Home SellersReal Estate Market December 14, 2020

Selling in Winter: 4 Reasons Why It’s a Good Time to Sell

Selling in winter may not seem optimal but there are actually some important advantages to consider, especially given our current market. Here are four reasons why now may be the right time for you to sell.

1. Demand is High and Supply is Low

There are many anxious buyers who want to move to our area. Western Washington has seen a significant increase in demand. Here on Bainbridge Island, closed sales were up 43.6% year-over-year in 2020’s third quarter. Multiple offer situations have become common and our agents have seen quite an increase in all-cash offers. Additionally, many families are able to work remotely and they’re drawn to all Bainbridge Island offers.

2. Mortgage Rates Have Hit Historic Lows

During 2020, mortgage rates hit all-time lows a dozen times. As of December 3, 2020, rates on a 30-year and 15-year fixed-rate mortgage (FRM) have dropped to 2.7% and 2.3%, respectively. These low-interest rates incentivize serious buyers and create a sense of urgency for many.

3. Home Prices Are Up

Since inventory is low, prices have gone up. In fact, the median sale price was 1049K in 2020’s third quarter, which was up 19.9% year-over-year. So you could potentially sell your house for top dollar. If you’ve properly prepared your home and your agent is marketing it effectively, you could also experience a multiple offer situation.

4. Many Buyers’ Priorities Have Shifted

With the pandemic, many buyers are focusing more on finding homes that offer space: a backyard, proximity to nature, and room for their children to play and/or a home office. Bainbridge offers all of that as well as gorgeous beaches and hiking trails, a strong sense of community and easy access to the city. This appeals to first-time buyers as well as those looking for luxury homes. So even though it’s not the popular time to put your home on the market, it’s still a strong seller’s market and there are still plenty of serious buyers ready to make an offer on the right property.

Community December 9, 2020

Patti Shannon: Real Estate Expert & Soon-to-be Retiree!

Patti Shannon has helped hundreds of families buy and sell homes, and she’s been a tremendous asset to our Windermere Bainbridge team. She’s now ready to retire, so we wanted to celebrate her incredible career and share some of her valuable insights. We recently connected with her and we love what she had to say about how this industry has changed, her advice to those who are new to the business, memorable moments, and much more.

What drew you to this career?

I was drawn to Sales & Marketing at an early age. As a teenager, I had a part-time job creating monthly newsletters for a car dealership and was feature editor of my high school newspaper. I sold Girl Scout cookies and greeting cards door to door. After earning my bachelor’s degree in Speech-Communication, I went to real estate school in St. Louis and got a Missouri real estate license; but I had no way to finance the launch of that career. Instead, I worked as an administrative assistant at an ad agency, which led to a 20-year career in radio advertising sales and radio audience research sales. After moving from St. Louis to Dallas to Seattle, I was able to start my real estate practice on Bainbridge Island. I am so glad I waited, or I’d probably still be living in Missouri!

How has the industry changed since you became a Realtor 19 years ago?

The biggest change is the amount of information homebuyers and sellers can access about properties on their own. Many consumers think that means they don’t need the help of Realtors as much. One of my favorite sayings is “you don’t know what you don’t know.”  Agents do this work every single day. We take classes on everything from septic systems and wells to NWMLS contract language to negotiations. We also gain knowledge doing transactions and talking with other agents. We network with other agents to find off-market properties for Buyers.

Local Agents have invaluable background knowledge of properties through years on the job; on the island where the same property might sell 3 times in 15 years, being savvy enough to ask, “I wonder if they solved the drainage issue,” makes a difference. We spend months guiding Sellers in the most cost-effective things to do to make their houses market-ready. Good Realtors are worth their weight in gold. I get a kick out of people who tell me, “I’d like to be a Realtor. I love looking at houses.” We do so much more than that!  People are shocked when I tell them that less than 10% of the job is looking at houses.

What will you miss the most?

Talking about real estate with clients, friends, and colleagues. Future conversations will not be the same because I won’t be dedicating time daily to stay on top of things.

What will you miss the least?

The changing schedule. It is essential to be available to clients when needed and that often means canceling personal plans or stopping in the middle of dinner to connect with someone I’ve been trying to reach all day. I am looking forward to building a daily and weekly routine.

When you think about all of the families you’ve helped over the years, are there any particular stories that really impacted you?

