We proudly support our armed forces and their families, and we’re grateful for the sacrifices they make. Many of our real estate agents have worked with military families for years and are well-versed in helping families about to PCS (for our non-military readers, that means Permanent Change of Station). As proud locals, we love introducing newcomers to Kitsap County. A number of Windermere Realtors are either veterans or have family members who are. Whether you’re preparing to move to Kitsap or thinking of selling your home, we’re here to serve you.
Our Ties to the Military
Windermere Realtors like Forrest Arnold are veterans themselves. “As a 19-year-old sailor during the Vietnam event, I was crew during 103 combat missions…all in the midst of Agent Orange…So I’m grateful to have survived that time and to live in Kitsap where veterans are honored with honest appreciation.”
Military family members offer unique perspectives as well. “I was born in an Air Force hospital with my father at war in Vietnam,” says Windermere Realtor Audrey Newell. “I’m the wife of a career Navy officer (ret.). I have seen what service means, and I am thankful to all who serve, and the families and communities that support them.” Audrey also shared this powerful quote by Winston Churchill: “Never was so much owed by so many to so few.”
A Navy spouse and Windermere Realtor, Ida Bear shared a recent, meaningful experience. “Jim and I had the opportunity to visit Normandy, France. We spent a great deal of time there getting our heads and hearts around the selfless commitments made by thousands of soldiers. In the Normandy American Cemetery, we have almost 9,400 Americans laid to rest, most of them killed on one day of conflict. This quote hangs at Normandy and rings true and stuck with me:
“You can manufacture weapons, and you can purchase ammunition, but you can’t buy valor, and you can’t pull heroes off an assembly line.” – Sergeant John R. Ellery, U.S. 1st Infantry Division, landed in Normandy on D-Day
Kitsap County Resources
Kitsap County is a beautiful place to live. If you’re new to the area or looking for resources to assist those who are, we hope these will help you. We’re also proud locals, and many of our agents grew up here. So, if you have any questions, don’t hesitate to reach out.
If you’re preparing to move, Military OneSource has planning tools and relocation articles. Additionally, that’s where you’ll find the official Department of Defense guide for military installations worldwide. If you’re thinking of buying a home, you can easily learn about different types of VA loans, such as a Purchase Loan and an Interest Rate Reduction Refinance Loan (IRRRL). Branch Manager/Mortgage Consultant, Cherie Kesti, is our partner lender, and she can determine your buying power according to current BAH rates. We also have a helpful Home Loans Q & A article with her.
When it comes to selling your house, one of the best first steps you can take is improving your home’s curb appeal. When prospective buyers first see your home, they are seeing the house, but also everything outside your house. It’s this whole view of your home from the street including the yard, landscaping, and driveway that has the potential to draw people in. It’s also the first thing people see when looking at houses online. A photo of your house and yard is typically the showcase image presented. Both in person and online, curb appeal increases your home’s value on average by 7% and improves buying prospects. There are simple projects you can do to make sure curb appeal increases value and makes your home look great.
Consider Painting Your Front Door
Painting your front door is a simple, yet fun and effective way to increase your home’s curb appeal. The front door is the entrance to your home and one of the first things people see from the street. Its appearance can set the tone for how your overall house is perceived. Before rolling up your sleeves and reaching for a brush, take time to consider which look best suits your home. Could your house benefit from a front door that’s stately, eye-catching, or something more neutral? There are many aspects to consider when choosing a color. This can easily be a DIY project. Or, if you prefer, you can hire a professional. If you decide to tackle painting the door yourself, follow these seven simple steps to complete the new look.
Enhance Your Front Porch
If your home has a front porch, make sure it looks welcoming! This is a great task to do in conjunction with painting the front door. Start by evaluating the condition and appearance of your porch’s paint. If there are scuff marks and peeling, it’s definitely time for a fresh coat. If the paint looks good, then focus on making the porch an inviting space and natural transition area from the front yard to your home. Start by removing any and all clutter and make sure it’s sparkling clean. Then spruce it up with potted plants, but don’t go too crazy. It’s best to find a nice balance of space and greenery. Lastly, if there’s space, add seating. You want prospective buyers to be able to see themselves sitting outside, relaxing in their new home. Consider adding a porch swing or some durable outdoor chairs.
