HomeReal Estate November 29, 2021

Why you should NOT wait to list your house right now

As the year comes to an end, we recognize a trend where homeowners are motivated to make the move and finally get into a home that complements their changing lifestyles. It is clear that homeowners have begun to understand the benefits of today’s sellers’ market. With record-breaking home price appreciation, growing equity, low inventory, and competitive mortgage rates it makes perfect sense as to why.

To support this, take a peek at recent data from realtor.com that demonstrates a significant share of homeowners that intend to list their homes this winter.

What That Means for Homeowners:

That means more homes are about to hit the market increasing supply to be more in line with demand than we have recently seen. This means there will be more options for buyers to choose from when looking for their homes.

According to George Ratiu, Manager of Economic Research at realtor.com:

“The pandemic has delayed plans for many Americans, and homeowners looking to move on to the next stage of life are no exception. Recent survey data suggests the majority of prospective sellers are actively preparing to enter the market this winter.

If you are thinking about waiting till the spring to sell your house, keep in mind that your neighbors might be one step ahead of you and sell this winter. If you want to stand out from the crowd, this holiday season is the best time to make sure your house is available for buyers. Here’s why.

Sellers Are Still Firmly in the Driver’s Seat:

Historically, a 6-month supply of homes for sale is needed for a normal or neutral market. That level ensures there are enough homes available for active buyers (see graph below):Why Now Is a Great Time To Sell Your House | MyKCMThe latest Existing Home Sales Report from the National Association of Realtors (NAR) shows the inventory of houses for sale sits at a 2.4-month supply. This is well below the 6-7 months supply needed for a neutral market.

What Does That Mean for You?

When the supply of homes for sale is as low as it is today, it is more difficult for buyers to find homes to purchase. This drives up competition among buyers, who then submit increasingly competitive offers to win out against others in the home search process. As this happens, prices rise and your leverage as a seller rises too, putting you in the best position to negotiate a contract that meets your ideal terms.

The low housing supply we are currently facing will not be solved overnight. Sellers this season should act quickly to maximize their potential. The data demonstrates that, with more prospective sellers planning to list their homes this winter, selling sooner rather than later helps your house rise to the top of a holiday buyer’s wish list so you can close the best possible deal.

Bottom Line:

Listing your home over the next few weeks gives you the best chance to be in front of buyers competing for homes this holiday season. Let’s connect today to discuss how you can benefit from today’s sellers’ market. Email us here. 

CoupevilleDestination WhidbeyNeighborhoodsPlacesThings to Do on Whidbey November 15, 2021

Fort Casey Forts

Standing tall along the western coast of Whidbey Island, these 10” barrel guns tell the story of a relationship to the United States Department of Defense that began long before any plane took flight. At the time of its construction in the late 1800s, Fort Casey was a military marvel. Part of the “Triangle of Fire,” this military outpost was one of many strategically placed along the Puget Sound as the first line of defense against aquatic attack. Unfortunately, this magnificent fort’s usefulness was short-lived. By the 1920s Fort Casey’s impressive disappearing guns had already become obsolete and in 1956 the property was purchased by Washington State Parks and Recreation. Today, this fort is one of the most frequented state parks in Washington and a deeply embedded part of Whidbey Island culture.

Check out the rest of Whidbey’s beautiful destinations from this series here.

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Destination WhidbeyLangleyNeighborhoodsThings to Do on Whidbey October 25, 2021

Langley Village

Langley is known for its unique specialty shops and galleries, showcasing amazing local artisan talent. From the lovely greenery of Bayview Farm & Garden to seaside-inspired jewelry and home décor at Foamy Wader, Langley has something for everyone! Want to try your own hand at some specialty art? Visit Callahan’s Firehouse for a cup of espresso and an amazing glass blowing experience catered to all groups and ages. At the end of the meandering plaza of shops pictured in the postcard is Whidbey’s popular ramen restaurant, “Ultra House.” It’s tucked away from the main drag, makes you feel like you landed in Japan, and is one of the most addictive taste sensations on the whole island!

Check out the rest of Whidbey’s beautiful destinations from this series here.

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ClintonCoupevilleFreelandGreenbankHomeLangleyOak HarborReal Estate October 4, 2021

How Long Does it Take to Save For a Down Payment?

Saving enough money for a down payment on your first home can be one of the biggest obstacles to homeownership. Depending on your circumstance you might need anywhere from 3% – 20%. Speaking with a reputable local lender will help you find out exactly what your percentage will be.

But how long should it take, you ask!?

Follow along as we estimate the amount of time it takes a person earning a median income and paying a median rent to save up for a down payment on a median-priced home.

To accomplish this task we use the concept that homeowners should pay no more than 28% of their total monthly income on housing expenses. We use this information in combination with data from the U.S. Department of Housing,  Urban Development (HUD), and Apartment List to determine our estimation.