I will never forget my first in-person offer presentation. Representing a buyer client, I scheduled a meeting with co-listing Windermere agents Bill Hunt and Mark Wilson. I was working for a different company at the time, did not know them well, and was nervous. They were professional, kind, and sensitive to my jitters. They set a great example of how to treat other agents and I hope our wonderful community of hard-working professional Realtors feels that I lived up to their example.

Second, I am humbled and grateful to the many clients I’ve worked with who invited me multiple times to help them buy and sell real estate. That means so much to me!  For example, years ago I helped 3 related families move to the island, coming from various parts of the country. Last year, I worked with a client on a second and third transaction and had the pleasure of assisting her daughter with her first home purchase. That was very gratifying.

Do you have any advice for those who are just starting out in this business?

1) Join a company that provides excellent support in terms of training and tools, and sets a high standard for integrity. I find Windermere outstanding on all counts.

2) Get a great mentor or two. I’ve had some wonderful ones, including my dear, departed friend, Carolyn Frame, who pushed me to set monthly sales goals, then reviewed them with me periodically.

3) Partner with other Realtors some of the time. It can be fun and a great learning experience. Find someone who works similarly so you can feel comfortable having them cover for you during vacations and days off. Be sure to schedule “down time” or you will burn out.

You’ve been involved in the community for decades, volunteering with Rotary for 19 years and serving for 7 years as the Chair/Co-Chair of the fundraising committee for Cedars Unitarian Universalist Church. What do you enjoy most about your volunteer work?

I like giving back to the community in a meaningful way. Rotary International is an amazing, world-wide organization and our club on Bainbridge Island is extremely active locally as well as internationally. Being Rotary Auction Chair in 2009 was a fabulous experience because I was able to interact with and get to know many people who have been volunteering for years and years, and also learn how they manage their unique subsets of that phenomenal event.

The reason I serve on the Fundraising Committee at Cedars is that I’ve never met a kinder group of people in my life. I’m blown away by the friendliness, openness, caring, and love that I see displayed through these individuals, both to visitors and members. Perpetuating and growing the church by donating and doing fundraising activities is important to me so that church services continue (now via YouTube), educating and empowering each of us to walk our own spiritual paths, aided by the 7 Principles, moral guidelines held by the UU faith.

What are you most excited to do once you’re officially retired?

Play! Kayak, paddleboard, golf, establish a yoga practice, fish more with Doug. I have always wanted to learn to play guitar, so I plan to pursue that.

Is there anything else you’d like to share? 

I would love to see young, self-motivated people with an aptitude for teaching and communicating to be presented with a career in real estate sales as an option. It is a fascinating profession, ever-changing, rewarding in so many ways, and I never dreaded going to work in the morning. 

Thank you for sharing your journey and wisdom with us, Patti! We wish you all the best!

Home Sellers November 17, 2020

Why You Should Stage Your Home in a Seller’s Market

We have a strong seller’s market, which means it’s an excellent time to sell your home. Inventory remains low and there are many anxious buyers wanting to move out of crowded cities to a beautiful place like Bainbridge Island. In our third quarter, our closed sales were up by 46% year-over-year. But just because our market (or any market) is doing well doesn’t mean you should casually list your home and expect to experience an incredible multiple offer situation. Some sellers are asking our agents this question: “Why do I need to stage my house if the market is so hot?” Our answer: It may be the best way to yield the outcome you want. Here are some key facts and figures for you to consider.

Proper Preparation Still Matters

If you have a good agent, you’ll know how important it is to take the time to make sure your home is ready to put on the market. Even though our market is strong with many success stories, there are still some houses that are sitting on the market for longer than others. Sometimes it’s because they were priced too high or they didn’t take the time to prepare. Most buyers right now don’t want a fixer-upper, in part because of the pandemic. They don’t want to have to deal with workers in their house. So, carefully prepare your home and utilize your agent’s local knowledge, resources, and expertise.

Think Like a Buyer

First impressions are everything and photos are usually buyers’ first glimpse of your property. In fact, 95% of people search for homes online. So, you want to grab their attention with beautiful visuals. In a recent report by the NAR (National Association of Realtors), buyers rated photos as the most important element in their home search process. They rated it higher than the description of the home and higher than the location.