Take Time to Landscape
Many potential buyers see the upkeep of your yard as a reflection of your home’s care and maintenance. This makes landscaping essential to improve your home’s curb appeal and value. Make sure your lawn is green and freshly mowed. Add colorful plants to your garden to make it look welcoming and picturesque. This is another great touch that improves your home’s first impression online. Laying mulch in your garden beds also makes your yard look well-manicured.
Paint or Power Wash the Outside
Take a good look at the exterior of your home and decide whether it needs improvement. Remember you want the house to look top-notch to improve curb appeal. If needed, a new paint job can make all the difference when it comes to making a good first impression. Before starting, research color palettes and consider the overall look of your home. If you plan on painting the front door, researching paint colors for both goes hand in hand. You’ll want to pick colors that complement each other. This includes other home accents as well, such as shutters and trim.
If your house has vinyl siding, then a power wash is a great way to remove dust, dirt, and grime to help it shine again. While you’re cleaning, check for any broken or damaged siding. This is definitely something you’ll want to fix before listing your house.
Learn about the Windermere Ready Program
If you’re not sure how to get started or how best to improve your home’s curb appeal, the Windermere Ready program is available to help. Through a personal consultation, a Windermere real estate agent will create a customized home plan identifying the best updates to make with the highest potential impact. This includes updates to the exterior to improve curb appeal and the overall value of your home. Some of the suggested updates may be easy DIY projects. For projects that are more involved, the Windermere Ready Program can provide up to a $100,000 loan to assist with expenses if needed. When your home is sold, the loan is paid off in one lump sum. For more information about the Windermere Ready program, please contact us. We want to ensure your home sells for the highest possible price in the shortest amount of time.
If you want to sell your home, it’s important to prepare in every way – and that includes avoiding pricey missteps. Selling a home involves various fees and costs. However, it also involves opportunities to maximize your profit. In order to have the best home-selling experience, avoid these costly and timely mistakes.
Not considering home-selling costs
There are many costs associated with selling a home. Prior to listing, remember to take into account the price of a pre-sale inspection and the listing agent’s fees. In addition, getting your home ready for sale may require repairs and/or staging.
After selling the home, there will be the remainder of the mortgage to pay, escrow fees, and property taxes. Additional taxes may apply to your unique situation, such as the capital gains tax. Finally, factor into your budget the cost of moving. You may need to hire movers, rent a moving truck, or find a storage unit during the interim period.
Not preparing your house for sale
While there will be fees and costs associated with moving, there are ways to guarantee your home is sold for its highest possible price. First and foremost: prepare your home for the market. Ordering a pre-listing inspection and discussing it with your real estate agent can help you decide what repairs will have the highest return on investment. As a result, the pre-listing inspection and repairs will often lead to a much smoother transaction.
Also, staging a home often results in the home being on the market for a shorter period of time. An expertly staged home instantly entices buyers, shows off the property’s best features, and helps them easily see themselves living there. Additionally, staging often leads to a home selling at a higher price point. The investment in repairs and staging can make a significant impact. A turnkey or move-in ready home drives sales. Sure, preparing to sell your home is an investment of time and resources, but it is a powerful revenue-generating task.
Not using a local real estate agent
Aknowledgeable, local real estate agent can have a profoundly positive affect on the home-selling process. According to the National Association of Realtors, a good local Realtor will understand the specifics of the market you are selling in, have access to greater search power and offer objective opinions to maximize your home’s value. While some may try the “for sale by owner” approach, working with a local real estate agent offers many benefits. Utilize their expertise to maximize your efforts. A trusted advocate will have your back when it comes to negotiations, they’ll project manage for you, and you’ll have access to their network of excellent local vendors to get the job done right.
