A growing disconnect defines Pacific Northwest real estate: many sellers believe listing their home is enough, even as market conditions demand a far more strategic approach to achieve a sale.
Ellen Bohn, managing partner at The Agency Camano Island, says this distinction is crucial as properties spend more time on the market and buyers grow more selective. “That’s kind of where it comes down to – are you just wanting to be on the market, or are you for sale?” Bohn asks. “There is a difference.”
Bohn, who has worked in real estate since 1996, says that difference comes down to pricing strategy and seller education. “Educating your sellers in the comparables of the market, pricing yourself to not be just on the market, but to strategize and make yourself actually be for sale—what that means in your pricing and your strategy of marketing” is now the central challenge for brokers in the current environment.
The Pricing Discipline Problem
The market has shifted away from the pandemic-era playbook. During the recent seller’s market, homes could be listed above market value, sit for weeks, and still sell after price reductions. Now, that approach fails to attract serious buyers.
“I believe pricing is always the most important,” Bohn says, stressing that an accurate comparative market analysis and realistic pricing from day one are essential to generating buyer interest. Properties priced above current market value are increasingly likely to accumulate days on market without offers.
Brokers now face the challenge of resetting seller expectations. Many homeowners still expect bidding wars and multiple offers, but the market no longer supports those outcomes unless a property is sharply priced. As Bohn puts it, “the teeter totter is currently a little imbalanced.”
Bohn attributes this imbalance to “higher interest rates, home prices, economy and job security concerns” that have collectively slowed buyer activity. Many buyers are pausing to see how these factors develop before making a purchase.
Broad-Based Turnover – But Only for the Right Price
While market activity has slowed, Bohn notes that demand remains strong for well-priced homes across all price points. “We are seeing an overturn of homes in all price points,” she says. “We have luxury from one to four million that sell fairly quickly, and then we have our first-time home buyer bracket as well.”
This selectivity means the market is active but only for properties that reflect current values. Homes priced as if the pandemic boom is still underway are sitting unsold, while those aligned with today’s buyer expectations are closing.
On Camano Island, where median prices range from $700,000 to over $1 million, pricing discipline is especially important. The area features a range of properties, from original beach cabins to waterfront estates. Bohn describes the market as “eclectic,” with something for every buyer – but only if sellers set realistic prices.
The Seller Assistance Shift
Higher interest rates have altered the dynamics of home financing, and sellers are increasingly being asked to help buyers bridge the affordability gap. “In a down market, you do tend to see sellers be more open in helping a buyer with some closing costs, potentially an interest rate buy down, just overall assistance in closing costs,” Bohn explains. “Sellers in this market are a little more open to helping a buyer get into their home.”
This willingness to assist buyers marks a change from the previous market cycle. Sellers who hold firm on price and offer no concessions may find themselves at a disadvantage against those who are prepared to help buyers close. Flexibility around closing costs or interest rate buydowns has become a key differentiator.
A Strategic Window
Bohn believes the current market slowdown may be temporary. “I think once these factors start to level out, the market’s going to become bustling again,” she says. “Right now, I would highly suggest, if one is capable to purchase, it would be wise to go ahead before it reverts to a seller’s market where we start to see increased home prices and potential multiple offers again.”
Whether this outlook holds will depend on how quickly sellers accept the need for pricing discipline and creative deal-making. The distinction between being listed and being truly for sale is now central to success.
The Agency Camano Island, part of a global real estate brokerage, focuses on what Bohn calls a “boutique approach to real estate” with international reach. The firm emphasizes collaboration across its network and what Bohn describes as “white glove treatment” for every client, positioning luxury as “an experience, not a price point.”
For sellers navigating today’s market, that experience increasingly starts with a frank conversation about pricing strategy. In this environment, only those who are ready to be “for sale” – not just “on the market” – are seeing results.