According to the data pulled, the national average for the time it would take to save for a 10% down payment is roughly two and a half years (2.53). Looking at the diagram below you can also see that those living in Iowa can save for a down payment in as little as 1.31 years while those in California could take 17.56 years. The map below can help you determine the amount of time (in years) it can take for you to save in your state:

United states, Down Payment, Map, Lenders

 

What if you only need to have a 3% down payment?

It is a common misconception that you need to have a 20% down payment to buy a home.

The reality is there are reasonable alternative options out there. First-time home buyers have an advantage with a plethora of down payment assistance programs available to them. You just have to find the right lender and ask. Need help finding a lender? Ask us to connect you with one here.

What if you qualify to take advantage of one of the 3% down payment programs?

If you qualify for a 3% down payment program, then you only have to come up with 3% of the total cost of the home at closing instead of ten or the typical 20% we have seen required in the past. Saving for a 3% down payment might not take you very long. In fact, it could take less than a year in most states, as shown in this map here:

saving for a down payment, Buyer, Buy a home, Windermere

At the end of the day

Wherever you are in the process of saving for a down payment, you may be closer to your dream home than you think. Connect with us to explore the options available to you in our area and how they support your plans for buying a home.

Real Estate September 20, 2021

4 Online Resources That will Blow Your Mind!

…and help when buying vacant land on Whidbey Island.

ICGeo

This is a sophisticated GIS mapping tool for Island County that can show layers and layers of geographically specific data overlaid on a map. Just turn on the layers of data you are interested in and search till your heart is content!

Island County Public Portal

Use this tool to look up a parcel number or a street address to determine if there are any site registrations, septic permits, or septic as-builts done for the parcel. It will also disclose any permits a property has recently applied for and its status.

Groundwater Spatial Analysis Report

This tool analyzes the potential groundwater quality at any given spot on the island by grabbing the data on wells within 1/8 mile of the point you choose on the map (or the nearest 40 wells). It automatically generates a phenomenal report. Just submit the application and the report is emailed to you almost immediately.  This document will offer you more detailed information on what you get in the report

Washington Coastal Atlas Map

With the Shoreline Photo Viewer, you can compare what has happened to any stretch of shoreline over the last 50 years through photography! This tool uses 5 photo sessions capturing images of our shoreline all the way back to 1970. Even if you are not currently buying waterfront land this is a fun tool to compare what has happened to any section of our shoreline. There are even aerial photos from the 1940s. Check out the image below taken before Rolling Hills or Penn Cove Park were developed.

4 Online Resources That will Blow Your Mind!

To find more amazing tools at your disposal or to get help using these tools to find specific information you can call us, and we will connect you with one of our knowledgeable Windermere brokers. You don’t have to be actively selling or buying a home! We just love to help! Contact us here. 

Oak HarborReal Estate September 16, 2021

Is the Oak Harbor Housing Market Getting Squishy?

Written by: Kristen Stavros

16 September 2021

There is a general feeling amongst brokers that the Oak Harbor market has softened up just a bit. As Branch Manager and Co-owner of Windermere Whidbey Island I pay close attention to what my brokers are seeing and feeling out there in the market. When I begin to sense a theme I go to the numbers to see if they are telling the same story.

Is the Oak Harbor Housing Market Getting Squishy?

I’ll be really curious to see how these numbers change when we can add September data to them but I’m seeing the teensiest sign that there may be some easing.

For the first time all year, we’ve seen a dip in closed sales in August.

At the same time, new listings continue to rise every month.

Average days on market has plateaued.

Does this mean buyers can start getting homes for less $$$?

The answer is emphatically, NO. As you can see from the graphs below prices continue to climb, inventory is still at a record low, and homes are still moving off the market incredibly fast. This just means that instead of being up against 10 other buyers you now may be up against just 2-3 other qualified buyers. Instead of great homes going for up to 10-20% over list price, the good ones may just end up 5-8% over list. The pressure on buyers is still decidedly strong but the dial has been turned down ever so slightly.

Average Price Per Square Foot.

Months’ Supply of Homes (based on closed sales).

Average Days on Market.

Sellers still have a fantastic advantage in this market but things are changing weekly so we are encouraging sellers to not get too greedy or assured because doing so may mean you overprice the market, lose the opportunity to garner multiple offers out of the gate, and ultimately make less profit on your home.

Working with a smart and sophisticated listing agent has never been more important in the previous 3 years than it is RIGHT NOW. You need someone who is really going to take their time analyzing the market against your specific home before giving you pricing advice. Call us today to be connected with a market pricing expert!

This analysis focuses just on the Oak Harbor market but we have the same analysis going on for all of Whidbey Island! If you are interested in knowing more about any aspect of Whidbey Island real estate let us know and we are happy to share.