Not getting a CMA
One value a real estate agent can provide is a free CMA. A CMA is a Comparative Market Analysis. It is a comprehensive report that compares your property to others in the area. After walking through the home to get a general idea of its condition, the real estate agent will look at similar homes that have sold in your area. The agent will also consider local market trends and seasonal factors, as well as the location of the home.
The value of the report lies in its ability to ensure a home is priced to sell. In addition, the report can give insight into what upgrades and repairs are the most cost-effective to maximize a home sale.
Not taking advantage of home-selling programs
A distinct advantage of working with Windermere is its amazing program for home sellers. The Windermere Ready program is designed to help sellers make an excellent first impression with potential buyers. It provides the home seller with a personalized assessment and consultation with a Realtor to identify custom priorities for updating and repairing the home.
This personalized assessment takes the guesswork out of selling a home and allows the owner to maximize their profits with strategic updates and planning. Many Windermere agents and their clients have found great success with this program, as demonstrated in the video below.
Not waiting to sell
Generally speaking, it is better to hold onto a home for as long as you can. However, unexpected moves, family priorities, and job opportunities are some of the many common reasons a homeowner may decide to sell. Many may wonder: is two years enough time to wait before selling a home?
This is when it is important to consider the selling fees mentioned above. Closing costs, agent commissions, and taxes may not make selling the home a profitable financial decision. It’s also important to keep in mind that a home sold before two years have passed is subject to capital gains tax. Ensure you look at all the numbers before selling your home to ensure it has appreciated enough to cover closing costs.
The general rule of thumb is that it typically takes five years for it to make financial sense to sell a home.
Not accepting the best offer
Sometimes the best offer does not come from the highest bid. It’s important to discuss all the terms of the offer with your real estate agent. Cash offers or buyers who are pre-approved by a lender may be likely to close the deal on time.
In addition, go over all the contingencies laid out in the offer. Take into consideration the offer’s proposed deadlines and timelines. Look at all components of the offer to ensure it best meets your home-selling needs.
Selling a home can be a worthwhile endeavor financially. By avoiding these costly mistakes, you will be on the right track toward maximizing your home sale profitability.
Are you thinking about selling your home, but worried since it isn’t spring or summer? Fall is actually a good time to sell your home and it comes with some unexpected perks. Keep reading to learn more about the benefits of fall home sales.
Fall Ambiance
Autumn is a beautiful time of year, especially here in the Pacific Northwest. The leaves are turning, the air feels crisper, and the holidays are fast approaching. All these things can strengthen your home’s curb appeal. Take advantage of autumn’s allure by keeping your yard and home’s exterior pristine. Make time to rake the leaves and keep your gutters clear. By keeping things tidy, you are giving your home’s natural fall foliage a chance to shine. You can also add a touch of autumn ambiance to your home’s indoor spaces by decorating with fall colors. Staging your home with autumn accents gives it an extra cozy feel that draws in potential buyers.
Since spring and summer are real estate’s busy seasons, in the fall there are fewer homes listed for sale. Generally, this means less competition for you and fewer options for buyers. With not as many houses on the market, your home has a greater chance to dazzle potential buyers. As Windermere Poulsbo Managing Broker, Julie Bray-Larsen explains, “Fall is a great time to list your home here in Kitsap County. Our weather is still beautiful, so the landscaping is still looking nice. Most importantly, there’s typically less competition in the market. Because there are always buyers out looking, your home will stand out more as a potentially great fit for buyers wanting to purchase and move in before the holidays.”
Serious Buyers
People looking for homes in the fall are serious about buying. Generally, they have a reason to move at that time whether it’s because they are relocating for a job, downsizing, first-time buyers, or service members. “Our large military community in Kitsap means those buyers need to move all months of the year, so that added demand is great for sellers,” says Bray-Larsen. Serious buyers also want to find a place and get settled in before the busy holiday season starts. This adds another level of urgency to finding a home, which can benefit sellers.
