Presented By Devin Sanford Homes

Five Closings for July

There were only five closings for July compared to 18 the same month last year for about a 72% deficit. July was the largest sales month of 2021 and with a dozen transactions currently sitting in Escrow, we can expect a more productive August. It remains to be seen whether the final prices on the settlement statements will be higher or lower than the offerings. We have begun to see an obvious shift in the market. There’s been a consistent slide from the panic purchasing period of homes moving rapidly for five or 10% or more above list prices to price reductions and extended days on market. This reflects a more normal marketplace is approaching. Notwithstanding, it’s still very much a Seller’s market if your home is priced properly. The largest amount of traffic happens in the first two weeks, so you don’t want to blow it by being greedy. Those who do will likely find themselves staying on the market longer and reducing their asking prices at least once. Also, don’t be surprised if there’s not multiple offers or the Buyers want to have an inspection. They have a larger selection now and are calling more of the shots.
The Chelan at $850k is spectacular, sitting high above the greenbelt and walking trails. It has an oversized yard tiered beautifully with upper and lower Flagstone and gorgeous gardens; a site to behold. The Washington is highly remodeled with a stunning interior and a great view of the forest floor, trails, and retention pond below. The percentages in the active table above reflect that special homes like these move easily while most require more Listing Agent effort. The days of “My home will sell no matter what agent I hire are over. The following data unveils the hard facts.

An Even Dozen Buzzin’ Around in Escrow

Wow…Warren said it perfectly. The data is in the tables; need I say more?

“Price is what you pay. Value is what you get.”
Warren Buffet

Eight Homes Up For Sale at Month End

Go Hawks!

Bifurcated Business

One of my daily reads, Elliot Eisenberg, an internationally acclaimed economist, and public speaker reports:

“At LVMH, the world’s largest luxury group whose brands include Christian Dior, Louis Vuitton, Tiffany, and others, reported a 28% Y-o-Y sales increase, and at Hermes, home of the $20,000 Birkin bag, sales are up 23% Y-o-Y. Conversely, McDonald’s is seeing lower-income customers buy more value offerings and fewer combo meals and is also gaining consumers who are shifting away from sit-down fast-food restaurants to save money on meals out.”

Could this be a case of “The Rich get Richer; the Poor get Poorer”? With Luxury Homes over $2m doing so well and others not so much, there seems to be some truth to that.

1% Listing Fee Vs. Conventional Brokers in Black & White
… Brokers Are Worth What They Get Paid; the Numbers Don’t Lie. Here’s how our Trilogy 1%ers match up.

Our market has adjusted in a matter of a few months, and we have been seeing listings with more days on the market. It can be challenging to navigate this so Sellers require more attention. All you need do is look at the data within the tables above and from prior reports; one duo stands out like a sore thumb. Of the 39 closings year-to-date, there have been 11 price drops and nine of them are or were listed with the 1% listing fee duo, who had their first reduction in March when the market was red hot. Of the 22 other Brokers who have listed properties in Trilogy this year, only two have had a price reduction prior to going pending, they didn’t happen until after the third week of June, totaled a mere $30K between them and still averaged 98.36% of the original asking price. The nine price drops involving our “discount duo” ranged from $45,000 to a whopping $252,000, averaging reductions of over $117,000 or 92.78% of the original asking price; you do the math.

Let the Most Experienced Trilogy Listing Broker in the Industry Ensure Your Success.
…The 1% Difference is Worth it!

Did you know that 11% of transactions in Escrow nationally fail to close. I find little excuse for that and I’m proud to say that in my 23rd year as a Real Estate Professional, I’ve never had a deal fail to close. I ask the right questions, write a strong contract, and track things closely.

When a listing isn’t selling, communication is the most helpful thing we can do for our clients. With the Market Insights tool on the Compass platform, I can show Sellers the traffic on your listing over time. It combines data from multiple sites like Zillow, Compass, CoreLogic and social media, as well as how digital ads are performing, and we can quickly adjust strategy.

There’s also a reverse prospecting tool on the NWMLS to see which agents have sent your listing to a Buyer. It allows listing agents to directly email the buyer’s agent. It’s a great tool to directly invite agents and their clients to tour. It’s important to build relationships with showing agents, communicating directly to get feedback. The Elephant works to turn over every stone by picking up the phone after showings, Brokers have complimented me as “The Trilogy Guy” for nearly two decades. I’m always happy to help newer Brokers to Trilogy and have established myself as knowledgeable and pleasant for them to work with.

Is there a sticking point with their buyers that I can work with them through to a creative solution? Is the feedback like what I’m hearing from others? This can guide conversations with sellers if it’s addressed (Paint, landscaping, rotten fence, etc.). Constantly checking up on recent relevant sales to see if they sold under the list price or if there are new competing listings on the market are all time-consuming tasks. There’s no way I could do it thoroughly with more than two or three listings at a time. Superman couldn’t do it and hidden deals would not be uncovered. There are only so many hours in a day and turning over every stone ensures a positive outcome every time, not just some of the time. Allow me to serve you “The Elephant Way” with more experience and more care. I won’t let you down.

That’s a wrap for July 2022! Enjoy the Sunshine, Everyone and Thank You for Reading.

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Did You Know the Elephant Serves Central Snohomish County?
hometown and stomping grounds I’m born and raised in this area and love it!

It was mostly woods when I grew up in Lynnwood where we rode our sleds down 196th Street and my childhood home is now a Wells Fargo Bank, and our motorcycle riding grounds are the Alderwood Mall and an array of businesses. I grew up in the Edmonds School District and went swimming at Mukilteo and Edmonds beaches, lived in Woodinville and ran Track for Monroe then graduated from Inglemoor High School in Bothell. As an adult I’ve lived in Everett, Mill Creek, Monroe and on Lake Stevens. If you or someone you know need a Snohomish County Expert, I’d be delighted to hear from you.

Month over Month Stats:

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
$old	2	2	9	5	9	7	5						39
Pending	2	3	2	7	7	11	12
Active	0	1	2	6	6	10	8
$old D.O.M.	4	5	6	4	4	13	9
Active D.O.M.	n/a	5	1	9	17	23	33

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Find Devin’s 11th consecutive Five-Star Professional award in SEATTLE Magazine’s December 2022 Issue.