Presented By Devin Sanford Homes. Real Estate Stats for April and May 2020. Various Brokers Mixing it up with Listings. Real Estate Goes on Despite Current Affairs…

April Showers Reveal Six Sales …

	Model	Square Footage	NWMLS Number	Original Asking Price	Asking Price when Sold	Final Sale Price	Days on Market	Remarks
1	Chelan	1,300	1572402	$599,000	$599,000	$565,000	6	Lovely Home… Puzzled.
2	Washington	1,871	1556234	$709,500	$709,500	$715,000	46	Good Job, Broker.
3	Bainbridge	1,870	1558742	$785,000	$749,000	$749,000	264	Discount Broker fee.
4	Cedar	2,385	1556144	$935,000	$895,500	$895,000	36	Morgan Drive
5	Hemlock	2,290	1566070	$1,049,000	$1,049,000	$1,049,000	1	Priced Right 2^nd Time
6	Maryhill	3,365	1552047	$1,348,000	$1,298,000	$1,298,000	50	Golf Course Home

The Elephant Representing SELLERS

Two of these sales went under Contract the last week of February and the remaining four, during March. The Chelan was one of the loveliest I’ve seen with a good location and tastefully remodeled Kitchen and Baths. I’m surprised they let it go in less than a week at nearly 6% under asking price, especially when the basic, mediocre home entry into Trilogy starts at a rough $600K. Of course, I don’t know this Sellers reason for doing so. I did notice it was a less than status quo commission offer to the Buyer’s Agent which would reflect a discount fee or weaker representation in most brokers’ eyes. The Bainbridge was listed with a 1% listing fee offer and sold for a 4.5%+ discount off the asking price. It spent 264 days on market. Yes, your Bainbridge is worth more than that. Conversely, the Washington which spent 46 days on the market after being listed for the second time by a very respected Trilogy Broker sold for over asking price. This just goes to show the difference between someone who hangs in there for their clients and works it and those who give it all away just to get the listing then lower the boom on the Seller later. One of my Trilogy clients said to me two days ago, while out for a walk “You get what you pay for.” I agree with a verse from a Kingston Trio song, “When will they ever learn? ‘If it sounds too good to be true, it is.’” The upper end consistently has been seeing reasonable negotiations in price between Buyers and Sellers to reach mutual agreement.

May slips to Four Sales…

	Model	Square Footage	NWMLS Number	Original Asking Price	Asking Price when Sold	Final Sale Price	Days on Market	Remarks
1	Townsend	1,340	1576202	$600,000	$600,000	$600,000	2
2	Discovery	1,350	1578685	$649,000	$649,000	$665,000	3
3	Maple	2,380	1579077	$800,000	$800,000	$750,000	257	Remodeled to Sell.
4	Cedar	2,436	1566805	$998,000	$976,500	$942,500	76

Our typical Spring surge certainly has been dampened by the Covid-19 Pandemic with a combined 10 sales for April and May equaling the same number of closings during March alone. Notwithstanding, all four homes did go into contract over the last six weeks. In other words, people are still buying . They’re certainly wanting to sell them, as well, as listings continue to hit the market. That is consistent with Spring. The month of May revealed the usual, quick sales, perhaps too quick, of well-appointed entry price homes. We had a nicely presented Cedar model sell for under $895K after about a 4% concession and a good effort. The Broker is good. Sometimes, it’s just timing although the “Forest Collection, including the Hemlock, Cedar, Maple and Alder, do tend to float around the $900k mark, give or take, if not in an exceptional location and/or highly upgraded. Maple Sellers do not fret. This was a tough one and a one off. I walked the home and expressed the potential, given the price for the square footage, to a Buyer who landed on a Bainbridge.
The temperature was set exceptionally low inside the home and the presentation was not overwhelming enough to overcome nearby Novelty Road. After eight months on the market and price drops into five figures, the discount broker’s time was up. In my opinion, the second Realtor hired and/or the Sellers’ decisions to remodel the Kitchen and stage with a current palate and furnishings, did an excellent job. The house looked beautiful the second go around. Why they accepted a $50K discount, is puzzling. People have their reasons. Maybe they were just worn out.

