Facebook
X
Pinterest
Copy Link
There are many different types of homes for sale on Bainbridge Island, ranging from stunning waterfront properties and luxury homes to quaint condos and townhomes. But before you dive into online searches and open houses, there are some important steps to take to ensure success. Buying a home is an exciting and in-depth process, and buying a home on Bainbridge Island means being aware of different factors that could mean the difference between you landing your dream home and losing out on the place that would suit you best. Here’s what you need to do before you start your real estate search.
1. Get pre-approved
Before looking at homes for sale on Bainbridge Island, it’s crucial to get pre-approved for a mortgage. You need to fully understand your budget, and your lender will need to conduct a thorough credit history check. Be ready to provide financial documents like pay stubs, bank statements, and tax returns. Not knowing your financial health in advance is like walking into a potential negotiation empty-handed. You want to put your best foot forward with an official pre-approval so that as soon as you find a house you want to make an offer on, you can do so right away.
In some real estate markets, you may have time to peruse listings, casually view open houses, and then make an offer when the time seems right. Here on Bainbridge Island, our local real estate market works differently. Since this is a popular place to live, there are many multiple offer situations, and it’s common to hear about all-cash offers. So, if you need financing, be sure to have your ducks in a row and be ready to make a competitive offer quickly. A local lender is also a great resource. They know the area, can provide good rates, and tend to be more available to ensure a smoother process than a distant national bank.
2. Make a need, want, and nice-to-have list
It’s easy to get enticed by beautiful property photos online. It’s also fun to imagine yourself when walking through gorgeous homes that all seem like “the one” at first. But it’s important to first get clear on what you need and want. This will help shape your vision and make it easier to weed out nice homes that simply don’t have everything you require. No one wants to spend countless hours searching, let alone get to the offer phase (or further) and then suddenly realize it’s actually not truly what you want or need. You can avoid this misstep by making a three-column list. In the first column, list what you need. Next, list what you want. And last, list aspects or features that are nice to have as bonuses when thinking of your ideal home.
For example, you and your partner may know that you want at least a 3-bedroom, 2-bath house but does it matter how old the home is, if it’s more than one story, or if it has an open concept layout? Do you need to have a bedroom on the main floor? Do either of you need or want to have a finished basement, a home office, a workout room, or a fenced backyard? If the home doesn’t have a spacious kitchen, updated bathrooms, or a garage – are those dealbreakers? If the property doesn’t have room for a garden is that a bonus you can do without or is it something you can’t live without? Do you want to be within a certain walking or driving distance from the ferry to Seattle or from a certain school?
If you want to buy a condo on Bainbridge Island, it’s best to start thinking about added fees, whether certain types of condos fit your lifestyle better than others, which amenities are must-haves, and if you have any condo-related dealbreakers.
If you’re looking at land listings to build your dream home, do your research before viewing lots. Look into utilities, nearby amenities, and potential hazards. Check out our article on considerations when buying land to learn more about that process.
3. Research the Bainbridge Island market
As we mentioned, Bainbridge Island’s real estate market is still going strong. Below, you can see highlights from our most recent quarterly market update. Knowing our average home sale price is $1.6M may surprise some homebuyers. While there is still a range here on the island, it is important to manage your expectations around the financial aspects of buying a home here. It can also get pretty competitive. One of the best ways to ensure success in this market is to work with a highly-rated local real estate agent. They will know the intricacies of different parts of the island, can connect you with local lenders, builders, and much more. Additionally, they can provide recent sales data and the latest market research. Also, they will look at homes for sale and can refine your search to streamline the process. By doing so, you’ll be able to make more informed decisions every step of the way.
4. Learn more about Bainbridge Island
If you’re thinking of moving to Bainbridge Island but haven’t spent much time here, we highly suggest you learn more about our area and the island itself before making an offer on a home. While we love living and working here, Bainbridge Island isn’t for everyone. Some people who are new to the Pacific Northwest aren’t fans of the rainy season while others don’t like living on an island (though it is an island you can drive on and off vs. one that’s only accessible by boat or ferry). Our wetter climate means you may have to deal with a moss or mold issue, flood zone concerns, and/or more frequent roof inspections. On the other hand, Bainbridge Island is also home to lush forested trails, incredible beaches, and an award-winning public garden. We also have top-tier schools, a focus on sustainable living, a thriving arts scene, and much more. Additionally, each neighborhood has its own interesting characteristics that you’ll want to consider. If you do your research in advance and talk to your local broker about what you’re looking for, you’ll have a better idea of which neighborhood would suit you best. It’s also a great idea to spend time in specific neighborhoods if possible. Walk around, say hello to any neighbors you pass by, and live like a local as much as you can.
5. Be prepared to make a strong offer
It’s one thing to do your research and look at homes for sale, it’s another thing to be fully prepared when you find the right one. You want to be ready to make a strong offer right away. If you already own a home and are thinking of buying and selling simultaneously, you may want to consider the Windermere Bridge Loan program. With this program, you can buy before you sell, using the equity from your current home to make a non-contingent offer on a new one. This increases your negotiation power. The approval process only takes a few days.
Other ways that you can stand out as a buyer include making a larger earnest money deposit, possibly waving certain contingencies, and show your willingness to work toward a quick closing.
