Economist Matthew Gardner explains why buying now is likely your best choice. Click here to watch his YouTube video, and you can also find more of his forecasts on YouTube.
In Kitsap County, we have a LOT of trees. And windy conditions, especially during winter months. For Bainbridge Islanders and others, keeping the heat and lights on can pose a challenge. If considering a generator, you’ll want to read this.
At today’s staff meeting, we discussed where our Buyers are coming from. Every time we close a transaction, we complete a form that says what part of the world the Buyer lived in prior to this purchase. As in year’s past, in 2016 the vast majority came from our area: 43% from Bainbridge Island, 25% from the Puget Sound area. Not surprising to many of us, nearly one-third came from California! My colleagues and I were responsible for 342 “sides” of transactions last year and only ONE Buyer was from China. There were a total of 2 foreign Buyers for the entire year! So, if you’re thinking of Selling your home, just know that LOCAL marketing and LOCAL impact are still the most important things when choosing your Realtor. Contact me for a copy of the entire report: firstname.lastname@example.org, 206-755-5139.
As of 11/13, there are only 138 Active listings for single family homes on Bainbridge Island. This is a very low number, even for this time of year. Remove the 33 homes priced at a million dollars or over, and we're left with just over 100 properties from which people can choose that are priced under $1,000,000. Very few Realtors here can remember the inventory ever being this low.
And buyers are buying NOW, as evidenced by the data below. The data is for Total Listings vs. Listings that have a contract on them and are at some stage of Pending status. (While this is for Bainbridge Island, many Seattle area communities are experiencing the same thing.)
Listing / Pending
Single Family Houses 206 / 68 = 33%
Condos 47 / 14 = 30%
Land 67 / 9 = 13%
Owners wishing to sell need to take advantage of the fact that there are buyers looking for houses right now and there is less competition. Get your home on the market! Waiting until Spring, when supply is expected to be more plentiful, could drive prices down instead of up. What you expect to gain by having your garden looking great may be diminished by additional competition.
On Bainbridge Island, inventory of single family residences remains lower than normal because demand has roughly doubled over last year. Here are statistics on listings vs. pending sales.
So, Active Listings – those available and not under contract – are 163 vs. 263 in 2011. This is a very small amount of inventory. If you are a buyer, you would be wise to have a Buyer Broker working on your behalf to screen houses for you as they hit the market and help you work quickly to secure the house you want. Buyers who work with a Broker to help them can also benefit from the Broker researching past listings that may not have sold; we can approach the owners on your behalf and uncover gems for you.
First Time Home Buyers may not realize that Sales Commissions are typically paid by the Seller, so it costs you nothing to get Buyer Broker assistance. Talk with your trusted Realtor about it.