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5 Qualities to Look For in a Real Estate Agent
If you’re thinking of buying a home or selling your current one, choosing the right real estate agent can make a world of difference. While it’s easy to find many highly rated Realtors online, a great agent should meet a set of criteria. They don’t merely facilitate transactions; they serve as your trusted advocate, a local expert, a strategic project manager, and more. Here are five essential qualities to look for in a real estate agent.
Local Expertise
Your real estate agent should possess a deep understanding of the local market. Local Realtors can explain the nuances of neighborhoods, school districts, and market trends. Their insights can help you find a property that fits your needs, lifestyle, and budget. Additionally, if you’re a first-time homebuyer, buying a new construction home and/or looking for a local lender, their connections and advice will help you make more informed decisions.
For sellers, a local agent can provide a Comparative Market Analysis to properly price your home. This ensures your property attracts serious buyers quickly. From top-notch repair workers to great stagers to effective local marketing outlets, a well-connected agent in your area can be highly advantageous. Additionally, our local Windermere agents offer special programs such as the Windermere Bridge Loan, which enables you to buy before you sell. If you want to make needed repairs/updates that will give you a competitive edge in your local market, the Windermere Ready program can provide an upfront investment of up to $100,000.
Strong Communication Skills
Real estate transactions involve many tasks and professionals. So, having an excellent communicator on your team is essential. Look for an agent who is known for being a good listener and keeps clients informed throughout the process. You also want someone who answers questions promptly and effectively negotiates on your behalf. A local agent often has strong relationships in the community, including with local lenders, other Realtors, and inspectors. This can streamline the entire process and make communication more efficient.
Proven Track Record
An agent with an established reputation in your local area will have the credibility to back up their claims. Look at their sales portfolio and their client testimonials. While online reviews don’t tell the whole story, they can certainly give you a sense of whether an agent would be a good fit. When looking at their past transactions, reviews, and designations, you may want to scan for specific areas of expertise that would benefit you. For example, have they bought or sold waterfront properties? Do they have any certifications or specialties relating to retirees, investors, or military clients? A local agent’s familiarity with the market, different situations, and/or particular properties demonstrates how that agent’s proven track record could specifically benefit you.
Attention to Detail
Having an agent who pays close attention to the details can prevent costly mistakes. From touring homes to conducting inspections, a keen eye matters. It also impacts negotiations and contracts. A detail-oriented agent is an incredible asset. Your knowledgeable guide should also be able to explain regional regulations and potential issues, showing their mastery of those particulars. Also, they are there to help you manage all of the details involved in a transaction. Their meticulousness should help you achieve the best possible outcome.
A Dedicated Real Estate Agent
Homes on the market can pop up or vanish quickly. You need a real estate agent who is committed to your goals as a homebuyer or seller. While they’ll probably have other clients to juggle, you want someone who is ready to assist you and can make your needs a top priority. Local agents often have more availability because they aren’t traveling long distances to tour homes or to help you prepare your own for the market. They also tend to be more available to meet and handle last-minute issues or inquiries.
Windermere’s slogan is “All in, for you”, and our agents exemplify that. Whether you choose a Windermere agent or not, we hope you’ll look for an agent who is devoted to your real estate goals and builds strong relationships with clients that often last long after closings. The best agents enjoy serving their clients, collaborating, problem-solving, and supporting them every step of the way.
Buy Before You Sell: Bridge Loan FAQs
If you’re a homeowner thinking of selling in order to buy a new home, you may want to consider using a bridge loan. Curious about the positives and negatives of this financing option? Read on to find out. We’ve answered your frequently asked questions below.
What is a bridge loan?
As a homebuyer, a bridge loan allows you to borrow a portion of the equity in the home you already own as a down payment on a new house. Similar to a home equity loan, bridge loans are secured with your current home as collateral. They typically have shorter terms and last up to one year. Borrowers often combine the bridge loan with their existing mortgage, borrowing the difference between what they owe on their current residence and a percentage of the home’s value.
What are the pros?
