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New Agent Spotlight: Kelsie Thurrott
A third-generation islander, Kelsie Thurrott has a background in counseling, marketing, and project management. Her varied skillset, local expertise, and excellent interpersonal skills make her a great advocate for buyers and sellers. We’re so glad she has joined us here at Windermere Bainbridge Island. Learn about her interesting background, community involvement, and more in our Q&A.
What drew you to real estate?
I’ve always loved looking at homes. My mom used to take me around to open houses on the weekends for fun and whenever a neighbor would list their home or I’d visit a new friend’s house we’d snoop on the county website to learn as much as we could about the place. Shortly after getting married, my husband and I went through a very rocky real estate transaction. It was through that experience that I learned how important it is to not only have a good agent represent you but one with integrity and your best interest at heart. I’ve always been drawn to professions centered around helping people and after having lived through such a trying transaction, I couldn’t shake the desire to learn the ropes and do it better, advocating for my clients so their memories of buying or selling their home are positive and rewarding.
What unique professional experiences or skills do you possess that enhance your abilities as a realtor?
My education and career in counseling gave me an incredible foundation in reading people, empathizing, listening, and advocacy. These are skills I bring with me in all aspects of life, and I find them invaluable in Real Estate. My ability to understand my client’s needs through each step of the transaction is imperative, and my insight into personality types gives me that extra edge when it comes to negotiations.
After switching careers to be closer to home, I took on a role in sales and marketing at the Bainbridge Athletic Club. I’d worked there in some capacity since the age of 16. I’ve always had a knack for marketing but initially, I thought I’d be awful in sales. I never felt comfortable pushing a sale. Whenever someone was on the fence, I’d send them away to think about it. I always encouraged them to check out the competition before making a decision. I wanted to be sure they were making the right decision for them to stick with a healthy workout schedule and lifestyle change. It was in this position that I was surprised to witness my natural compassion and connection to people serving as a key aspect in my success.
When we decided to start our family, I began working with my husband to grow our small island business, which specializes in metal fabrication. I have worn several hats, but my primary role in project management familiarized me with many of the ins and outs of home construction and renovation. I’ve formed valuable relationships with many of the builders on the Island and I’ve developed a meaningful understanding of the importance of collaboration.
My husband and I also went through an extensive remodel ourselves, so I have first-hand experience in the process and familiarity with permitting on Bainbridge.
What personality traits do you think are important in this profession?
I am a people person. When someone asks me about my hobbies I answer, “work and friends.” I have always held a hefty dose of empathy and have been referred to as a naturally kindhearted person. But if you have ever played pickleball with me you’ll see my fiercely competitive nature come out. I don’t like to lose, and I don’t like to be wrong, so I make sure I’m confident and fully prepared before stepping up to the table. I think all of these personality traits are important in this profession. But above all, I think the most important personality trait in Real Estate is integrity. You need to have the knowledge, tools, and the wherewithal to complete a transaction and negotiate the details, but integrity sets apart a good agent, from a great agent. My client’s needs are first and foremost. Their best interest stays top of mind and drives every decision.
Which areas do you serve and what do you love about them?
I serve Bainbridge Island and the greater Kitsap Peninsula. I love most things about the PNW. The fresh air, incredible hiking trails, exploring the Sound to name a few. I’ve lived here my whole life so I may be a bit biased and perhaps not well-traveled enough, but I truly believe in the magic of this place. The dark winters and yes, the rain can seem like a lot come February, but I think it’s that stretch of the season that makes the summers around here something truly special. I’m a cancer so for me, getting out on the water is the highlight of living here. We take our 1968 Hatteras to explore the peninsula and the San Juan Islands as frequently as we can. When we are home, we love playing on the beach or taking advantage of the numerous parks and trails our island has. Growing up in such a tight-knit community felt disadvantageous as a kid. But looking back, I am in awe at how lucky I am and I can’t imagine living anywhere else (although snow-birding in retirement isn’t completely off the table.) I’m fortunate to be surrounded by family, which makes staying an easy decision. I’m an islander through and through. I loved going to high school and having several of the same teachers that taught my mother. Now I get to walk the same trails with my children that I trotted down as a child. Both my husband and I grew up here and never left. I’m third generation and he is 5th so our roots run deep.
