Seattle Real Estate Secrets: What Buyers and Sellers Need to Know for 2024

Entering the real estate market requires full transparency. Whether buying or selling, it's crucial to know both the pros and cons of a property upfront. We make it a priority to be honest with our clients, treating them like friends and family.

Here’s what we’ve seen so far in 2024.

A Strong Start to 2024, Followed by a Spring Slowdown

The year began with a bang. The market was moving quickly, and the numbers were looking great. But spring brought a lull—perhaps people were waiting for interest rates to drop, or maybe the market needed a breather. By June and July, things picked up again. For instance, in June, we had five homes sold, four active listings, and a few pending sales. This shows that the market can change from month to month.

Seattle vs. Surrounding Markets

Recently, I helped a friend buy a home in Bonney Lake, which highlighted how different Seattle is compared to its neighboring areas like Tacoma or Puyallup. In Seattle, everything moves quickly—pre-inspections, turnkey homes, and tight processes are the norms. In areas like Bonney Lake, it’s a more relaxed market, with fewer pre-inspections and less intense pacing. What works in one region might not apply in another.

Learning From Challenges and Staying Adaptable

Not every deal goes smoothly. Recently, one of my buyers faced a delay in signing because her husband, a truck driver, was unexpectedly out of town. It was a bit embarrassing to inform the seller, but fortunately, they were understanding. This incident is a reminder that even with solid communication, things can slip through the cracks. The key is to stay adaptable and own up to any missteps.

Wins in Seattle’s Competitive Neighborhoods

We’ve had some great wins this year. In Mount Baker, a couple found their dream home, but another offer came in. It was disappointing for them, but the other buyer backed out after inspection. We seized the opportunity, negotiated smartly, and saved the couple six figures off the list price.

Similarly, in Magnolia, we helped a friend looking to buy closer to her son’s school. After negotiating post-price reduction, we not only secured a great price but also covered substantial closing costs. These wins highlight the importance of patience and savvy negotiation.

The Summer Slowdown and Market Saturation

Right now, the market is slow due to the typical summer slowdown. People are on vacation, kids are out of school, and buyers aren't as active. It's a trend we see every year. Despite this, we remain hopeful that activity will pick up as we approach Labor Day. If you’re a buyer, this is a great time to find deals before the market heats up again.

Opportunities for Buyers in the Current Market

The current market offers significant opportunities for buyers. With fewer people actively buying, it’s easier to negotiate for repairs or closing costs. For example, we recently helped a client negotiate $20,000 for a new roof—something that would be much harder in a more competitive market. But this window won’t last forever, especially if interest rates drop later in the year.

Looking Ahead: The Fall and Interest Rates

There’s speculation about a possible Fed interest rate cut in the fall. If that happens, it could drive more buyers into the market, increasing competition and prices. For now, buyers can take their time, negotiate repairs, and secure better deals without the pressure of multiple offers. Patience is key—wait for the right home and don’t feel rushed by market trends.

Wrapping Up: The Importance of Transparency

Every deal is unique, and our goal is to ensure you’re well-informed every step of the way. Whether it’s a win or a loss, we’re committed to keeping our clients fully updated. As we move through the rest of 2024, we’ll continue to be transparent and diligent in helping our clients navigate the market.

Curious about how to navigate the ups and downs of the real estate market in 2024? Our latest episode dives deep into the trends, challenges, and wins we've experienced this year. From Seattle’s fast-paced market to surrounding areas like Bonney Lake, we’ve got insights you won’t want to miss. Tune in to learn how transparency and smart negotiation can help you succeed, no matter the market conditions.

📺 Watch the full episode now and stay ahead in your real estate journey!