The bridge loan provides immediate cash flow, expediting the transition from one house to the next. Compared to a standard mortgage, the application and approval process for a bridge loan are typically streamlined. It enables you to make an offer on a new property without a home sale contingency. This can be particularly advantageous because sellers often prefer offers without contingencies, making your bid stand out among the competition.
What are the cons?
Bridge loans often come with higher interest rates vs. traditional mortgages. If your home doesn’t sell within the designated time frame, you might find yourself responsible for paying the mortgage on your current home, the mortgage on your new home, and the bridge loan. To qualify for a bridge loan, you’ll need a low debt-to-income ratio, a strong credit score, and significant equity in your current home. For this reason, it may be challenging for some homeowners to qualify.
What is the Windermere Bridge Loan?
Windermere offers an exclusive bridge loan program for clients. Our local real estate agent’s expert guidance, coupled with our program, can give you a stronger negotiating position. You don’t want to miss out on your ideal home because you have to wait for your current home to sell. When assessing qualifications for our bridge loan, Windermere looks at what you owe on your property plus the bridge loan. These two loans combined cannot be more than 75% of your current property’s value. This helps determine the amount of the qualifying bridge loan. If you’re worried about expediency, the approval process for a Windermere Bridge Loan takes just a few days.
Our Windermere agents have seen the success of this program. As a buyer in this program, you have no monthly payments for 6 months or until you sell the collateral property. It is a seamless process and no appraisal is involved on the property being purchased.
What are the alternatives?
Home equity loans, home equity lines of credit (HELOCs), and personal loans are all alternatives to bridge loans. They offer various ways to finance your new home purchase. Before you make your decision, carefully compare the costs and terms associated with each financing option.
Additional Information
For additional information, check out our guide to buying a home and our guide to selling a home. If your current home needs repairs or upgrades before putting it on the market, consider the Windermere Ready program. Windermere Ready provides an upfront investment of up to $100,000 to help your home sell for more. Also, here is some helpful information about the home-selling process. As always, if you have any questions, please reach out to one of our real estate professionals.
New Agent Spotlight: Michelle Elsom
Michelle Elsom has lived in Kitsap County for over thirty years, and her local expertise has already benefitted her clients. We’re so glad she joined our Windermere Kingston office, and we connected with her to learn more about her interesting background.
What drew you to real estate?
There wasn’t one thing that made me land in real estate, but a series of things I love and life influences that pointed me in this direction. I love maps & geography, and that was further fueled by discovering parcel search and all the public records available. I have always loved architecture and admire people like Frank Lloyd Wright. My husband and I have built 2 homes and enjoy the construction process. We did much of the work ourselves. One remains as a long-term rental, and the other is our primary residence. We love to travel and when we do, we stay in vacation rentals versus hotels. So, when I wanted to reinvent my professional self, we purchased a cabin in the woods and ran it as a short-term rental. Finally, my professional background provided more puzzle pieces that made real estate a natural choice.
What made you decide to work with Windermere?
I wanted to work with a brokerage that has a great reputation with great brokers who are well respected.
What unique professional experiences enhance your abilities as a realtor?
Some of my more rewarding experiences have been participating as a key member in the design and implementation of 11 remodels and brand-new builds within the grocery industry. This is very creative work requiring heavy project management skills and the ability to design great customer experiences (product selection & merchandising, guest hospitality & service). I love having a vision on a blueprint and watching that become real through construction and how people interact with it. To me, real estate transactions are large projects to manage. You must develop systems to stay organized, timelines & checklists to stay on track, and communication processes that inform and deliver information. And it is still about creating great experiences for my clients.
How long have you lived here, and what brought you here?
I have lived in Kitsap County for 31 years, 6 of which were spent on Bainbridge aboard my 38’ Downeaster Sailboat and the rest here in Kingston. I grew up in Spokane and moved to Seattle after graduation. Finding a marina as a live aboard brought me to Bainbridge, where I had existing friends.
Which areas do you serve, and what do you love about those areas?
I love Kitsap County & Jefferson County as primary places to work. The unique geography of the area, with so many waterways, mountains, and beautiful nature, appeals to the photographer in me and the nature lover that I am. I love being able to work where I live and share what I know about our area with others. Also, I love anywhere along Hood Canal, which brings me to Mason County, too. I am also comfortable in Clallam and Pierce County (our side of the Narrows Bridge).