Faster Closing
Since there are usually fewer real estate deals during the fall, everyone involved in the transaction process tends to have greater availability. “Mortgage brokers and escrow officers are less busy after the summer rush, so financing is more quickly approved. Therefore, buyers will be ready to go,” explains Bray-Larsen. This greater flexibility also applies to real estate agents, home inspectors, and appraisers. As a result, it’s easier to schedule appointments, and everything moves faster, which is great for sellers.
Now that you can see why fall is an excellent time to sell, check out the Windermere Ready Program. Windermere can assist by investing in important home upgrades or repairs to help you sell for more and in less time. Contact one of our real estate agents for more information.
To get the best offer for your home, making a great first impression is key. In fact, our belief in the importance of first impressions is so strong that we developed the Windermere Ready program to support sellers. With professional advice from local experts, our program prepares your home to wow potential buyers. Also, we’re ready to provide financial assistance if necessary.
Sell For More Faster
Typically, sellers who invest in making repairs and upgrades sell their homes faster and for more money, sometimes even above the asking price. By taking action to make sure your home makes a great first impression, you set yourself up for success. After all, you only have one chance to transform a buyer’s interest into excitement.
To help make this possible, the Windermere Ready program provides:
A personal consultation
Customized home plan
High impact updates
Professional staging
Many buyers prefer stylish, turnkey homes, but some are also looking for specific features and amenities. This makes it challenging to know which repairs and upgrades will lead to the best offer. The Windermere Ready program takes the guesswork out of preparing your home with an individualized assessment. Based on your timeline and needs, one of our Windermere Poulsbo agents will work with you to identify your home’s most important improvement priorities.
Once critical repairs and priority upgrades are identified, your Windermere agent will create a custom action plan and work schedule to keep your timeline on track. To ease implementation, they will recommend local service providers and coordinate access to your home as needed.
High Impact Improvements
Great first impressions sometimes come from simple updates and small changes. A new coat of paint and a bold, colorful door gives your home a fresh look and curb appeal. Additionally, small interior upgrades such as adding new light fixtures or cabinet hardware provide stylish, eye-catching details. These enhancements capture a buyer’s attention and help make a house feel like home.
Exterior items that we focus on:
Painting
Window Washing
Landscaping
Lighting
Entrance Detail
Power Washing
Decorative Window Features
Interior items that we focus on:
Painting
Carpet Cleaning/Replacement
Floor Repair/Refinishing
Fixture Repair or Replacement
Cosmetic Updates
Decluttering
Professional Deep Cleaning
Staging Your Home Provides an Important Final Touch
After making repairs and updates, we recommend one more final touch—staging your home. Professional stagers help your home make the ultimate first impression by highlighting the best features of each room. A staged home improves your chance of receiving the best offer by helping buyers visualize themselves living there. According to Forbes, staged homes sell 87% faster and for 17% more than non-staged homes.
We’re Invested in Your Success
To help prepare your home for success, we can provide up to a $100,000 loan to assist with expenses if needed. The loan term is six months and there are no upfront costs and no monthly payments due during that time. When your home is sold, the loan is paid off in one lump sum. For more information about the Windermere Ready Loan and how it works, please contact us.
Get Started
Finally, to get started, contact a Windermere Poulsbo agent for a Comparative Market Analysis to see what your home is worth. A Comparative Market Analysis is more in-depth than an online home estimate and from there, an agent can discuss what possible home repairs and upgrades could increase your home’s value. The Windermere Ready program will help prepare your home to make the best first impression and help you sell your home for more.
If you love horses and want to purchase an equestrian property, there are many aspects to consider. First-time buyers are often eager yet unaware of some of the challenges that may come with a particular property. That’s why we’re providing insights from our local Equestrian Advisor and Realtor, Liz Bailey. We’re proud to have Liz’s expertise in our Windermere Poulsbo office where she works with home buyers and sellers across Kitsap County. Liz is uniquely qualified to assist clients with equestrian properties since she’s done so for years and has extensive experience riding, owning, breeding, and boarding horses.
