The Emergence of Submarkets in the Real Estate Market

In today’s episode, Matt and Garrett continue the discussion on market narratives, particularly those aspects surrounding the real estate market. They discuss submarkets which mean markets that are near each other but are not the same and how that translates into all the assumptions buyers and sellers are making about marketplaces. 

They start off by giving a comparison between Seattle and West Seattle, with the latter having a 5% appreciation and the former having a 1% appreciation on homes in the market - West Seattle becoming a submarket of Seattle which is the main market. The hosts talk about how to interpret data or assumptions made about marketplaces, the importance of engaging in research regardless of what other agents are saying about the marketplace, why you need to pay attention to the specific data about the little submarkets, and understanding what makes a particular neighborhood wanted. They also explain why understanding your marketplace and submarket is so very important. As you listen in today, you will learn some valuable lessons including the value of doing your market research and of not allowing interest rates to dictate your level of success.

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Episode Highlights:

•       The concept of submarkets versus the real market 
•       Comparing Seattle and West Seattle
•       How submarkets change the market narrative
•       How to interpret the surface level data in marketplaces
•       The importance of doing your research 
•       Identify a data point and check on it regularly
•       Understanding buyer wants and needs
•       How to be a good listing agent

Quotes:

“It's interesting to watch the flow of people. At one time it was the fight for Seattle, then they started fighting for the suburbs, and now they're realizing the suburbs are out of control, and they're going like, 'We could actually have a better chance by going back into the city, and seeing if we can maybe get a shot at a home with less competition.'”

“The condo building that has more amenities with open-air spaces, gyms, and other things in it, is probably going to perform better than a building that doesn't.” 

“I had some specific data points that I always checked in on and we've talked about absorption rates I would check in on. I would sit down for a couple of hours and run the data on different price points and different marketplaces.” 

“If you can figure out the differences in marketplaces, you can guide your people so much better.”

 “If I can have an agent that's working in my corner that is highly educated, I'll take that all day long as we're out there going to battle trying to find a house.”

“Whatever your given marketplaces, especially the larger marketplaces, don't assume that there's a blanket 'This is what our marketplace is doing.' And don't push that story on your clients.'

'Put it on the table for people - let them know - because they might surprise you.”

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Matt

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