Bainbridge Island Real Estate Market Report: February 2024

THE HEADLINES AREN’T PORTRAYING THE REAL STORY

My apologies that this monthly update and Market Report is late.

Late last week, the National Association of Realtors (NAR) announced a $418 million proposed class-action settlement. Since then, sensational headlines and rampant misinformation have been swirling in news reports daily.

I wanted to pause my regular market commentary and share my perspective from inside the industry.

First, it’s crucial to note that in Washington state, things are very different than where the first class-action suit was filed in Missouri: we've been ahead of this curve for years.

The Kirkland-based Northwest Multiple Listing Service (NWMLS), of which I am a long-standing member, is not owned by NAR but is owned by members like me. The NWMLS has never engaged in the practices cited in these class-action lawsuits. In fact, the NWMLS has been a national leader in consumer transparency and has not faced any charges of being deceptive or engaging in collusion against consumers.

Five years ago, when the first major class-action suit was filed, the NWMLS proactively increased its efforts to protect consumers like you by implementing changes focused on transparency to ensure nobody is kept in the dark about broker compensation and the effect it may have on home sales. Our state legislature even made buyer broker service agreements a legal requirement as of January 1 of this year. As such, there is very little difference for my practice today than before the media response to the proposed settlement made it sound like I’ll be going out of business.

So, what are my headlines?

• Mandatory transparency and consumer advocacy is a great thing.
• While other Realtors are suddenly trying to show their value in an attempt to actually earn your business, I’ve been diligently working to articulate my value since 2019 and was ready for this moment before 2024 started.
• Addressing unethical Realtor practices around the nation is a great thing.
• While so many Realtors are panicking about the future, I'm excited for the opportunity ahead of me. 

The NWMLS changes made it easier for brokers and consumers to build trust. In fact, MLSs across the nation are now moving to adopt our best practices because of the proposed class-action settlement; I’m very proud to be a part of a professional organization that my national colleagues want to emulate.

Secondly, yes, the settlement will cause many part-time, inexperienced, and incompetent Realtors to leave the business. However, agents who possess the integrity and expertise to not just know and understand real estate but to explain it to their clients in manners that empower them to make well-formed decisions and advocate for their best interest at all times will thrive now more than ever.

Real estate professionals who truly have your best interests at heart should soon no longer be the exception, but will hopefully become the rule as the masses of novices leave the business and seek other lines of work.

Last year, I vigorously updated all my assets for potential clients, including my complimentary Buyers and Seller Guides and Presentations, in anticipation of these changes – my Guides are available for you below.

I will continue to push the envelope, ensuring you receive the best service grounded in transparency and integrity. At the end of the day, my true value isn't just in facilitating a transaction; it's in the knowledge, expertise, and peace of mind you’ll benefit from as I advocate for you while you make one of the most significant decisions of your life.

Please email or call me with any questions about what this means for you as things play out. Because no matter what the headlines say, I’m here to ensure your real estate journey is nothing short of exceptional.

Finally, below is my Bainbridge Market Report with all last month's sales metrics.

Thanks,

Jason

 

P.S. Sharing the love of some clients

In a market seemingly awash in real estate professionals, Jason rises above the rest for his knowledge of the marketplace,‌ his focus on fundamental data, and his attention to detail to ensure a smooth transaction.‌

He will take the time needed to understand your real estate needs and has the contacts necessary to ensure a smooth and successful listing.‌ I have no doubt that working with Jason allowed me to find a nice new home and sell my old place faster and for more money than I could have with other real estate professionals.‌

Jason is an outstanding example of what high quality service in real estate can be.‌

--   Bob Harrington