If you are considering moving in today’s market, you are probably wondering why it is so hard to find a house to buy. The lack of inventory might leave you feeling a bit defeated and likely on the verge of giving up and waiting to try again when there are more options. But… that is NOT the best idea. Let us explain why.
The lack of inventory we are experiencing has been a problem for years and is likely to continue for quite some time. Follow along as we expose some of the long-term and short-term factors that contributed to the limited supply we are feeling in our housing inventory.
Shortage of New Construction
Changes in our economy and other contributing factors have slowed the rate at which builders are building new construction. For more than a decade, new construction has been below the national average. Consider the graph below. It demonstrates the past 5 decades of new construction of single-family homes.
Looking at the chart, the orange shows that builders did not construct enough homes to meet the historical average for the past 14 years. Underbuilding significantly contributed to the inventory deficit and will take a lot of work to get the housing market back to where it once was. While the graph shows improvement this last year, the long-term inventory shortage will not snap back overnight.
Owners are Locked in at Low Rates
Several factors of today have created stumbling blocks for returning to a healthy market. One of the most obvious challenges is the mortgage rate lock-in effect. You might be wondering what the mortgage rate lock-effect is. We are here to explain. When mortgage rates were at all time lows, home owners locked in at incredibly low rates making their monthly house payments significantly less each month than what someone buying a home with todays rates would be. Many owners are hesitant to sell because mortgage rates are higher today. Homeowners don’t want to take on the higher mortgage rates and loose their low mortgage rate. The image below demonstrates how many homeowners are finding themselves in this predicament.
Homeowners are faced between low mortgage rates and their needs. Many are sacrificing their needs to keep their low interest rates. What homeowners need to keep in mind is that their needs may be just as important as the financial aspects of their move. A difficult predicament for sure. If you have found yourself faced with this situation and would like to schedule a personalized review of your unique situation and what options you might have available to you connect with us here.
Media Creates Unnecessary Fear
Have you ever heard the saying, “Don’t believe everything you read, see, or hear.” This statement couldn’t be more true. Media has fabricated fear surrounding the housing market that has people fearful of making any move and unsure of what to believe. You probably have been bombarded with headlines promising a housing crash or that home prices will fall by 20%, yet neither of those things came true. Regardless, the stories blemished your confidence just enough to keep you holding off just a little bit longer. Co-Founder and Chief Data Officer of Parcl, Jason Lewris articulated it perfectly saying:
“In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt.”
This increasing fear leads to decreasing housing inventory because people who would otherwise make a move are now hesitant to do so. The market is not doom and gloom though. Even if the headlines say that they are. Our realtors can help you decipher the facts from the fiction and help identify opportunities in your unique situation. If you are not currently working with an agent and would like to be connected with one, connect with us here.
Why This Should Matter to You
You might be wondering why any of this matters to you. The answer differs for both buyers and sellers and can vary depending on your personal situation. Talking with an agent is the best thing you can do. However, we will offer you an overview.
If you are a buyer:
Due to the limited number of homes available on the market you will need to seriously consider all of your options. Keep an open mind to different locations and housing types. A skilled professional will help you explore all of your options and what is available to you to help you find the home that best fits your needs. If you are not currently working with an agent and would like to be connected with one of our trusted realtors click here. Our agents will help expand your search and determine a solution that best fits your needs.
If you are a seller:
This market actually benefits you more than you might realize. The low housing inventory means that your home wont get lost amongst the other homes. Your home will stand out in this market. Connect with your agent to discover why it is especially worth your while to sell in todays housing conditions.
At the end of the day, low housing supply is not a new challenge. Both long-term and short-term factors have contributed to the inventory deficit we are experiencing. If you are considering making a move, let’s talk. Regardless of whether or not you decide to buy or sell you have an expert on your side and will have made an educated decision best for you.
It is summer, time to jump in the pool! How better to cool off? Autumn? Sure. Get a few laps in before winter. Winter? Soak up some of that warm water from a heated pool. Spring? Summer’s just around the corner, time to get in shape. Swimming pools on Whidbey? It makes more sense the more you think about it. Whidbey is an island, surrounded by water. Don’t ignore it. Jump into it. Safely, of course.
Whidbey Looks A Little Different:
Fly over some neighborhoods in the US and see blue splotches covering backyards with open-air pools scattered among the houses. A few outdoor pools exist on Whidbey, but they’re rarer. Maybe that has something to do with trees and their needles or leaves. Rain doesn’t bother swimmers. And, lightning is rare here.
The most obvious pools may be the ones you hear about but can’t see while driving around. Many pools are indoors, like the one off Midway in Oak Harbor. The Navy base has at least one. Year-round swimming happens.
