Windermere Woodinville Blog

You’re at a meeting for real estate office managers.  They hand out an agenda.  The meeting progresses.  You see a person across the table with their eyes down and pen working.  They’re taking notes, right?

Ever wonder what people are actually scribbling on their meeting agenda? 

Okay, look above.  Here is someone’s notes.  What do the “notes” mean?  They look more like rough cartoons … or products of a tilted mind. 

Are these scribbles a comment on the market?  Do they offer an insight into the state of the real estate world more accurate than charts?  Do they reflect the mind set of today’s manager?  If so, should we be worried or optimistic?

Or are these images just what they appear to be a first look … the product of person who can’t knit at meetings, so does about the same thing with a pen.  These doodlers keep one ear on the meeting the other on the murmurings of their fevered brain.  They are “in” the meeting, but not totally “of” the meeting.

Yet, if there are psychologists out there … analyze these doodles for us.  What is the state of the residential real estate market in the Seattle area?

God bless.

For residential properties through late April 2008, It continues to be primarily a Buyer’s market in the Juanita/Woodinville market.  On the chart above, green means a Buyer’s market.

When we say  there’s a “Buyer’s market” we mean the “weeks supply of inventory” (a realtor’s index to determine the market) favors Buyers.  That is the inventory of houses available is large; Sellers have had those properties on the market for some time; and Sellers may be willing to consider concessions or price reduction.

A large inventory and an increasing “cumulative days on market” (it’s taking longer for sellers to find buyers), yet  value retention in homes (Sellers still, by-and-large get their asking price) favorable mortgage rates and a healthy Washington State economy with job increases, modest unemployment and rising rents … all bode well for Buyers.  Add, too, land building restrictions in “green” oriented Washington State which means a brake on overbuilding.

And for that matter Sellers still enjoy a decent market even though it may take longer to sell their properties.  They may have to price carefully and be willing to make some concessions … even consider contingent buyers (folks who have to sell their homes to move on to the next).

If there’s one bright spot on the real estate horizon its in high end homes. In the $2,500,000 to $3 million dollar range we find a neutral market, favoring neither Buyer nor Seller.   Inflationary trends, high gas and grocery prices (factors that might dampen sales activity at certain price ranges), traditionally leave high end Buyers unaffected.  The high end market moves to its own rules.

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In Washington State, forty-one percent of all home purchases are made by first time home buyers.  The median age of this first time home home buyers is thirty-one years old.

Over twenty percent of home buyers are single females.

Thirty-six percent of home buyers reported using social networking Web sites, such as MySpace, Facebook, LinkedIn and Friendster.

Among home buyers aged 18 to 24, sixty-five percent reported using social networking sites.

For you first-time home buyers … now is the time, Washington State is the state, Woodinville is the area.  A great time to buy that family home.

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Red is a seller’s market, Green a market favoring buyers (inventory larger and homes available for sale for extended time, and Yellow  (yellow) is a neutral market not favoring buyer or seller.

Note, in the upper price brackets we actually see a Yellow or balanced market.

This chart allows buyers and sellers to see the trend in the market not just month by month, but week by week, this one ending on April 23rd.

These charts and this data, pulled from the Northwest Multiple Listing Service helps inform sellers about whether they’re priced right and buyers if they can afford homes in areas where they are interested in locating.

Agent "previewing" a home

What are you looking for in an agent?  Consider how agents are coached to generate business.  See if can you spot the qualities you want in your own agent.

Here’s what mentors or coaches tell new real estate agents to do to generate clients.  They recommend these steps to help the new agents get sales.

Develop a caring heart.  First and foremost you must care about people.  Buying or selling the family home is a stressful and ever more complicated process.  Good agents make that process problem free for their clients because they care about people and want to lighten burdens. 

Brand Yourself.  Brand yourself with your company name.  Get the logo on the hat and jacket. Don’t be a secret agent.  Encourage people to come up to you at the grocery store and ask about the market.

Preview homes.  Get out in your sales area and visit the homes for sale.  Know your neighborhood.  Become a local expert.

Sit Open Houses.   Even if you don’t have a listing, others in your office have them.  Often times they will accept your offer to “sit” their open house.   You may meet buyers at that open house.

Take Floor.  Volunteer for extra ‘floor’ duty in your office.  This is the time when the agent on duty gets to speak with any people calling in with questions or greet the walk ins.  Clients have been created this way.