How are you involved in the community?
Owning a small business on Bainbridge Island gives us the opportunity to stay active in the business community. We do what we can to support local organizations and community projects. Last fall we had a special opportunity to partner with Urbanist Collective. Together, with a grant through the Kitsap Community Foundation, we organized a Unity in Community youth mural project. We donated our large gate as the canvas for the project. Urbanist Collective worked with a group of local youth to design an image to promote inclusiveness and love within our community. From there, a large group came together and participated in painting sections of the mural. Urbanist Collective taught parents and children of all ages about the art of spray paint and the technique of painting with that medium. It was a powerful weekend and a perfect representation of everything I love about our community.
What made you decide to work with Windermere?
I knew I wanted to work for a brokerage that promotes delivering value to its clients and the community as a whole. One that aligns with my morals and prizes “relationships, not transactions”. Windermere does just that. Rooted in service, Windermere cares about the people it serves and the community they live in. I’m proud that my work will benefit the Windermere Foundation. I feel lucky to be a part of an office that inspires.
Is there anything else you’d like to share with us?
Outside of business, I have a wonderful husband I’ve been with since high school, two rambunctious boys that we absolutely adore, and a large pup named Charlie. In my off time, I love boating, biking, gardening, and visiting with friends and family.
We are so happy to have Kelsie on our Windermere Bainbridge team. You can learn more about her through her website and her Facebook page.
Third Quarter Market Review for Bainbridge Island
Bainbridge Island’s real estate market remains a strong seller’s market. In our third quarter, we continued to see homes sell above the asking price. We also saw a similar increase in average sale price when compared to this time last year. We’ve compiled key highlights to keep you in the know about our local market.
Bainbridge’s Competitive Market
Bainbridge Island continues to get more competitive for buyers in this third quarter. Many home buyers want to live near Seattle while enjoying beautiful Bainbridge, and remote work trends have increased demand. However, the volume of homes on the market decreased year-over-year, making our seller’s market that much stronger. If you’re looking to buy, our Brokers can help guide you through this competitive market. They know this market extremely well, they know the nuances of Bainbridge’s neighborhoods, and they have excellent track records.
Market Data
In the last five quarters outlined in the graph below, the long-standing growth trend in sales volume is finally slowing. Yet home prices are still growing and sold homes still outpace pending listings as a result of the increased economic demand. As the season slows and inventory wanes, prices may level – effectively balancing out the market between buyers and sellers. Or, at least they will start to shift toward a more balanced market.
With our lower supply, we continue to see even higher prices. While many buyers are willing to meet the demands of Bainbridge Island’s pricing, there just aren’t enough homes on the market right now. As you can see below, the averages of listing and sale prices are starting to converge as demand stretches the costs of housing even further in favor of sellers.
Home Purchase Sentiment Index: Insights from Matthew Gardner
In his most recent Monday with Matthew video, our Chief Economist delivered a comprehensive analysis of the most recent Home Purchase Sentiment Index figures put out by Fannie Mae. The data comes from a survey containing approximately 100 questions on housing-related topics. Fannie Mae collected 1,000 consumer responses from across the country. As Matthew Gardner says, “It’s the only national, monthly survey that’s focused primarily on housing.”
The survey shows that many Americans continue to think it is not a good time to buy because of the low supply and rapidly rising prices. However, many feel it is a good time to sell as consumers predict home prices and mortgage rates will go down. As Gardner explains, “most consumers continue to report that it’s a good time to sell a home, but a bad time to buy. They most frequently cite high home prices and a lack of supply as their primary rationale…However, the good time to buy component did tick up for the first time since March.” While this is a recipe to shift towards a buyer’s market, we’ll see how things unfold in the coming months.
Gardner sums it up nicely: “The takeaways for me so far are that consumers tempered both their recent pessimism about home buying conditions and their upward expectations of home price growth.” So again, we are seeing the potential for a shift toward a more balanced market.
Second Quarter Market Review for Bainbridge Island
Bainbridge’s real estate market exceeded expectations in our second quarter. That’s even compared to last year’s similarly strong performance. We’ve compiled key highlights to keep you in the know about our local market.
