A Market Perspectives Conversation with Dean Jones and Carese Busby of Movement Mortgage
What if today's market hesitation becomes tomorrow's greatest missed opportunity? And could Seattle be approaching the same AI-fueled renaissance already unfolding in San Francisco?
In a provocative new podcast conversation, Dean Jones, President & CEO of Realogics Sotheby's International Realty (RSIR), joins Carese Busby of Movement Mortgage to examine the forces reshaping the Pacific Northwest housing market.
From Washington's evolving tax policies and interstate wealth migration to artificial intelligence, mortgage rates, generational wealth transfers, and a potentially historic opportunity in downtown Seattle condominiums, the discussion challenges conventional thinking about where the market is headed next.
Their central observation: Real estate markets can change much faster than consumer sentiment, and those who recognize the trendlines before the headlines may be best positioned for the next cycle.
Six Takeaways Worth Watching
1. The Great Wealth Rebalancing: Outbound Millionaires, Inbound AI Fortunes
Washington's changing tax environment is prompting affluent households to reconsider domicile, investment strategies, and their real estate portfolios.
Yet Jones sees an important counterbalance: a new generation of wealth creation emerging from artificial intelligence.
With AI companies expanding their Pacific Northwest presence, Seattle and Bellevue may be positioned to capture an incoming wave of technology employment, equity compensation, and future liquidity events.
The provocative question: Could Washington simultaneously experience an exodus of established wealth and an influx of newly minted technology millionaires?
2. The San Francisco Signal: Could Seattle Be Next?
Jones points to San Francisco's recent recovery as a potential preview of Seattle's next chapter.
After years of downtown challenges, commercial vacancies, and weakened consumer confidence, San Francisco has experienced renewed momentum associated with AI investment, business activity, and luxury residential demand.
Jones believes Seattle possesses many of the same ingredients: an established technology ecosystem, substantial office infrastructure, international connectivity, and a lifestyle that continues to attract talent.
The takeaway: Today's underutilized commercial real estate could become tomorrow's runway for economic expansion.
3. Downtown Condominiums: A Generational Buying Opportunity?
Among the conversation's most compelling observations is the widening gap between existing condominium prices and the cost of delivering new residential towers.
Jones estimates that certain downtown Seattle condominium values have corrected approximately 20%–30% from earlier presale pricing, while construction costs have increased substantially.
With limited new condominium development underway, he sees the possibility of a future supply-demand imbalance as confidence and buyer activity recover.
he opportunity: Buyers may be able to acquire completed luxury condominiums at prices that would be difficult to reproduce in the next development cycle.
4. Don't Just Watch Mortgage Rates—Watch Purchase Prices
Busby challenges the conventional wisdom that buyers should wait for substantially lower interest rates before purchasing.
Her argument: when rates decline, additional buyers may enter the market, increasing competition and potentially pushing prices higher.
While financing costs and monthly affordability remain essential considerations, the purchase price and down payment can have lasting consequences.
The takeaway: Buyers should evaluate the entire financial equation rather than allowing a single interest-rate headline to dictate their decisions.
5. The Living Inheritance: Why Generational Wealth Should Move Sooner
One of the most actionable discussions centers on helping younger generations enter homeownership.
Busby encourages families to explore transferring wealth while parents are alive, rather than waiting until assets pass through an estate.
With thoughtful professional guidance, earlier financial assistance may help adult children establish equity, improve their financial well-being, and participate in long-term real estate appreciation.
The opportunity: Real estate advisors and mortgage professionals can initiate conversations that connect homeownership with broader family wealth and estate-planning goals.
6. The Future of Real Estate Is Personal, Global, and Consultative
As brokerage consolidation, technology, and AI continue to transform the industry, Jones believes the most successful advisors will distinguish themselves through trusted relationships and sophisticated market intelligence.
RSIR's global referral network, integrated marketing resources, and Futurecast Forum research are designed to help advisors recognize emerging opportunities across markets and property categories.
The discussion also highlights innovation in new development, from the evolving resort lifestyle at Suncadia to waterfront redevelopment in Bellingham and the collector-oriented Terminal One Motor + Yacht Club in Seattle.
The takeaway: The next generation of real estate advisors won't simply facilitate transactions. They'll help clients navigate entire property portfolios, lifestyle transitions, and multigenerational wealth decisions.
IN THEIR OWN WORDS
Dean Jones | President & CEO, RSIR
On Seattle's recovery potential:
“I think Seattle is too great to fail.”
On the downtown condominium opportunity:
“To me it's a five-year layup.”
On buying versus waiting:
“You can always refi, but you can't rebuy.”
On the future of the brokerage business:
“I think luxury will lead us out.”
Carese Busby | Movement Mortgage
On mortgage rates and purchase prices:
“The most important thing is the price you're paying for that property.”
On generational wealth transfers:
“Give the wealth with a warm hand versus giving it with the cold hand.”
On the enduring importance of relationships:
“AI is never going to replace that.”
A MESSAGE TO RSIR NATION
Listen. Learn. Lead.
This conversation offers an important reminder that our greatest value as Global Real Estate Advisors is not simply knowing what properties are worth today—it's helping clients understand what may influence their value tomorrow.
Consider the opportunities to initiate more meaningful conversations about:
• Wealth migration: Helping clients navigate changing domicile preferences and interstate property decisions.
• Condominium opportunities: Educating buyers about current pricing, replacement costs, and future supply constraints.
• Mortgage strategies: Partnering with lending professionals to evaluate financing options and purchasing power.
• Generational wealth: Encouraging families to explore homeownership assistance with qualified financial and estate-planning professionals.
• AI and economic development: Identifying emerging employment centers, wealth creation, and potential future housing demand.
• Lifestyle real estate: Connecting clients with opportunities across urban, waterfront, resort, and international markets.
WATCH OR LISTEN TO THE FULL CONVERSATION
RSIR Brokers: Invest an hour in your own market intelligence. Listen to this discussion, identify three observations relevant to your clients, and consider how you can turn those insights into meaningful conversations.
Our opportunity is to be more than participants in the next housing cycle.
Let's help our clients recognize it before it arrives.
The trendlines are forming before the headlines.
NEWS YOU CAN USE | NOVEMBER 2026
By Dean Jones, President & CEO, Realogics Sotheby’s International Realty
Dean Jones
President & CEO
Realogics Sotheby's International Realty
Founder, Futurecast Forum
Market observations and forecasts reflect the speakers' perspectives and are not guarantees of future performance. Financing, tax, and estate-planning decisions should be reviewed with appropriately qualified professionals.
