With its ups and downs often tied to outside forces in the economy, the real estate market can be a rather stressful place to invest for some.
Sam Chapin, a broker with the Gottesman Chapin Group, part of Engel & Volkers Seattle Eastside, says the frenzied scenario that can ensue when supply is low and demand is high can leave buyers anxious and sellers more in control.
“Sellers and brokers alike were all reading the same news articles and watching homes and properties fly off the market with multiple bids,” he says. “Even if it doesn’t sell in a bidding war, it sells for asking. I think buyers said ‘enough already,’ we’re not going to flip out every time a house comes on the market.’”
Today’s softer market is seeing people taking a more measured approach, Chapin adds. “If you price it really well, the house will still sell in a week. Three weeks used to feel like an eternity, but if you sell a house in three weeks now it means you priced it well.”
Island somewhat insulated from market factors
Mercer Island tends to be a safe haven when it comes to real estate, says Chapin, who began investing in apartment buildings in Seattle with friends after graduating from law school 25 years ago. Like partner Dan Gottesman, Chapin grew up on the Island – their combined residency on Mercer is 75 years – and knows it well.
“Mercer Island is always a really strong market, even when the market softens,” he says. Its proximity to Seattle and Bellevue, the schools, strong suburban community and the general beauty of this Island oasis, with its horse trails, hiking trails and parks, makes it a desirable place to be, he adds.
Engel & Volkers building presence in Seattle area
Chapin and Gottesman, who joined forces in 2015, had already enjoyed great success specializing in high-end properties by the time they decided to join Engel & Volkers. Chapin says part of their continued success can be pinned on their relatively new relationship with the German-based firm.
“The brand consistency, the global luxury leader that they are; the whole thing has a great look and feel,” he says. “We’re already competing with the most well-known, high-end super brokers out there. It’s nice to have an elegant and impressive presence, in terms of the sophistication of the brand.”
You can find the Engel & Volkers office on Mercer Island at 2690-76th Ave. SE.