Our Strong Seller’s Market
Bainbridge Island is still an increasingly competitive market, and we just had a strong second quarter. Since Bainbridge is so close to Seattle and retains its island beauty, it continues to attract buyers moving away from bigger cities as the way we work continues to trend toward remote work. There are still many more highly motivated buyers than sellers. Inventory remains low and demand remains high. Our Brokers can help navigate this competitive market. We’ve seen continued situations where buyers are outbid either by price or by an all-cash offer. Having a local expert as your guide can help you achieve success.
In the last five quarters outlined in the graph below, the continued growth trend in sales volume for the second quarter of 2021 is even higher than 2020’s second quarter. That was during the Covid lockdowns, which prompted a surge in home buying in places outside major cities – like Bainbridge Island and beyond. 
Average Prices
With our lower supply, we continue to see even higher prices. And, still, many buyers are showing that they are willing to meet the demands of Bainbridge’s pricing. As you can see below, the listing and sale prices both continue to rise. Sellers continue to benefit from our inventory shortage.
Market Insights from Matthew Gardner
In his most recent Monday with Matthew, our Chief Economist, Matthew Gardner, begins with the staggering fact that “prices have risen almost three-fold, as the cost to finance has dropped by 72%.” If the number sounds too good (or bad) to be true, that’s because it is. To get an accurate picture, you also have to consider inflation. Gardner points out that “just like other goods and services, the price of a house today is not directly comparable to the price of that same house 30 years ago”. That’s due to the influence of inflation in the long run. When you adjust for inflation, the rise in housing prices becomes less drastic. Without adjusting for inflation, “prices have risen by 268%.” But when you adjust for inflation, the “real prices have increased by 83.6%.” Therefore, “the increase is significantly lower than most people are talking about today.” This should come as welcome news to discouraged first-time home buyers.
Gardner then compares mortgage payments. Although, without adjusting for inflation, “mortgage payments have increased by 74.3%,” the inflation-adjusted “real payments are 10.7% lower!”. Of course, there are other monthly payments associated with homeownership like property taxes. They do not change with market fluctuations. But this still indicates “that prices have been able to rise so significantly because mortgage rates have dropped.” Additionally, home prices adjusted for inflation really haven’t skyrocketed, though many seem to think so. Again, this is great news for buyers.
There are some caveats, though. Gardner clarifies that “there are some markets across the country where the picture isn’t quite as rosy. In these places, prices have risen significantly more than the national average.” The Seattle metropolitan subunit, which extends around our local area, is one of these places. This is largely from the increasing affluence in relation to the tech boom.
Not a Housing Bubble
Gardner says the bottom line is “there are quantifiable reasons to believe that we are not in a national housing bubble today. But some markets will experience a significant slowdown in price growth given where prices are today in concert with the spectre of rising mortgage rates.” Ultimately, it’s still a strong seller’s market with an overall low supply and high demand. We expect to continue to see issues with affordability as prices and mortgage rates continue to climb.
4 Tips for Buying a House in Our Strong Seller’s Market
Many buyers are scrambling to secure their dream homes, especially since we have such a strong seller’s market here on Bainbridge Island. Multiple offer situations have become very common. Additionally, our agents know of many situations in which buyers are waiving inspections or are outbid by price or by all-cash offers. Not to worry, our local experts are here to help. Here are four tips and insights.
1. Make Sure You Can View Homes Right Away
“Be ready to view homes ASAP so you don’t miss out on getting a showing appointment,” says Broker Diane Sugden.
Many homes are only on the market for a matter of days. They come and go quickly, so there is little time to debate. Make sure you are prepared to adjust your schedule as needed before you start looking at listings. Make a list of all of the neighborhoods/areas you are open to, as well as any must-haves and deal-breakers for you. This will save you time and help you view the right homes quickly with a focused approach.
2. Don’t Underestimate the Power of Local Experts
“Work with local experts! From your lender to your realtor to your closing escrow team. Professional history and work ethic are critical in crafting a strong offer where the seller can take comfort knowing their home will close on time, with no surprises,” says Susan Grosten, Managing Broker.