Here are some of her helpful tips and insights.
Questions to Ask Yourself
1. How much land do you need?
When considering an equestrian property, check local livestock regulations. Most municipalities have limits on the number of livestock per acre. Make sure your plans include enough land to support the number of animals you hope to have. Look for land that’s flat or a bit sloped with room for turnout and proper forage for grazing. Avoid properties that have a lot of unusable land such as those that are heavily forested, have deep gullies, steep slopes, or wetlands.
2. Have you considered your homeowner’s insurance?
Many insurance companies limit coverage for horses, even for personal use. If you plan to board horses, you may need commercial coverage, so plan ahead.
3. Are you hoping to build or add on to the facilities already on the land?
Don’t forget to check well and septic locations. You will need permits to build, and setbacks from water sources, dwellings, and drain fields are mandatory.
4. Did you inspect the barn and stables?
During the inspection, don’t forget to have the barn and stables examined too. It may cost more but it’s worth it. From potential electrical issues to structural hazards, a professional can warn you about any possible problems up front.
5. Have you made parking a priority?
“My personal pet peeve is no access for a truck and trailer or limited access for your farrier or veterinarian,” Liz says. Be sure to ask whether the property you are considering will allow plenty of easy access for vehicle traffic.
Look for these Equestrian Amenities
When touring a property, Liz suggests examining it closely and seeing if it has the convenient features listed below. These amenities will make it much easier to house horses and livestock on your property.
A source of water in each stall
Plentiful frost-proof spigots in the barn, arenas, and pastures or turnouts
Sufficient covered storage for hay, grain and bedding
Wash bay/tack stall
Tack room with saddle racks, bridle racks, blanket hooks, and room for tack trunks, medications, and more
Storage for tractors, wheelbarrows, brooms, etc.
Arena or round pen for riding
Adequate lighting
Horse-safe fencing
And, Liz adds, “Whatever you do, don’t forget the poo! Manure storage and disposal is a big concern for many. Local agricultural departments may be able to help with planning for proper composting and disposal of manure.”
Your Daily Routine Matters
Consider your daily routine when examining equestrian properties. As Liz says, “Addressing your horse’s safety and comfort is a priority, but it doesn’t mean neglecting your own.” Is the location of the home convenient or is it too close to the barn for comfort? Can you get to the barn quickly in case of an emergency? Will it be convenient during daily chores and during winter weather? Where is the main water source and the electrical panel? A thoughtful setup and careful planning will make adapting to your new property while pursuing your passion a true pleasure!
We’re excited to feature new agent Rebecca Olodort. She knows how important it is to be a good listener, a strong advocate, and a trusted guide. Rebecca offers a wealth of information and experience and her love of home design and helping people shines through. Read on to find out more.
What unique professional experiences or skills do you possess that enhance your abilities as a Realtor?
I am a detail-oriented, practical, strategic problem-solver who ran a 50M fashion business for many years. Critical to being able to do this was: listening to all involved parties.
What drew you to real estate?
A passion for helping people combined with a love of home design.
What personality traits do you think are important in this profession?
It is critical that a Realtor be trustworthy, determined and a good listener. The ability to see all sides of a situation gives me the unique opportunity to create a smooth and seamless real estate transaction.
Which areas do you serve and what do you love about those areas?
I serve King, Kitsap, Jefferson, and Clallam Counties.We have the best of all worlds in hiking, boating, and access to downtown Seattle via ferry. I love hiking the many local trails. There are really too many to mention but I highly recommend Fort Lawton Trail, Lake Crescent, and North Kitsap Heritage Park. Our favorite restaurants in North Kitsap are Kingston Ale House, Streamliner Diner, and Burrata Bistro. Another fun day for us is taking the ferry to Seattle, visiting one of the many museums (especially the Seattle Art Museum), and having a bite to eat and a lovely glass of wine at Purple Café.
