We have some big news! Our Windermere office has merged with the Greenwood office on N. 85th St. The Brokers in our office will be relocating to the other office throughout February. We’re excited about the move. In fact, Steve and I moved our office on Saturday and are already getting settled in. It will be weird not to have the Windermere office in Broadview, but as we all know change is inevitable. Don’t worry, there is plenty of parking at our new location. My only worry is being walking distance to Chocolati’s!
What a difference a month makes! We are back to offer review dates and multiple offers. We had expected 2024 to start out strong. We’ve been talking about the pent up demand from both Buyers and Sellers. With interest rates staying relatively steady in the 6s, Buyers are definitely out there, and listings are slowly coming on.
One of the best ways to gauge how Brokers are feeling about the market is by tracking the number of new listings with review dates. Just as a quick reminder, a review date is the date a Broker sets on the NWMLS as the day they want to review offers. In a more robust Seller’s market, there will be more homes with review dates. This past week in Snohomish County, 56% of new listings had review dates. This is the highest it has been since the week of July 23rd. The story is similar for NW Seattle. This past week 56% of new listings had review dates, the highest since June 20th.
In the next two to four weeks, we should see a rise in sold prices as more homes sell with multiple offers. This time of year, and this type of market is the most challenging for pricing new listings. We’re coming off the 4th quarter, which often has the lowest sales prices of the year and moving into an escalating market. Ideally, this time of year we try and price off of homes that are Pending. However, with low inventory and fewer sales, we don’t always have the luxury of having a Pending property that is a good comparable, and one that an Appraiser would also use.
There is still time to sign up for our next Home Selling Seminar on Thursday, February 8th. The seminar will be at our new location.