Undoubtedly, a real estate agent who knows the local market, the community, and the right vendors will be a tremendous help. They also have an established track record and are skilled negotiators. It’s not uncommon for experienced local agents to have worked with the agent representing the seller, which can be to your advantage. From lenders to home inspectors, home repair crews to community resources, local agents’ connections can help you in many ways.
3. Get Pre-Approved Locally
“Get yourself pre-approved with a LOCAL lender. This will serve you well as the listing broker will want to assure their sellers that the buyer can close. Most agents prefer to work with a local lender who has a proven track record and is easily accessible,” advises Broker Diane Sugden.
Getting pre-approved with a local lender will help the sellers feel great about your offer. Taking this step can make a difference, especially since they’ll want to close as quickly as possible.
4. Do Your Due Diligence
Make sure to really analyze different aspects of a property that you’re looking to buy. It shows you’re really ready to buy and can help distinguish you in a multiple offer situation. “In one instance, the sellers chose my clients because of the due diligence they did before placing their offer on the house. This pre-inspection gave my clients information on the condition and functionality of the home. Additionally, it gave the sellers confidence that my clients were serious, did their due diligence, and presented a solid offer,” says Broker Jenn Herrmann. Sellers do not want to waste any time. Anything you can do to prove that you won’t pull your offer at the last minute will give them peace of mind.
To learn more about our current market, watch our video below with stats from this year’s first quarter. For more in-depth information, read our First Quarter Market Review.
What To Consider When Buying Land To Build A House
If you haven’t found the home of your dreams, you may be thinking about building it instead. Buying land and building your ideal home gives you the ability to customize as much as you want – or as much as your budget will allow. It is an exciting yet complex process so our real estate agents have provided five tips to help you get started.
1. Build an Excellent Team
“Interview and find your builder even before you start your land search. Your realtor can assist with finding land parcels, the known details, title issues, and general issues with the city,” says Broker Julie Miller.
“Along with your real estate broker, you will want to construct your team of experts: design/architect, developer/contractor,” explains Broker Andy Moore. “These individuals must be very experienced and familiar with the community’s regulatory elements that you plan to build. These folks, along with other experts, will be invaluable in achieving your new home objectives.”
When it comes to a successful build, having a highly-skilled, efficient team is crucial. Most likely, you’ll be working with a group of professionals for several months. Therefore, you want to make sure that you have team members you trust who offer local expertise.
2. Analyze the Location
Location, Location, Location! It’s important to keep zoning and potentially related issues in mind. This is where your team of professionals comes in handy. Jurisdictions may have land that’s zoned for residential or commercial use or both. You’ll need to find out if the land you’re looking to purchase is zoned for your specific interests and needs.
Additionally, Mother Nature is a powerful force. It’s essential to keep in mind what sort of hazards may come up and how the land you’re looking to buy would be impacted by a natural disaster. From wildfires to floods, earthquakes to mudslides, take every possibility seriously.
3. Do Your Utilities Research
“For raw land, start researching power immediately. An official design and accurate cost estimate from Puget Sound Energy can take up to a year or more to achieve,” explains Jason Galbreath, Broker.
Unless you plan on living entirely off the grid, you’ll need to figure out how your house will get water, electricity, gas, waste, and cable. Contact water, power, waste, and other companies to understand the costs of connecting the land to utilities.
4. Understand What Waterfront Living Entails
If you’re specifically looking to build a waterfront property, you’ll want to consider many things in addition to the ones listed above. Keep in mind Puget Sound’s ecology, erosion potential, and the possible need for soft shore protection. Be sure to consult local experts when considering a specific parcel of land. Discuss potential issues and considerations throughout the process to avoid problems down the road.
5. Check for Unrecorded Rights
“Make sure to ask the sellers if there are any unrecorded ‘rights’ to use the property,” states Broker Kelly Muldrow. Knowing the land’s complete history is a crucial step. In fact, Kelly recounted a cautionary tale from his own experience when representing buyers. “A couple of weeks before closing, an elderly relative produced a letter from the family stating she had a life estate allowing her to park her RV there and camp on the property for as long as she lived. The buyers had to hold off on clearing the property and building their dream home until she passed away.”
When it comes to buying land to build a house, it’s never as simple as it may seem. However, with thorough research, careful planning, and an excellent team of local professionals, you can turn your dream home into a reality.