What personality traits do you think are important in this profession?
It’s really important to lead with integrity, be trustworthy and reliable, and have a strong moral compass. Also, a great realtor needs to have excellent communication skills, whether relaying information or actively listening to clients. Every transaction is unique and people are buying and selling for all kinds of reasons, so having empathy is crucial as well. Persistence is important because not every transaction is easy and requires being able to work through challenges and problem-solve.
Thanks for sharing a bit about yourself with us, Michelle! We’re proud to have Michelle Elsom on our Windermere Kingston team. You can learn more about Michelle by checking out her website and you can follow her on Facebook and Instagram.
What to Know When Selling Your Home
Selling your home can be a complex process. Even just thinking of selling may feel overwhelming. But with proper preparation, you can streamline the process to achieve the best possible outcome. Here are some essential insights and tips to help you get started.
Setting the Stage for Success
Before you put your home on the market, it’s crucial to make it as appealing as possible to potential buyers. Have a local agent conduct a free Comparative Market Analysis. By doing so, you can see how your home compares to others in your neighborhood and in your region (like Western WA). You’ll also be able to discuss repairs and possible upgrades or renovations that would increase your home’s listing price.
Additionally, you should analyze your home’s exterior at a glance. Your home’s curb appeal can easily be boosted with a bit of yard work, window washing, power washing, and/or re-painting the exterior. First impressions are everything, especially since the majority of home buyers view homes online first. So, those professional photos are key. Your agent should have a great photographer, but nothing takes the place of properly preparing your home for the market.
Decluttering and staging are also crucial to success. Even partially staging your home can help. Buyers should be able to easily imagine what it would be like to live there. While we completely understand filling your home with mementos, when it’s time to sell, your home should actually be de-personalized. Give buyers the space to put themselves in your home. Staging can also help enhance your home and draw buyers’ attention to certain features. A pop of color can help Buyers may notice a beautiful bay window thanks to a pop of color. A carefully crafted living room will feel more bright and spacious.
A Pre-Listing Inspection
A pre-listing inspection can increase efficiency and transparency with potential buyers. By presenting a pre-listing inspection up front, buyers will be able to really understand a home’s condition and see that you have nothing to hide. This increases buyer trust and can eliminate the need for a buyer’s inspection.
Assistance with Repairs/Upgrades
Want to make repairs and upgrades before selling your home but don’t have the means to do it all? Consider the Windermere Ready Program. This program allows you access equity in the home before you sell it so that you can cover home improvement costs. One of our Windermere agents will help strategically prepare your home by identifying high-impact updates and they will help you through the entire process.
Pricing it Right
Determining the proper price for your home is a strategic decision that should be backed by local market research. Having a great local agent makes a huge difference. The last thing you want is for your home to be priced incorrectly. Again, we highly suggest having your agent do a free Comparative Market Analysis or CMA.
Here in Kitsap County, we have an interesting real estate market. So, it really pays off to work with someone who possesses local expertise and has a solid network. While there are great agents in many cities, if you don’t work with someone local, they may not know the local market well enough. This could lead to them overpricing or underpricing your home, and it would come into play when a buyer’s lender requires an appraisal to determine the value of your home.
Marketing Your Home
When you’re ready to list your home, effective marketing goes a long way. Our agents ensure your home is listed in the Northwest MLS with excellent professional photos and captivating descriptions. Your listing will be widely circulated across the internet on various listing websites as well as in print and on social media. Additionally, we market our premier properties through exclusive print and digital outlets. Our agents also have an in-house digital marketing team available to develop additional marketing strategies involving email and social media marketing campaigns.
Navigating Offers and Negotiating Terms
Receiving offers can be exciting. Sometimes they may come with unforeseen challenges. Your agent will be able to help you review offers. They will also discuss contingencies and develop strategies for negotiating counteroffers, and help you navigate multiple offers if that happens.
