If you’re curious about the latest trends in real estate, especially around Seattle and Snohomish County, you won’t want to miss my latest podcast appearance! I had the pleasure of sitting down with Pete Lisoskie, host of KIRO Radio’s Home Matters podcast, to chat about the shifting landscape in real estate and what it means for buyers, sellers, and Realtors alike.

In this episode, we covered:

• The impact of the recent NAR settlement and how it could change the real estate world
• The current state of the housing market, from low inventory to rising interest rates
• Key differences between the Seattle and Snohomish County markets
• Tips for navigating these changes, whether you’re buying or selling
• Predictions for what 2024 might bring

Tune in to get all the details and stay informed about what’s ahead in the housing market. You can check out the full episode here on YouTube or listen via MyNorthwest.

---

Breaking Down the NAR Settlement: What It Means for You

One of the biggest topics we tackled during the podcast was the recent National Association of Realtors (NAR) settlement, a major event sending ripples through the real estate industry. Whether you’re a homebuyer, seller, or Realtor, these changes could affect you directly.

The settlement brings new regulations that will alter how Realtors operate, and this could have implications for everything from agent commissions to how clients engage with the market. If you’re thinking about buying or selling, this is something to keep on your radar.

I broke it down on the podcast, sharing how these developments will likely shift the way we all do business—and what you can do to stay ahead of the curve.

---

Seattle and Snohomish County Market Trends

We also dug into what’s happening right now in the real estate markets for Seattle and Snohomish County. If you’ve been following the local market, you know it’s a tale of two areas.

• Seattle: Still a hot market with fast-paced sales and high demand. But that competition can make it tough for buyers, especially when inventory is tight.
• Snohomish County: More suburban, but don’t be fooled—there are still challenges, particularly with inventory. That said, the demand here is strong, which is great news for sellers.

In the podcast, I explain how both markets are evolving, the unique opportunities each presents, and how you can make the most of current conditions, whether you’re looking to buy or sell.

---

Housing Inventory and Sales Momentum: What You Need to Know

Inventory and sales momentum are the twin engines of the housing market. Low inventory has been a recurring theme, and it’s one of the main drivers pushing prices up, even as the market cools in other areas. On the flip side, rising interest rates are making buyers think twice, which affects sales momentum.

In the episode, I offer advice on navigating this tricky landscape. For buyers, it’s all about being prepared, understanding the market, and moving quickly when the right property comes along. Sellers, meanwhile, are in a strong position to take advantage of low inventory, but pricing the home correctly is still key.

---

Rising Interest Rates: How to Navigate This as a Buyer

There’s no denying it—rising interest rates are a headache for buyers. A higher rate means higher monthly payments, which can put some homes out of reach. But does that mean you should hold off on buying? Not necessarily.

During my chat with Pete, we explored strategies for navigating a rising rate environment. Some of the tips include:

• Getting pre-approved to know exactly what you can afford
• Considering adjustable-rate mortgages (ARMs) for short-term savings
• Looking for ways to improve your credit score to secure a better rate

In today’s market, being proactive and informed is crucial to finding success.

---

What Sellers Need to Know About Low Inventory

If you’re selling your home, the low inventory situation is working in your favor. Less competition means that homes are likely to sell faster and, in many cases, for top dollar.

As we wrap up 2024, everyone’s wondering what the 2025 real estate market will bring. Based on current trends, I offered some predictions during the podcast:

• Inventory will likely remain low, meaning sellers will continue to have the upper hand.
• Interest rates may continue to rise, which could slow down the pace of home sales, but also provide opportunities for savvy buyers.
• Demand for homes in Seattle and Snohomish County will stay strong, especially as people continue to seek out homes in desirable neighborhoods.

Whether you’re buying, selling, or just trying to stay informed, understanding these trends will help you make smarter decisions in the coming year.

---

Final Thoughts: Stay Informed, Stay Ahead

As we dive into the details of the real estate market, it’s clear that both buyers and sellers need to stay informed to make the best choices. From understanding how low inventory benefits sellers to figuring out how to manage rising interest rates as a buyer, there are plenty of factors at play.

I invite you to listen to the full episode of the Home Matters podcast to get all the insights and tips. Whether you’re planning your next move or just keeping an eye on the market, this episode will give you the tools you need.

For more information, visit The Madrona Group, follow us on Facebook, Instagram, or call us at 206-899-5155 for personalized real estate guidance.

Let’s make your real estate journey a smooth and successful one!

