real estate December 17, 2020

Why Winter Can Be a Good Time to Sell Your Home

winter selling home

If you’re thinking of selling your home but not sure if you should wait, here are some important points to consider.

1. Low Inventory, High Demand

Realtor.com’s Monthly Housing Trends Report states that national inventory has dropped 39% since last year. Here on Bainbridge Island, we also have low inventory, yet there are still many serious buyers. We’ve seen a significant increase in demand. In fact, closed sales were up 43.6% year-over-year in 2020’s third quarter. It’s now common to see multiple offer situations and we have seen an increase in all-cash offers.

2. Historically Low Interest Rates

Mortgage rates hit all-time lows a dozen times in 2020. Rates on a 30-year and 15-year fixed-rate mortgage (FRM) have dropped to 2.7% and 2.3%, respectively, as of December 3, 2020. Serious buyers are incentivized to act and many feel now is the time to buy.

3. Home Prices Are Up

Low inventory paired with high demand means home prices are up. This means there’s the potential for you to sell your house for top dollar. If you’ve really prepared your home for the market, you may also experience a multiple offer situation. But it’s important to note that this is where having a great agent can really make a difference. I’m a firm believer in thoughtful, strategic preparation, and I know this market very well.

4. Many Buyers’ Priorities Have Shifted

COVID-19 has impacted us collectively in a variety of ways. Many buyers are now focusing more on finding homes that offer space: a backyard, room to breathe, proximity to nature, and an area for their children to play and/or a home office. Bainbridge offers all of those things, and so much more. Our community appeals to first-time buyers as well as those looking for luxury homes. So although winter is typically seen as not the time to sell, nothing is typical about these current times, and we have a solid seller’s market with many serious buyers who are ready to buy right now.

Newsletters May 11, 2020

First Quarter Stats & COVID-19’s Impact

 

First Quarter Stats for 2020

While many are curious about our first quarter stats for Bainbridge Island’s housing market, the data is almost meaningless due to COVID-19. It did not really impact the market during the first quarter. The data you see here regarding housing activity will be quite different by the time we report on the second quarter in July. Additionally, the high-end market has remained very active. Our lack of inventory still creates many multiple offer situations in homes under $1M.

From this first-quarter review, you can see that the median sale price has gone up 4.3% year-over-year and the number of transactions went up 31% year-over-year. However, as I stated, a look at the first quarter means very little because our situation has changed drastically since then.

first quarter stats 2020

Graphs were created by Windermere using NWMLS and Trendgraphix data for area 170 but the information was not verified or published by NWMLS or Trendgraphix. Market Share Data reflects all types of properties sold calculated on May 6, 2020. Companies not shown represented less than 2% of buyers and sellers.

How COVID-19 Will Impact Buyer Behavior

The national and state housing markets were in good shape before the virus hit. We anticipate that they will be in good shape again, once we come out on the other side of this. When the economy opens back up, we foresee a rapid climb in the housing market volume. This will put upward pressure on prices again.

Windermere’s Chief Economist, Matthew Gardner, has been sharing insights on a weekly basis. Here, he discusses the long-term effects of COVID-19 on our market and on buyer behavior.

 

 

It’s a Seller’s Market

market speedometer

The speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

Curious about what’s on the market? Here’s a look at my current listings. If you have any questions or if I can help in any way, feel free to contact me.

Newsletters December 16, 2019

2020 Economic Forecast and Market News

2020 economic forecast windermere graphic

Clients often ask me, “Is this the right time to sell?” or “What is going to happen to interest rates in the next year?” Here is Windermere’s Chief Economist, Matthew Gardner answering these questions, providing his data-driven economic forecast, and more!

2020 Economic Forecast

Washington’s Real Estate Excise Tax Change

Real Estate Excise Tax (REET) is a tax on the real estate sale and the seller typically pays for it. Starting January of 2020, Washington state’s Real Estate Excise Tax is changing to a graduated system. This new system may impact you if you decide to sell your property in the new year. Find out more from Matthew Gardner in this helpful video.

Local Market Info

Curious about how our local real estate market is doing here in Kitsap County? You can see the latest market data through our up-to-date trend graphs. Additionally, you’re welcome to look at my active listings and my office’s listings to get an idea of what’s on the market here on Bainbridge Island and across Kitsap County.

If you still have questions or want to discuss your real estate goals, let’s set up a time to talk. I’m happy to provide any information or assistance you may need.