CURRENT AVAILABLE INVENTORY…

	Model	Square Footage	NWMLS Number	Original Asking Price	Asking Price when Sold	Days on Market	Remarks
1	Chelan	1,300	1598860	$574,500	$574,500	18
2	Union	1,510	1602333	$616,979	$615,979	17
3	Discovery	1,361	1605651	$630,000	$630,000	9
4	Union	1,550	1601015	$650,500	$650,500	4
5	Townsend	1,335	1530439	$695,000	$655,000	234
6	Whidbey	1,680	1602197	$725,000	$725,000	16
7	Whidbey	1,680	1607327	$748,000	$748,000	4
8	Monaco	1,590	1584787	$749,950	$749,950	64
9	Vashon	1,690	1588230	$764,500	$764,500	49
10	Whidbey	1,671	1596823	$787,000	$787,000	27
11	Bainbridge	1,870	1586666	$819,000	$819,000	52
12	Maple	2,505	1599479	$920,000	$895,000	23
13	Hemlock	2,170	1607093	$1,000,000	$1,000,000	4
14	Maryhill	3,360	1578358	$1,398,000	$1,398,000	74

The Elephant Representing SELLERS

No Open Houses Leveling the Playing Field

I love that we’re seeing a healthy market mix of Realtors and signs from various brokerages. It helps immensely to keep, a competitive market and fair pricing for Sellers. It forces those who lure you in, possibly from an Open House encounter, with a discount fee offer only to price your home too low, more on the straight and narrow. Sellers who don’t meet those Agents at an Open House, are asking their sphere of influence or shopping the Internet for a Listing Broker. One caveat of this new mix is the majority of these welcomed Brokers know little about why Trilogy is so special or how to explain it. They never went through the Tour Center process when Shea Homes was still sharing the concept or resort living nor did they walk the beautiful Model Gallery with names of the floor plans eloquently posted out front . They’re professionals and I assume, good at their craft, But they’re not familiar with Trilogy. They see your home is available and in a nice neighborhood and no more. That literally is taking away the premium over similar homes elsewhere, which we’ve enjoyed since inception. I may be the only available Broker who can explain the “Environments for Living” building process or “Shea Zero”. These and many other things build value, value that will not be reflected in the offer if they are not explained to the Buyers. The more homes that sell at or above a proper asking price, the more the home values will be adding to your assets.

Recently, I picked up a flyer by our local low listing fee brokerage touting the golf course was designed by Oki. I got a chuckle out of that one. You golfers know who the Hall of Fame designer really is. What is my point, you ask? It’s simple, I’ve said it for years, “Don’t fall for discounts and short-cuts with your most valuable asset” and “Don’t hire a relative or a friend from Church, Hire someone who’s good and, more importantly hire a genuine Community Expert.” Believe me, I can count them on one hand, they’re worth their weight in gold, they’re pricing is not all over the place, they care, nothing should come back to bite you, and they’re too good to discount their work. The Elephant Team is dedicated to getting you top dollar, building value with everything we do, averaging over 100% of asking price and putting more dollars in YOUR trunk!

Final Thoughts:

We all know things have been tough. We have all been cooped up for too long and now, just as we are seeing improvement we’ve got crowds of protestors in every city elbow to elbow, upset about the tragic loss of George Floyd. It is an incredibly sad thing and my heart goes out to all of those who are hurting. Even so, and I am no expert but, if this Covid-19 is as real as many think it is, regardless the reason, these enormous gatherings cannot be good. Let us hope for the best there.

Coming from a Real Estate Broker who makes it my point to be informed and has been in this business over 20 years, I can share that I am not overly concerned about the market. Although, I am no Spring Chicken, I’m sure most of you know more than me that we’ve seen similar times before, always coming out of it. Slowed but picking up considerably, housing is still a driving part of our economy. Interest rates are at an all-time low and especially younger Buyers are taking advantage of the. For the more established crowd too, it beats cashing stocks, which are recovering gradually. Our local economy is still quite strong regarding the higher priced homes where many of the Buyers are in management, can afford to pay or prove they can pay cash, or are comfortably sitting in retirement. Rather than making these reports too long, please, watch for Snapshot Market Updates in your emails. I will work to keep you in the know and keep it brief. Despite being in Phase one, King and Surrounding Counties are seeing a lot of Real Estate Activity. The age demographic of Trilogy makes for a more conservative, Covid-careful Buyer and Seller so Trilogy is a bit slower, but it is moving. Continue your plans and help yourselves and the economy would be my recommendation and stay safe in how you do it.

That’s a wrap through May. Let’s keep that 2020 Vision! Thanks for reading. We appreciate it.

A Recap of 2020 Month over Month Statistics:

	Jan.	Feb.	Mar.	April	May	June	July	Aug.	Sept.	Oct.	Nov.	Dec.	YTD
$old	2	8	10	6	4								30
Pending	7	8	7	4	5
Active	9	6	7	10	14
$old D.O.M.	38	19	7	67	85
Active D.O.M.	63	46	73	48	43

That’s a wrap for now! Thanks so much for reading!!!

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DEVIN SANFORD