The Escrow and Closing Process
Once you’ve accepted an offer, the sale enters the escrow and closing phase. Home inspections, appraisals, and potential issues may arise. But if you have a great agent, this process will go more smoothly. It’s important to be aware of how selling your home may impact your taxes. As you prepare to move, your agent should be able to help you with a list of great local vendors such as moving companies and cleaners.
Successfully selling your home involves careful planning, effective communication, and informed decision-making. By following this comprehensive guide, you’ll be better equipped. And remember, each step you take brings you closer to achieving your real estate goals.
Kitsap Market News & Insights
While Kitsap County’s housing market isn’t seeing the intense engagement it saw at the height of the pandemic, it has been heating up this summer. We are seeing a shift toward a more balanced market, but the average home sale price still remains high at $694K, just a 1.6% drop from this same time last year. Our Brokers are still working with eager buyers and satisfied sellers, but there aren’t as many multiple-offer situations.
Matthew Gardner, Windermere’s Chief Economist, recently released his latest “Monday with Matthew” video. In it, he evaluates his 2023 real estate predictions. Have they come to fruition? Will these predictions come true in the second half of the year? Watch his video and keep reading for key takeaways.
Key Takeaways from Gardner’s Mid-Year Update
Gardner believes that interest rates will be less frantic in the second part of the year, but will likely still not drop below 6%. Also, he points out that according to his calculation, 20 million homeowners have mortgage rates around 3%, making it unlikely they will move. Known as the lock-in effect, the higher interest rates are disincentivizing some sellers from listing their homes.
Gardner states that “affordability has not improved,” since financing and home costs are not aligning with incomes. Noting that each market varies across the country, he predicted that it will generally stay a seller’s market through the rest of 2023.
Advice for Homebuyers in Kitsap County
What does this mean for buyers looking at homes for sale in Kitsap County? As always, it’s important to connect with a knowledgeable, local Realtor so that you can make data-informed decisions with an expert negotiator and guide. Also, it’s important to analyze the market and your current situation. So, consider these factors when deciding whether to buy a house now or wait. Each person’s financial picture and goals for owning a home are unique.
Advice for Sellers in Kitsap County
If you are thinking of selling your home here in Kitsap County, a local real estate expert will ensure that your home is thoughtfully and strategically prepared for the market. Also, they can conduct a Comparative Market Analysis (CMA). This report compares your home to other homes in the area that have recently sold and are similar in terms of size, property, and condition. A CMA will help you better understand your local market, the demand for homes like yours, and how to properly price your home. It’s also important to discuss repairs or potential home upgrades so you can sell your home for the highest price point possible in the ideal timeframe. If you’re concerned about the cost of home repairs and getting your home ready to sell, consider the Windermere Ready Program. This program allows you to access the equity in your home to cover improvement costs, and we’ve seen many sellers achieve success through this program.
Should You Buy a House Now or Wait?
Many are wondering if they should buy a house now or wait. The answer is more complex than some may think. Whether you’re a first-time homebuyer, an experienced buyer, or looking for an investment property, consider the factors below.
Understand Your Market
Local real estate trends vary across the country. To better understand our local market, watch our “Market Update” video below, which includes stats for Kitsap County’s first quarter. The average home sale price is $599,000, and that’s a slight decrease of 1.2% when comparing home sale prices in 2022’s first quarter.
Windermere Kingston’s Manager, Jeanette Paulus, says, “The spring market is a great time to start looking at homes with the new listings popping up on the market.” Greater inventory could mean a shift in the real estate market.
Factor in Your Mortgage Rate
A qualified lender will be able to work with you to pre-approve you for a mortgage. Look carefully at the lender’s proposal and terms. It’s okay to get quotes from multiple different lenders before deciding on which loan to pursue.
Most homebuyers choose a 15-year or 30-year conventional mortgage. However, mortgages come in all shapes and sizes. There are first-time homebuyer programs, VA loans, and other loan programs available. Here at Windermere, we’re proud of our partnership with Penrith Loans, and Mortgage Consultant, Cherie Kesti is a great local resource. The popular real estate saying, “you marry the home but date the rate” is important to consider. Rates do change, as we’ve really seen in the last few years. So if you’re financially ready to buy and the timing is right for you personally, you can refinance down the road. As Windermere’s Chief Economist, Matthew Gardner, says, “Education is everything.” To learn more, check out his latest video on mortgage rate predictions and misconceptions.