Visitors may relax in pools if their hotel has one.
Pools on Whidbey:
Between the two extremes of municipal and individual pools are the neighborhood ones. Several neighborhoods come equipped with large pools. Indoor ones may be year-round. Outdoor ones may be more seasonal. If you’re not a resident of that neighborhood, see if you can buy a membership, like at a country club; or, maybe you can buy a recreational lot that is hard to build on, but that grants you amenities.
Each pool has their differences.
- John Vanderzicht Memorial Pool in Oak Harbor is a public aquatic center offering lap swimming, lessons, water aerobics, and recreational swim sessions.
- Island Athletic Club in Freeland is also a fitness club with an indoor pool, sauna, and aqua fitness classes for members.
- Useless Bay Golf & Country Club in Langley is a private country club with an outdoor pool, tennis courts, and golf course for members.
- Admiral’s Cove Pool in Coupeville is a private community pool with a picturesque view of Penn Cove and access for residents that also offers public swimming lessons in the summer.
- Bon Air heated community pool in Coupeville is a private outdoor community pool.
- Scatchet Head in Clinton is a private community pool that is covered and has a view straight south down Puget Sound.
- Sandy Hook Yacht Club Estates is a seasonal outdoor community pool near a marina in Clinton.
|John Vanderzicht Memorial Pool
|Island Athletic Club
|Useless Bay Golf & Country Club
|golf, tennis, dining
|Sandy Hook Yacht Club Estates
And yes, some houses have outdoor pools, but some have indoor pools. Some even have pools that can be indoor or outdoor depending on whether they roll back a wall.
If you really want that luxury (or necessity for some) of having a pool at your place, talk to the County about building one. Be prepared for permits and lots of rules. Or, find a house for sale that already has one and buy it, the house, that is. If you aren’t already working with an agent and need one to help you search connect with us here.
In Addition to Pools:
Keep in mind though that when talking about swimming you may find people who skip the pools and use nature’s waters. Lakes get you the fresh water experience, without having to worry about tides. Or, use the waters that define the island’s borders, Puget Sound, the Salish Sea, our bit of the Pacific Ocean. A hint, though, find other swimmers and officials who know the currents, depths, restricted areas, and boat traffic issues. And make sure you’ve got the gear and dry clothes for our perpetually cold waters (~50F).
You may not see swimming opportunities until you look for them, but an island in a temperate part of the world can provide plenty of opportunities and options to swim for fun or exercise or both.
If this article got you thinking about moving to a community with a pool or about buying a home with a pool consider reaching out to your agent today to start the discussion. If you are not currently working with an agent and would like to be paired with a trusted realtor connect with us here so that we can get your questions answered.
As the chilly Fall months come upon us, there is nothing better than heading into the house for a little slice of warmth. This easy Apple Cake will quickly become a favorite. We know you are busy and think baking will take too much of your time. However, this simple and delicious recipe brought so much joy into our lives and we hope it will bring some into yours too. It is so easy to prepare, and you end up with a moist, tender cake that is perfect for any time of day! Having a cake that is snackable in the house is such a treat for yourself and loved ones. Warm it up, have a cup of your favorite beverage and sit down to a plate of goodness.
Ingredients for Easy Apple Cake:
1 1/2 cup softened butter
1 cup sugar
1/4 tsp vanilla
1 1/4 cups all purpose flour
1 tsp baking soda
1 tsp cinnamon
1/4 tsp salt
2 medium apples, peeled & diced
Directions for baking your Easy Apple Cake:
- Preheat your oven to 350 degrees
- Mix butter & sugar, beat in eggs, and stir in vanilla, flour, baking soda, cinnamon, salt, and apples.
- Pour batter into pan, bake for 40-45 minutes – test with a toothpick. If it comes out clean it is ready!
Tag us in your Instagram posts at @windermere_whidbey_island don’t forget to tell us good it was!
It’s great to start the Ridge Trail in Ebey’s Landing at Sunnyside Cemetery. See if you can find the two monuments that originally stood in the first Ebey Graveyard located on Ebey’s Prairie near Isaac and Rebecca Ebey’s home. You will discover a plethora of history about Whidbey Island here but don’t forget to stop and enjoy the view! The trail takes you past Jacob Ebey’s house and blockhouse on your journey towards the edge of the bluff. At the ‘T’ you can follow the trail left to the Ebey’s Landing Parking lot at the beach or head right for some impressive views along the bluff. It’s your choice to continue down the switchbacks to the lagoon below and you can follow the beach back OR turn around for an out and back.
Check out the rest of Whidbey’s beautiful destinations from this series here.