Learn More about Bainbridge Island
If you’re thinking of building your dream home on Bainbridge Island, check out our Newcomer’s Guide. It’s full of helpful resources to get you better acquainted with our area. In it, you’ll find information about our neighborhoods, schools, entertainment options, outdoor activities, local home buying resources, and more.
First Quarter Market Review for Bainbridge Island
Bainbridge’s real estate market is picking up after the winter slowdown. We’ve compiled key highlights from our first quarter to keep you in the know about our local island market.
Our Strong Seller’s Market
Bainbridge Island has a very competitive market right now, and we just had a strong first quarter. With Bainbridge’s quaint island feel and its proximity to Seattle, it’s very appealing to people moving away from bigger cities as COVID-19 changes the way we work. There are still many eager buyers outnumbering sellers as inventory remains low and demand remains high. Our Brokers can help navigate this competitive market. We’ve seen many situations where buyers are outbid either by price or by an all-cash offer. Having a local expert as your guide can help you achieve success.
In the last five quarters outlined in the graph below, you can see that a similar growth trend in volume is repeated when comparing 2020’s first quarter to 2021’s first quarter. We saw quite a spike this past quarter from January to March. Get ready for the market to continue to heat up as we move from spring to summer.
With our lower supply, we’re seeing even higher prices. And, many buyers are willing to meet the demands of Bainbridge’s pricing. As you can see below, the listing and sale prices both continue to rise as sellers benefit from our inventory shortage. We’re beginning to see an affordability ceiling in which some people looking to buy on Bainbridge Island aren’t able to do so.
Affordability Issues and Market Insights
Matthew Gardner, Windermere’s Chief Economist, continues to track this affordability ceiling in his most recent Housing and Economic Update: “If the pace of home price growth continues, many households will start to be priced out” of what people can actually afford. As Gardner points out, we need more supply, and we need home prices to drop to alleviate this market strain.
Unfortunately, that might not happen fast enough for many hopeful homebuyers to make their dream a reality. Gardner reminds us that the cost of materials, recent storms, and the current housing market prices have all added to the cost of building new homes. This, in turn, will add to the listing price.
Additionally, Gardner points out that mortgage rates have risen after “a jump in bond yields has led rates to spike” as the country re-opens and economic activity increases. The resulting potential inflation causes the 10-year treasury interest rates to rise in hopes of attracting more buyers. However, it is still far below standard rates and shouldn’t be a concern for buyers right now.
Ultimately, it’s still a strong Seller’s Market with an overall low supply and high demand. We expect to continue to see issues with affordability as prices continue to climb.
Fourth Quarter Review and 2021 Forecast for Bainbridge Island
Bainbridge Island’s real estate market finished 2020 with a strong fourth quarter. We’ve compiled key stats below to provide a comprehensive review of our local market, as well as insights and a 2021 market forecast from Windermere Real Estate’s Chief Economist, Matthew Gardner.
Our Strong Seller’s Market
It’s still a strong seller’s market here on Bainbridge Island. Inventory remains low while demand is high. Buyers should be aware that the market is in a seasonal slowdown, but not as slow as expected, given COVID-19. There are still many buyers looking to move away from Seattle, but still remain close by; inventory remains low, giving the advantage to sellers. Our Brokers have seen an increase in situations where some buyers are outbid either by price or an all-cash offer.
In 2020’s fourth quarter, the average sale price on Bainbridge Island was up 12.9% year-over-year at a very strong $1.315M. Sale prices continue to hover close to listing prices, indicating strong demand.
2021 Market Forecast
In his final Monday with Matthew video of 2020, our Chief Economist, Matthew Gardner, shared his 2021 market forecast. He’s optimistic and for some good reasons.
First off, Gardner expects mortgage rates will not rise significantly on a local level, nor will they vary significantly throughout different regions across the U.S. Since mortgage rates are heavily tied to 10-year treasury maturity rates/yields, rates shouldn’t rise significantly until the entire market recovers from the COVID-19 slowdown. Another great sign is that Gardner expects home sales will grow, from 5.55% in 2020 to 5.93% in 2021. That’s “to a level we haven’t seen since 2006,” Gardner explains. With the continuation of historically low mortgage rates and the consistent increase of home values, 2021 looks bright.