Examine Ways to Pay Less Interest on Your Mortgage
With today’s mortgage rates, buyers are getting creative with ways to minimize their overall interest payments. Coming up with a larger down payment has its pros and cons, but it will minimize the overall interest paid on a loan.
There is also the option to do a temporary or permanent mortgage buydown. In addition, doing biweekly payments on a mortgage can significantly decrease the amount of interest paid over the life of the loan. Windermere’s home monthly payment calculator is a great tool for potential homebuyers to preview monthly payments. Crunching the numbers may help you realize whether now is or is not a good time to buy a home.
Consider Closing Fees and Other Upfront Costs
When deciding if you really want to buy a home now or wait, don’t forget to factor in all the upfront, associated costs. It is important to factor in the funds needed for insurance, down payments, and closing fees. In addition, if the sale goes through, you may have to suddenly repair or replace things like home appliances. Make sure you have a cushion if you decide to buy now. Everyone’s financial situation is different, and you don’t want eagerness or other emotions to cloud your judgment. Buying a home is often the biggest purchase that people make, so thinking about it from every angle first is crucial.
Determine Personal Cash Flow and How Long You Will Keep the Property
Knowing your personal budget and future goals will be essential for deciding if now is the right time to buy a home. For example, considering whether to buy an investment property will largely depend on your local rental market, your ability to manage the property or hire a property manager, and the property’s ability to generate passive income.
Similarly, a family who plans to stay in a home until the children are in college may be in a very different situation than a family who typically moves every two or three years for a job. Additionally, it’s important to think about how long you will have the property to avoid capital gains taxes if you plan on selling within two years.
If you’ve decided you’re ready to buy a home, check out our top home-buying tips. Windermere Kingston’s team of highly rated, local agents would be happy to guide you through the process.
Should You Renovate Or Sell Your Home As Is?
You’ve decided to sell your home, so should you renovate or sell your home as is? As with all decisions, there are pros and cons to each choice. If you choose to renovate your home, it will most likely sell for a higher price and faster, but remodeling projects can be costly. And, some don’t have a high return on investment. If you choose to sell your house as is, you save money in the short term but you could miss out on making more money on the sale of your home. It’s important to understand the factors involved and work with your real estate agent.
Home Remodel Cost Analysis
One of the most important factors is the cost of home remodeling projects. First, how much are you willing to spend? Second, can you expect a decent ROI when you sell your home? Thankfully, you don’t have to figure this out on your own. Your local real estate agent is a great resource and should be an expert on the local market. It’s their job to evaluate your home and to know which remodels are most beneficial in your area.
Doing A Home Remodel
If you decide to move forward with renovations, the next decision to make is whether you can DIY or if you need to hire a contractor. If you are qualified, can you dedicate the time required to finish the project within your home sale timeline? While hiring a contractor costs more, it may be worthwhile. You may want the peace of mind of working with a professional, especially for highly technical projects.
According to the Remodeling 2022 Cost vs. Value Report, on average, homeowners paid approximately $27,000 for a midrange bathroom remodel and it had a 58.9% ROI. For a minor kitchen remodel nationwide, they paid about $28,000 and it had a 71.2% ROI. These numbers indicate that you can recover more than half to a third of your costs. For your home, simpler upgrades that increase your home’s value may be better. Consider painting kitchen cabinets, refinishing hardwood floors, or installing new bathroom tile. After you’ve updated or renovated, your agent can help determine the price of your home.
Selling Your Home As Is
If you decide not to remodel your home, you may ultimately sell your home for less. But you won’t have to deal with the costs and headaches that come with renovations. Plus, remodeling a home you are about to sell means you won’t get to enjoy any of the upgraded benefits. Where’s the fun in that? Lastly, choosing not to remodel or make any upgrades will impact what you get for your home and your home-buying budget. It’s important to remember the costs of buying a new home.