 

Things to Do on Whidbey September 14, 2021

Must Watch Movies and Shows Filmed on Whidbey

 

Destination WhidbeyNeighborhoodsOak HarborPlacesThings to Do on Whidbey September 13, 2021

Bowman Bay

Although not technically on Whidbey, Bowman Bay is a large part of our island’s local culture. This bay, which is located on the Fidalgo Island side of Deception Pass, has a rich history spanning back to the late 1800s. Originally a settlement to a large Samish village, the bay has since served several purposes including a military reserve and salmon hatchery. Download the CCC Scavenger Hunt for a fun way to learn some history! Between the charming old hatchery building, long dock stretching into the bay, boat launch, picnic shelters, playground, and scenic surrounding trails that provide unique views of the bridge itself, this park is one you do not want to miss! Learn more about Bowman Bay here.

Check out the rest of Whidbey’s beautiful destinations from this series here.

 

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ClintonCoupevilleFreelandGreenbankHomeLangleyNeighborhoodsOak HarborReal Estate September 6, 2021

Staging a Home

Should You Stage Your Home?

Every home is changed by those who live in it even under the care of the most vigilant homeowners. Staging a home for sale is one tactic that may take the attention away from less than stellar paint, flooring, or kitchen cabinets and convince the buyer that they can make the property the home of their dreams. 

If you are preparing to put your home on the market, staging provides the advantage of appealing to the buyer audience. It is no longer a nice idea, but one of the most important things you can do when selling your home.

What is a Staged Home?

Staging a home is one possible step in preparing a property for sale in the housing market. It is primarily focused on the appearance of the home and making the space feel a specific way. Depending on the type of pieces brought into the space the staging can make the home feel lighter, larger, or more modern. 

Most staged homes include art, rugs, furniture, plants, and other decors.

Staging a home, Homes for sale Whidbey Island, Realtors on Whidbey, Windermere Real Estate, All in for you

Attract More Home Buyers

Properties headed to the market need to be presented in a way that is going to attract the most possible buyers. Staging a home allows buyers to picture themselves in that space. Inviting furnishings and decor, combined with subtle accessories distributed throughout the home pulls everything together to help produce higher-quality images of each space in the home.

It has also been proven that if the home is attractive in pictures buyers are much more likely to come and see it in person. The quality of online images directly affects a buyer’s interest in a home. 

Buyers confirm that they were more willing to walk through a home they saw online (41 percent), and buyers’ agents identified that staging would positively impact the home value if the home was decorated to the buyer’s taste (39 percent). 

Your first impression is your last impression, so make it count!

Tidbit: 

A 2021 National Association of Realtors study on home staging reported that 82% of buyer’s agents said staging a home made it easier for a buyer to visualize the property as a future home. 

Staging A home, Windermere Real Estate, Whidbey Island Homes for Sale, Sale with a Windermere Agent

Increase Home Sale Price

Ultimately the purpose of home staging is to set your listing apart from others on the market and yield higher offers. 

According to the National Association of Realtors Profile of Home Staging 2021 when staging a home, 23 percent of sellers’ agents reported an increase of one to five percent of the dollar value offered by buyers, in comparison to similar homes. 

Notably, none of the respondents in the above study reported that staging a home had a negative impact on the home’s dollar value.

It’s advantageous to keep in mind that home staging does put costs on the sellers’ agent or the seller depending on the scenario. The median dollar value spent when using a staging service was $1,500, compared to $300 when the sellers’ agent personally staged the home.

Tidbit:

The most common rooms that were staged included the living room (90 percent), kitchen (80 percent), master bedroom (78 percent), and dining room (69 percent).

Staging a home, Whidbey island Living, Sale your home, WhidbeyIsland Homes for sale, Sale with Windermere

In conclusion…

By creating space that buyers fall in love with, sellers can expect offers of higher quantity and quality. Get in touch with one of our agents today. 

 

 

CoupevilleDestination WhidbeyNeighborhoodsThings to Do on Whidbey August 30, 2021

Crockett Blockhouse

In the late 1850’s, word of the Indian Wars came to Whidbey Island encouraging settlers to construct blockhouses as an effort to protect their families and land. After several other blockhouses were built by other settlers Col. Walter Crockett built his own in 1857. These houses were small two-story buildings built with logs placed horizontally parallel to each other. The top story was considerably larger than the bottom with numerous gun ports to provide visual access from all directions.  

Luckily, no war or invasion ever transpired and the blockhouses were never used for their intended purposes. Many became storage locations for goods and one even became a law office. Over the years many were repaired and transformed into historic monuments.

Today, the Crockett blockhouse is one of four that remain part of the Ebey’s Landing National Historic Reserve and have been maintained to preserve this piece of history. 

Check out the rest of Whidbey’s beautiful destinations from this series here.

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