“No! There isn’t a housing bubble forming. But price growth will slow & sellers may feel like it’s a collapse … it isn’t collapsing, it’s just normalizing.”
Matthew reminds us that there are pitfalls to be wary of in this strong market. First and foremost: “we need more inventory.” With the shuffling to new homes, and the huge wave of “first-time buyers [that] will continue to be a major player in the housing market,” many are making moves in a flood that will not persist. Buying during the pandemic will slowly settle. People are expected to stay in their homes longer, especially homeowners who have chosen to refinance. House values will rise due to the lack of supply, and that may price out many buyers who want to purchase in our area.
Western Washington’s Market Report
WESTERN WASHINGTON HOME SALES
- Total Sales: 26.6% increase from Q4/2019, but 8.3% lower than Q3/2020
- Homes for Sale: 37.3% lower than Q4/2019, and 31.2% lower than Q3/2020
- Pending Sales: up 25% from Q4/2019, but 31% lower than Q3/2020
- Average: $617,475 (up 17.4% from Q4/2019). This continues the trend of above-average appreciation of home values.
- Interestingly, prices between Q3 and Q4 of 2020 only rose by 1%. Is there a price ceiling we’re reaching?
- Mortgage rates will stay competitive as the market continues to charge toward a price ceiling and potential affordability issues.
- Average: 31 Days (16 days less than Q4 just one year ago)
- In Kitsap County, average days on market: 17
Conclusion
2021 will continue the trend of working from home, which keeps demand high. This, in turn, will drive sales growth, while affordability barriers will balance our current runaway appreciation for home values.
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.
Everything You Need to Know about Title Insurance
Title insurance is a policy that protects you from potential problems when acquiring real estate. When you buy real estate, you’re also buying all of the assets and liabilities associated with that property. So title insurance protects you from any past title problems. Some of these problems can include forgery, fraud, liens, and prior mistakes in legal documents.
Types Of Title Insurance
There are two main types of title insurance: lender’s title insurance and owner’s title insurance. Most lenders require the borrower (homebuyer) to purchase a lender’s title insurance policy, which protects the lender. It is important to note that a lender’s policy will not cover the homebuyer from any problems with the title. To protect yourself, consider purchasing owner’s title insurance.
Owner’s title insurance will protect you, the homebuyer, from any aforementioned issues. A title search examines public records and legal documents to confirm the legal ownership of a property before a transaction takes place. It is usually performed by an attorney or a title company. Although this procedure will often identify any title issues or mistakes, sometimes mishaps occur. These mistakes can be costly down the road, so buyers often purchase title insurance to protect them and their mortgage lender from financial loss if there’s a problem with the title after the sale.
Common Claims
Some common claims filed against a title are back taxes and liens. Liens are a right to keep possession of property belonging to another person until a person’s debt is cleared. It is rare for title companies to miss a lien, but if that does happen, it can cause quite a legal headache for the homeowner. Title insurance can protect from any issues that arise due to uncleared liens.
A typical title insurance policy covers the following hazards:
- Ownership by a party other than the one who sold it to you
- Incorrect signatures on documents as well as forgery or fraud
- Mistakes in legal papers and inheritance
This type of policy also ensures that there aren’t any outstanding liens for the property. Unlike traditional insurance policies that protect you from future events, title insurance protects you from past events that may not have come up during the purchase of the property.
Title Insurance in Washington State
In Washington state, the owner’s title insurance policy is usually optional and not required by law. You can choose to buy a policy that will cover the full price that you paid for the property. The Office of the Insurance Commissioner has more information about the process of purchasing title insurance in Washington state.
It is important to note that the only time it is possible to secure the owner’s title insurance is at closing. You will not be able to purchase a policy if you discover an ownership issue after you’ve bought the property and ownership has been transferred to you.
Bottom Line
Having title insurance protects both the buyer and seller from potential risks that can lead to a considerable amount of stress down the road. It’s important to talk to your real estate agent about these details. They should be able to guide you through the process and provide additional insight. Our local Windermere agents are also here to answer any questions you may have.
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.