Market Conditions
Local market conditions are another factor to consider when deciding whether to renovate or sell your home as is. In a seller’s market, you most likely will still be able to sell your home for a great price without investing time and money into remodeling. Due to strong demand and limited supply, high competition among buyers will drive up prices. However, you’ll still have to take steps to prepare like making necessary repairs. And, staging your home gives buyers a great first impression and helps them easily imagine themselves in the space. That being said, sometimes certain projects like adding stone veneer to your home’s exterior (119.5% recouped at resale) or replacing your garage door (117% recouped at resale) can really increase the value of your home.
Here in Kitsap County, we still have a seller’s market. Though we are seeing a shift in the market, there are still serious buyers. Watch our video below to see our 3rd quarter market stats.
Waiting
If you’re still not sure what to do and you’re not working within a tight timeline, you could wait. This will give you more time to weigh your options and prepare for a future sale. With more time, you’ll be able to plan for any needed projects at a more relaxed pace.
When deciding whether to renovate or sell your home as is, Windermere Kingston has highly rated, experienced local real estate experts available to help. Take some of the pressure off and contact us today.
Benefits of a Comparative Market Analysis
If you’re thinking of selling your home, one crucial element is ensuring your home is accurately priced. That’s why many sellers have their real estate agent provide them with a Comparative Market Analysis (CMA). Read on to learn about the benefits of a CMA and how it’s different from an appraisal.
An Appraisal vs. a Comparative Market Analysis
A licensed appraiser conducts an appraisal on behalf of the bank whereas a CMA is conducted by a real estate agent. When a home buyer applies for a loan to purchase your property, the bank orders an appraisal. Both appraisers and agents use research-based comparison methods, but bank appraisers do not have a vested interest in the sale of the home. The appraiser determines your home’s fair market value to ensure the bank is not lending more money than needed.
For a CMA, an agent uses their knowledge of the local market and the data available to them on the Multiple Listing Service (MLS), regarding sold homes and market trends. A Comparative Market Analysis helps price the home more accurately, keeping the property competitive in the current market.
Know Where Your Property Stands in Your Local Market
A CMA compares your home to other local homes in your area that have been on the market in the past three to six months. Comparable homes share some of the same characteristics as yours such as condition, square footage, and property size. If you have a good real estate agent, you’ll receive a thorough CMA so that you know:
- What local homes are selling for
- How long homes in your area were on the market
- The delta between their listing and sold price
- A low, median, and high selling price for your property
All of this data will be factored when pricing your home. The last thing you want is for your home to sit on the market because it wasn’t correctly priced due to how it compares to other homes in your area, and/or in light of your current local real estate market. To learn more about our current real estate market here in Kitsap County, Washington, check out our latest quarterly market update below.
Manage Expectations & Make Informed Decisions
While there are many great real estate stories about multiple offer situations and all-cash offers, it’s important to start the selling process with the information you need. It will allow you to manage your expectations and to know what you may need to do in order to improve your property’s potential price. And, if you realize you want to invest a bit more in your home in order to sell it for more, you may want to consider the Windermere Ready Program, which can provide you with a loan to invest in home improvement costs before selling. There’s so much to be aware of when selling a house, and a Comparative Market Analysis can be a great place to start. If you have any questions about selling or a CMA, feel free to contact one of our local real estate agents.
Windermere Ready Program: Increase Your Home’s Sale Price
Preparing your home to make a great first impression is the best way to increase the sale price. The Windermere Ready program was created for home sellers to specifically address this important selling point. With guidance from a local expert, our program prepares your home to really impress potential buyers. And, if you need financial assistance, we can provide it so that you can make necessary home repairs and improvements.
Sell Faster and For More
In general, making necessary repairs and upgrades helps homes sell faster and for more money, sometimes even above the asking price. A great first impression transforms a buyer’s interest into excitement. Of course, every home is unique, but taking action is the key to success.
The Windermere Ready program provides:
- A personal, customized consultation
- A home plan designed specifically for your property
- Recommended high impact updates
- Professional staging
Overall, buyers want stylish, turnkey homes. Yet, some buyers also look for specific amenities and comforts. As a result, knowing what repairs and upgrades will result in the biggest return on your investment is challenging. That’s why the Windermere Ready program offers a personalized approach. One of our local real estate experts will work with you to identify the next steps while keeping your timeline and needs in mind.