Now, you may think a photographer can simply take photos of your home as it is. However, if your home is cluttered or filled with various personal touches (as most of our homes are), it can be difficult for buyers to imagine themselves living there. Expert stagers can draw people in and provide just the right amount of detail. The research supports this as well. According to the NAR, 83% of buyers’ agents said staging made it easier for buyers to see themselves living in the home they were viewing.

The Potential Return on Your Investment

According to last year’s NAR report, sellers’ agents stated that when staging a home, 39% saw an increase in the dollar value of the home, anywhere from one to ten percent. Additionally, 28% of sellers’ agents saw a decrease in time on the market for staged homes. So if you stage your home using local experts, it could greatly benefit you, especially when you think of how this information applies to our current, local market. Serious buyers are out there but you want to make sure you’re putting your best foot forward in order to achieve success.

 

Home Sellers May 27, 2020

Home Seller’s Checklist: How to Successfully Sell Your Home

Adequately preparing your home before putting it on the market will help you successfully sell it. There are some important steps to take that can drastically improve your home’s appeal, ensuring it will sell for the best price and in a timely manner. Here’s our home seller’s checklist to help you get ready.

Preparing Your Home for Market

We highly recommend listing your home at least three months before your ideal “closing date”. The listing date is an important factor and it’s crucial to make data-driven decisions. That’s where a real estate agent with expertise comes in to inform and guide you through the process. An experienced, local real estate agent knows the market and can help you properly prepare your home. Agents can point out necessary changes, but it is important that you take care of any projects you have been avoiding so that everything is done before your listing date.

Decluttering

Since you will be moving, jump-start the packing process by decluttering your home. Don’t forget to donate unwanted items to Goodwill or the local Rotary Auction.

  • Clutter and random items should be packed away, including most or all of your family or personal photos. This gives the prospective buyer a chance to envision themselves in your home.
  • If you can move out and allow your agent to stage your home, this will take all of the responsibility off your plate. Here are the benefits of staging your home.

Appearance and Hardware

Before putting your home on the market, take a look at your home’s overall appearance and hardware.

Ask yourself a few questions:

  • When was the last coat of fresh paint? (Inside and outside)
  • Is the landscaping up to your standards? Are there any patches of dead grass or any dying trees?
  • What condition is the flooring in?
  • Is the hardware in your home working properly? (Sink hardware, doors, windows, light fixtures, and appliances)

Agents Are Your Best Resource

Any good home seller’s checklist makes one thing clear: it takes work to properly get your home ready to sell. But if you have a great agent, they will help you every step of the way and make this the best experience possible. Here’s what they can do so that it’s not up to you to navigate all of this on your own.

  • Help prevent and reduce stress
  • Project manage the process of selling your home
  • Provide you with a list of priorities
  • Offer their up-to-date market expertise
  • Utilize their global marketing network and their local connections to excellent stagers, photographers, landscapers, home-repair contractors, etc.

Our Windermere Bainbridge Island real estate agents go above and beyond for their clients. As highly knowledgeable locals, they possess decades of experience and are invested in our community.

Before Showings

Once your home is ready to be listed, here are some key tips for when your home is being shown.

  • Due to the current pandemic, it is important to know the latest CDC guidelines and specific safety standards that the real estate industry is following.
  • Make sure your home is set at a comfortable temperature. Usually mid to high 60s is appropriate.
  • Light up your home: turn on all the lights inside, and in the evenings turn on your exterior lights.
  • Are you a pet person? Make sure to keep them in a separate area, and if you have cats, remove or hide the litter boxes.
  • Hide money and valuable items.
  • Open up all drapes and curtains to fill your home with as much natural light as you can.
  • Interior doors should all be open except for closets.

During Showings

Sometimes showings can become constant. If you are unable to leave during the showing period, here are some helpful tips.

  • A buyer will likely feel more comfortable and spend more time in your home if you are not there.
  • Try to keep your distance, and keep children and pets quiet and out of the way.
  • Don’t interrupt or follow potential buyers through your home.
  • Allow the agent to show and sell your home. Rely on their expertise.

Additional Resources

For more information, download our Market Prep Guide and our Pre-Listing Checklist. We also have an extensive Guide to Selling a Home which provides information about the home inspection, settlement and closing, moving, and terms often used. And, if you need further assistance, you’re welcome to contact us.