---

PODCAST TRANSCRIPT

Introduction to Home Matters Podcast

Pete:
Good afternoon, everyone! This is Pete with Home Matters on KIRO Radio 97.3 FM. We’ve got a great show for you today. It’s a Saturday afternoon at 2 o’clock, and we’re talking with a guest from The Madrona Group. They’re heavily involved in real estate, and it’s going to be an interesting talk. Our guest is Jason Fox, one of the founders of The Madrona Group. We’ll dive into his story, how he started the company with his partner Joe, and get into the big National Association of Realtors (NAR) settlement, which you may have seen in the news—a $418 million settlement that’s shaking things up. Jason, welcome to the show! How are you?

Jason:
I’m doing great, Pete. Happy to be here.

Pete:
Glad to have you! Since you’re new to the show, our listeners love hearing background stories. I’m guessing you didn’t dream of being a real estate agent as a kid—no one usually does—so how did you get into this field, and how did you meet Joe?

Jason:
Yeah, interestingly, Joe was a real estate agent before I was. I worked in real estate marketing, helping agents with their marketing strategies. We sat down for breakfast one day, and the idea struck us that we’d make a good team. But we tabled it for a couple of years. We met for breakfast again, and this time the idea stuck.

Pete:
Did he buy breakfast this time?

Jason:
[Laughs] No, I think we split the bill. But yeah, I was working as a marketing coach at the time, running a small boutique business from home. I built websites for real estate agents across the country, helping them with lead generation and social media.

Pete:
So, how did you and Joe decide to finally partner up?

Jason:
I’d been helping him with marketing advice for a while. He was doing pretty well in real estate—Joe has a background in auto sales and finance, so he’s a great salesman. He’s one of those people who seems to know everyone, especially around Edmonds. We joke that he’s the mayor of Edmonds. He’s very outgoing, and I’m more of the data and marketing guy, so we complement each other well.

Pete:
That sounds like a great partnership! So, how did you go from just the two of you to owning multiple John L. Scott offices?

Jason:
Well, we started small—just the two of us—but we didn’t want to just be “two guys selling real estate.” We came up with the name “The Madrona Group,” and we grew from there. Our first office was in Ballard, but we weren’t allowed to officially call it an office at first because there were only three of us. As we grew and recruited more agents, we opened more offices. Today, we have seven.

Pete:
That’s impressive! Where are your offices located now?

Jason:
We’ve got offices in Ballard, Brier, Des Moines, Federal Way, Mill Creek, Vashon Island, and West Seattle.

---

NAR Settlement Impact on Realtors and Clients

Pete:
Let’s talk about the recent NAR settlement. It’s been a huge deal in the industry—$418 million isn’t pocket change! Can you break it down for us? How is this settlement going to affect buyers, sellers, and Realtors?

Jason:
The settlement centers around compensation for buyer agents. Some sellers felt that the compensation they paid was unfair and that they were misled into thinking they had no choice in what they paid buyer agents. Traditionally, the commission would be split, with 3% going to the seller’s agent and 3% to the buyer’s agent. Now, that’s changing.

Pete:
So, are sellers still expected to pay the buyer agent’s commission?

Jason:
Not necessarily. Sellers can now choose whether or not to offer compensation to the buyer’s agent, and the buyer’s agent has to negotiate their fee separately with their client. It’s still early days, and the industry is adjusting, but this is a big shift.

---

Seattle and Snohomish County Market Overview

Pete:
Let’s shift gears and talk about the local market. What’s going on in Seattle and Snohomish County right now?

Jason:
Inventory is low, which is creating challenges for buyers, but there’s still strong demand. In Seattle, we’re seeing about 2.5 months of inventory, which means it’s still very much a seller’s market. Snohomish County has even less inventory—around 1.5 months—so homes are selling fast.

Pete:
And how are rising interest rates affecting the market?

Jason:
Interest rates are definitely complicating things for buyers. Right now, rates are hovering around 6.5%, which is higher than what people were used to during the “unicorn years” of super-low rates. Buyers need to be more strategic and prepared, but homes are still selling quickly, especially in desirable areas.

---

Market Forecast for 2024

Pete:
What’s your prediction for the 2024 market? Should people buy now, or hold off?

Jason:
I think we’ll see a stronger fall market than usual, with more activity as both buyers and sellers come off the sidelines. A lot will depend on interest rates, but overall, I expect demand to remain strong in our area, especially with tech continuing to drive the market.

Pete:
Jason, this has been incredibly insightful. Thanks so much for joining us!

Jason:
Thank you, Pete! It’s been great to be here.