Open House Run Riot: February’s Market Moments and What They Mean

It was Saturday, February 24, 2024. I pulled up fashionably early to a home on Education Hill on the Eastside, listed by the McCaughey Group from my office. There was a line forming so I assumed maybe they had appointments to show the home and we waiting their turn(s). I got out of my car and started to set up open house signs and I noticed a frantic looks as people began to approach me. “Are you opening the house?! Is it still available?!” It was quite the surprise. At the moment, an agent had reserved to tour the home and kept the key with her. I was not able to make it inside early to set up the open house until 2 minutes before 11, the published open house start time, the touring agent exited the house with her clients. The look on her face was just as surprised as mine as we turned toward the street to see a line of 5 groups waiting to tour the house. For the next two hours, over 62 groups, totaling somewhere around 250 people, came through the house. Here were their common questions:

• Are you going to wait until the offer review date? A home in Woodinville had an offer review date and an open house scheduled today but the home just went pending!
• Is there an inspection?
• Can we offer early?
• How many offers do you have?
• Why did the sellers move?!

These questions led me to the following:

• Inventory is still an issue. There aren’t enough homes on the market to keep up with demand.
• Sellers are losing out on money by taking early offers, even when they publish an offer review date. Fun fact: Adhering to the offer review date historically gets a seller 20% more for their home versus when they accept an early offer.
• Buyers are panicked. And there are a lot of them. There is true demand.
• Presentation of a home is everything.
• Get a pre-inspection.

Rates have dropped a bit but buyers are tired of waiting. Simple as that. It other buyers wait until rates drop more there will be even more demand. I am not more of a fan of this market than most people are, but I find that information is key. If you are looking to list, please reach out. If you are looking to buy, same directions: reach out. After the open house, it took me almost an hour to get a move-in-ready home back to a decent presentation. Buyers are back, homes are selling. Time to call (206) 778-2424. -James