Talk to People.   Homes are not sold sitting around the office.  Get invovled with  people with your same interests.  Are you naturally active in your church?  Do you like to golf?  Are you a fitness advocate and a member of a health club?  Do you attend the book discussion group at the local coffee shop?  These are activities you don’t force yourself to do … you like to do them.  Get invovled.  The fact that you’re real estate agent will come out naturally.

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Here you see a half-dozen tips for professional real estate agents to generate clients.  Now you can appreciate the skills and attitude that you want in your own agent:  knowledge, energy, hard working, people oriented, a community supporter … and a caring spirit.

- Amen -

We live and work in Woodinville.  Three or four times a week we climb NE 178th for exercise.  It’s a good climb, but the trees, the flowers, and the great views make it worth it.

This is a precious neighborhood, within walking distance of all downtown Woodinville services and retail attractions.  You can drop down to do banking, get groceries or plop down with the N.Y. Times and a latte.  Yet, 178th has a country, mountain feel. It’s private and quiet.

As a realtor I take notice of the properties for sale on the “hill.”  I’m looking at these homes all week.  There are some lovely properties that come on the market.  I have a couple of “dream homes” up there, I’d like for myself.  Some nice “split level homes,” in great shape, end up for sale.

I love my exercise hill.  Lovely 178th  is another argument … made with quiet understatement … for buying a home in Woodinville.

The greatest discovery of my generation is that human beings can alter their lives by altering their attitudes of mind.
~ William James

In today’s real estate market it’s easy enough to develop an attitude.   It’s within our power to define that attitude. 

Attitude will make or break a company … it will mean success of failure for a real estate agent.

We need not be darkened by stormy forecasts.   We can take counsel within our own hearts and minds and become sunny beacons of optimism for our clients and our community. 

We can succumb to negativism and  blame  others for loss of profits … or we can put on a positive air and turn adversity to advantage.   In every problem there is an opportunity.

If we want to prosper in any market, we should suit up and show up, set aside blame and resist criticising.   Let’s cut the other players some slack.  Charity  creates a spirit conducive to success. Don’t curse the darkness; turn on a light.  Don’t curse your competition … wish them well.  Don’t blame a bad press, help create a good one.   No one ever pulled themselves up by tearing others down.

Lots of voices shout to us about the state of our commercial world.   Many pundits want to convince us that the economic vital signs point this way or that.  Some of the news is bad for business. 

Depending on the voices you rely  upon, you can develop a cynical or negative attitude toward the market.  A cynical attitude paralyzes action and a negative attitude grieves the spirit.  Neither is good for sales or investment.

A gloom and doom attitude will incline us to fear and pessimism.  Neither brings a paycheck or a dividend. 

Every day, when our feet hit the floor, we have a choice regarding the attitude we will embrace.  We cannot change the newspaper headlines … we cannot change that fact people will act in a certain way.  The only thing we can do is play the trump card in our hand … and that is our attitude.

The right course of action seems clear.  In today’s real estate market it’s within our power to determine how we will react to events.  We set the attitude.  That attitude must be positive.

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Guru (Sanskrit: गुरु), is a term denoting a teacher

In Western usage, the meaning of guru has been extended to cover anyone who acquires followers, though not necessarily in an established school of philosophy or religion. In the West, guru is  used to refer to a person who has authority because of his or her perceived secular knowledge or skills.

There are many fine real estate “gurus” on today’s real estate scene.  Selling residential real estate is a lot more challenging than it looks.   Agents need and welcome help from knowledgeable experts.

Many of these teachers, motivational speakers and market analysts have considerable knowledge about what it takes to succeed in real estate sales.  The best-of-the-best have been in the trenches themselves and speak from the college of hard knocks.

Denise Lones, of the Lones Group, is one of those good teachers.  We quoted Denise recently on the state of the market.

“If you look at charts going back to the 1960’s, there have been many ebbs and flows. Long ones sometimes.  Short ones other times. Double-digit appreciations rates [we saw them during the red hot market of two year's back] are always followed by a slowdown and a rise in foreclosures.  But one thing has remained constant - real estate has maintained an average appreciation value of 7% a year for forty years.  Regardless of any ebb or flow.

“Here in Washington State, we are relatively unaffected by [real estate] problems in other areas of the country … Job growth is on the rise here.  Values have remained steady.  More people are moving here.  And why not?  It’s a great place to live, full of opportunity and promise.”

Denise will respond to anyone who wants to comment.  Contact Ms. Lones at http://www.thelonesgroup.com/ or denise@thelonesgroup.com  She’s one of the best-of-the-best.

Thank you.