260K Over Asking Price Sale We recently had the pleasure of working on a fantastic listing in Redmond that showcased the power of minor updates in the real estate market. The property, a charming split-level house spanning 1,800 square feet, presented an exciting opportunity for our team to work our magic. Upon our initial walk-through with the clients, it became clear that a few updates could significantly enhance the appeal of the house. We recommended a fresh coat of paint throughout the entire property, along with modernizing the light and faucet fixtures to give the space a more contemporary and inviting feel. With the clients' trust and approval, we were granted the opportunity to take the reins and transform the property. After the clients moved out and handed us the keys, our team wasted no time in getting to work. In just three weeks, we successfully executed a full repainting of the house, updated the fixtures, and expertly staged the property to showcase its full potential. The results were nothing short of extraordinary. The house quickly became a magnet for attention, attracting a staggering 32 offers and ultimately selling for an impressive $260,000 over the asking price. This outstanding success serves as a testament to the vibrant real estate market in Redmond and the transformative impact that strategic updates can have on a property's value.

Meet one of our preferred lender teams! Meet Casey & Crystal of Cross Country Mortgage. We have been working with their team for over 7 years now. Mark, Devereux, and Madisen have all purchased houses with them and we love to refer our family, clients, and friends to them. One thing that sets them apart is they prioritize walking you through your whole financial picture. If you have mortgage questions, click the link below to chat with Casey & Crystal! DRE# 403863 DRE# 1704001 Chat with Casey & Crystal

Upcoming Client Events Formal invites to come.

Mariners Game Paella Party

RWG Properties M: 206.321.0775 Team@RWGProperties.com RWGproperties.com

Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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