After crucial repairs and key upgrades are determined, one of our Windermere Kingston real estate experts will create a customized action plan. Working with an experienced professional will help you avoid costly mistakes and make your life easier by recommending excellent local service providers and coordinating access to your home.
Make Improvements That Matter
For a buyer, sometimes small improvements make the biggest impact. A colorful garden and a fresh coat of paint give your home eye-catching curb appeal. Simple changes such as refinishing the flooring and making cosmetic updates provide a welcoming atmosphere and help make a house feel like home.
Simple improvements we focus on:
- Landscaping
- Lighting
- Decorative Window Features
- Painting
- Floor Repair/Refinishing
- Fixture Repair or Replacement
- Cosmetic Updates
Cleaning strategies we focus on:
- Window Washing
- Power Washing
- Carpet Cleaning/Replacement
- Decluttering
- Professional Deep Cleaning
Staging Your Home is the Finishing Touch
Make the most of your home repairs and updates by adding a finishing touch — staging your home. With the help of professional stagers, you can increase your home’s sale price. Staging is the final detail that leads to the best first impression and helps buyers picture themselves living there. In fact, staged homes sell 87% faster and for 17% more than non-staged homes.
We’re Invested in Your Success
If helpful, we can assist with expenses by providing a loan of up to $100,000. There are no upfront costs and no monthly payments during the six-month loan term. As soon as your home sells, the loan is paid off in one lump sum. For more details about how the Windermere Ready loan can help your home make the best first impression, please contact us today.
Fourth Quarter Market Review for Kitsap County
Looking for the latest information about Kitsap County’s real estate market? This market update gives you fourth quarter stats, an overview of the last five quarters, and some important insights from Windermere’s Chief Economist, Matthew Gardner.
As was expected, our local market slowed down as we entered the holiday season. There are still many eager buyers in Kitsap County, but inventory remains low. As a result, sellers still have the upper hand.
A Look at Sold and Pending Homes
When looking at the last five quarters in the graph above, you can see summer’s growth trend and winter’s seasonal slowdown. Due to high demand, home prices continue to rise, and sold homes are still outpacing pending listings. Our seller’s market saw a 4.9% decrease year over year in closed sales during 2021’s fourth quarter, and we had a total of 1,291 closed sales.
Our Strong Seller’s Market
Since remote work has become the focus for many people, buyers are often drawn to places that are near big cities but far enough away to enjoy a peaceful, connected lifestyle. Kitsap County offers that and much more. So, demand in our area remains strong. It’s a great time to sell if you’re a local considering a move. If you’re a buyer wanting to move here, learn about Kitsap County in our free digital guide. If you have any questions, our local experts are here to assist you.
Listing Price vs. Sale Price
Currently, most buyers are able to pay at or above the listing price for a home in Kitsap. However, demand is pushing the cost of housing even further in favor of sellers as inventory remains low. In our fourth quarter, Kitsap County’s average sale price was $613,000, an 11.3% increase year over year. While this is very beneficial for sellers, many are voicing affordability concerns.
Insights from Our Chief Economist
Looking at the broader real estate market, we have insights from Windermere’s Chief Economist, Matthew Gardner. In his most recent Monday with Matthew, Gardner shared his market forecast for 2022: “If everything goes according to my plan, you should expect to see the housing market start to move towards some sort of balance next year, but I am afraid that it will still remain out of equilibrium until at least 2023.” This is an important reminder that the transition back to a balanced market will be a gradual shift.
While Gardner ensures us that he “doesn’t see a housing bubble forming,” he is concerned about housing affordability. There is definite cause for concern among the millennial generation as they start to settle down more and more. Millennials are currently the largest group in the generational real estate market, so it will be interesting to see where affordability and demand intersect.
In his video, Gardner concluded by saying, “demand for ownership housing remains remarkably buoyant and, in fact, it is quite likely that demand may actually increase with the work from home paradigm that will start to gain momentum next year.” In light of this, real estate continues to be an excellent investment.
