In a business where technology can easily take center stage, LaVerne Pike, an award-winning veteran agent with Seattle’s Windermere Real Estate, stands apart by focusing on the person-to-person connection and a level of service that puts him—not the internet—at the center of the relationship. In this interview, Pike explains how his detailed knowledge of the market, along with his genuine desire to help people, combine to guide clients through the highly competitive Seattle real estate scene.
Maria Patterson: Please briefly describe your career path in real estate and how you got to where you are today.
LaVerne Pike: I was a chef in the restaurant business in Seattle for quite some time. A real estate managing broker, who I had gone to school with, kept coming into the restaurant and would say, “Gosh, for as hard as you work, you should be in real estate. You’re great with people and service-oriented—in real estate, you’d realize more impact and a better lifestyle for others, as well as yourself.” I really liked the service end of the restaurant business and the energy. After four years, he finally convinced me into it, and now I’ve been in real estate with Windermere for more than 20 years.
MP: What regions do you currently serve?
LP: I serve all of King County. Being a Seattle native, I understand the nooks and crannies of the Puget Sound area, and I’ve been able to create relationships, connections and family all the way from Graham to Island County. If someone needs service, I will take care of them to ensure they’re making a solid and successful decision.
MP: How would you describe current market conditions?
LP: Inventory is the lowest it’s ever been—and there are 15 percent more buyers than the previous year. Part of the issue is that we’ve had a lot of buyers coming into the area for jobs with the tech industry—Google, Amazon, Expedia and Microsoft, to name a few. In addition, cash buyers are changing the way we do business. I’ve seen 89 offers on a particular home and I’ve seen prices go from $10,000 above asking price to $350,000 above asking price. Cash offers that need no appraisal and waive many contingencies are common, and properties are closing in two weeks. This has been going on for 14 months now, and I don’t see any end in sight. The median price for a single-family residence in Seattle/Bellevue is above $800,000.
MP: What’s the current status of new construction?
LP: It’s not keeping up with demand. The municipalities are granting permits at a slower or downsized pace, cautiously to prevent overbuilding. Currently there are a few zoning authorities in the process of creating a moratorium on permits for new construction community start-ups for 90 days or more, with well permits also being held back. That keeps our market inventory low, with pricing pushed to the top of the scale, leaving the market unbalanced.
MP: What are you doing to work with first-time homebuyers then? Are there any options for that group?
LP: I’ve connected …read more
From:: Real Estate News