Leavenworth Real Estate Update - Quarter 3 2009

Leavenworth Buyers and Sellers are in a Stalemate.

Photo by Lilit

Photo by Lilit

In most markets, an oversupply of  product (in this case homes) leads to a drop in prices which then leads to sales. The law of supply and demand. When supply exceeds demand, prices fall.

Of course, loyal readers know that the Leavenworth real estate market is no "normal" market. For some time we have had increasing supply and few sales, yet Leavenworth home prices have been fairly stable.

The Q3 numbers show a similar trend.

  • High Inventory
  • Low Sales
  • Stable Prices
3 Quarter Sales and Prices

3rd Quarter Sales and Prices

What do I mean by Stalemate?

Buyers in the current market look at the inventory and surmise that sellers in the current market need to drop their price or accept a very low offer. Sellers look at comparable homes for sale on the market and the few comparable sold homes and think that they are offering their home at a fair price.  Unfortunately, when it comes to negotiating, neither side is willing to concede much.

By my rough count, Allyson and I have been involved in at least 15 offers this year, representing either buyers or sellers, that did not result in a sale.  This is 15 buyers who could not come to agreement with a seller.

Where do we go from here?

The market value of a property is that price where buyer and seller AGREE on a price. If the buyer and seller can't agree, then neither party is right about the market value.

Sellers need to re-adjust their perceptions about the market and be prepared to engage buyers with a bargain hunting attitude.

Buyers need to realize that there is a reason we see so few Leavenworth foreclosures.   Most homes were bought as second homes by well qualified buyers. They may want to sell, but they don't need to.  The list price of a house is usually a good indication of what the seller thinks the house is worth - the lower you offer below that price, the more you are likely to encounter resistance.

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Required Disclaimer

NOTE: This representation is based in whole or in part on data supplied by the North Central Washington Association of Realtors or its Multiple Listing Service. Neither the Association nor its MLS guarantees or are in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the Market.

Comments

Here's an interesting take on a real estate market (NYC) that has just come out of the spot we are in now. Looks like buyers and sellers in New York are starting to come to terms. http://therealdeal.com/newyork/articles/buyers-and-sellers-get-on-the-same-page

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Allyson and Geordie Romer

Leavenworth real estate agents - Allyson and Geordie Romer

For over a decade, Allyson and Geordie have been serving clients in the Leavenworth-area real estate market. Together, they work tirelessly to stay on top of the regional market and present the most relevant opportunities to their clientele.

When not in the office, they can be found exploring the endless recreation opportunities of the area in all of its seasons.

 

Testimonials

 

Geordie provided excellent real estate representation! We appreciated his detailed knowledge of the market, his up front and honest approach, and his negotiation skills.
As reviewed on Zillow  – 

- Laura Anderson

 

 

As “west siders” looking for a getaway near Leavenworth, Geordie provided insight … his knowledge of design features important in a “snowy winter wonderland” was appreciated. Thanks Geordie!
As reviewed on Zillow  –
 

- Jean Stern

 

 

Geordie made this somewhat complicated transition easier for us…going above and beyond to help us work through issues that came up during the sale of our parents home. We appreciated his knowledge, attentiveness to details and his willing spirit.
Our family is grateful for Geordie!
As reviewed on Zillow  – 

- Terry Foster

 

 

Geordie was great in every way. We have been looking in the Leavenworth area for some time, and Geordie was absolutely the best for local knowledge, history and depth on neighborhoods, developments and the local market trends. He was very quick to respond (even when he was on his vacation) and worked very diligently to get all of our questions answered in a very timely fashion. We would recommend him highly to anyone looking to buy or sell a home. Very friendly, and helped us navigate all of the local options before we made an offer on the property that we purchased. Thank you, Geordie!

As reviewed on Zillow  – 

- Ryan Olsen

 

 

It was such a pleasure to work with Geordie and his wife, Allyson on our cabin purchase. They showed us a variety of locations, listened to what we wanted and helped us find the perfect match. Everything was smooth and not stressful, just relaxed and easy. We would definitely recommend Geordie and use him again if the need arises!

As reviewed on Zillow  – 

- Cammie Schlosser

 

Moving to Leavenworth?

Are you looking for a cabin or a condo in Leavenworth that your family can use as a home base when climbing, skiing or hiking around Leavenworth or Lake Wenatchee?

Maybe you rent a house here and have decided to stay, surprised how a summer of rafting somehow turned into seven years.

Maybe it’s time to escape the hustle of the big city (and its rain) and move to Leavenworth with its four seasons.

Maybe you bought a condo years ago, don’t seem to use as much, and it’s time to sell.

Whatever your motivation, we are here to help. If you are buying a home, the best place to start is with our Homebuyer’s Guide to Leavenworth.