How long have you lived here?
I was born in Kansas, raised in southern California, and I’ve been living in the Pacific Northwest for over 10 years. We were looking for an area with a small town feel and access to a major city with an international airport. We moved to Kingston in 2016 to design and build our forever home.Simply said, we have the best of all worlds.
After working for major corporations such as Estée Lauder, Swarovski, and Fossil Group, it was an organic decision to work with the most professional and successful real estate brokerage in the Pacific Northwest.
Is there anything else you’d like to share with us?
I enjoy shopping at Central Market and the local Farmers Market to select ingredients for preparing healthy meals for my husband and 96-year-old mother. In 2019, we adopted our Maltipoo, Sadie, from the Kitsap Humane Society and she is a 10-pound bundle of joy!
We are so glad to have Rebecca Olodort as a new member of our Windermere team. She’s a sincere pleasure to work with and you can connect with her on Facebookand Instagram, or visither website.
We are proud to feature Angela Winks in our new Q&A spotlight series. With a diverse set of skills and experiences, Angela offers buyers and sellers a focused, personalized approach with an emphasis on clear communication, positivity, and a sincere appreciation for the areas and clients she serves. Read on to find out about Angela’s background, what she loves about real estate, and more.
What drew you to real estate?
What drew me to real estate was my passion for all things “home” and my deep desire to help others. I also have always had the desire to have and manage my own business. As a business owner, personal growth and a positive mindset are a vital part of every day and I absolutely love being in an industry that constantly requires me to learn and be more so that I can give more to my family, friends, clients, and community.
What unique professional experiences or skills do you possess that enhance your abilities as a Realtor?
My years of experience in the health and fitness field helped me sharpen my skills as a strong communicator and leader. As an ACSM Certified Personal Trainer and Director of a post-physical therapy exercise program, I had the opportunity to help clients and patients set and achieve their goals, not only safely and effectively, but in a welcoming and fun environment.
As a Realtor, I enjoy the same opportunities. Whether my clients need to sell or buy real estate, it’s important to have clear communication and a great plan. And, of course, it is always my pleasure to make the whole process as enjoyable as possible for my clients!
What personality traits do you think are important in this profession?
Realtors should possess exceptional interpersonal communication and relationship skills as well as the ability to stay open-minded, focused, organized, and creative.
Which areas do you serve and what do you love about those areas?
I happily serve Kitsap, Pierce, Mason, Jefferson, and King counties. I believe we are incredibly fortunate to live in this part of the country and Washington state. The natural beauty is astounding and the support for the communities and their wonderfully unique local businesses is second to none.
How long have you lived here?
I have lived in Kitsap County for 7 1/2 years. I came here after college because I had family scattered around the area and fell in love with the natural beauty.
What made you decide to work with Windermere?
I decided to work with Windermere because of their special focus on building and nurturing relationships as well as their strong presence in the community. This is a company that truly cares about people and that is extremely important to me! They also provide the latest technology and education for their agents so we can always keep adding tools to our real estate toolbelts and serving our clients at our highest level.
We are delighted that Angela Winks has joined us. We know she will be a sincere pleasure for buyers and sellers to work with here on the Kitsap Peninsula and in Pierce, Mason, Jefferson, and King County. You can connect with Angela through her website.
Not sure if winter is the time to sell your home? Although the real estate market tends to slow down as it gets colder, you can actually use this season to your advantage. Here are some points to consider.
1. Supply is Low and Demand is High
According to Realtor.com’sMonthly Housing Trends Report, national inventory has dropped 39% since last year. Though this may seem discouraging, the key takeaway is that fewer people are selling their homes, which means less competition. While many buyers like to look for homes when there’s nice weather, serious buyers will still be looking in the winter.
There are many anxious buyers in our area right now. Our region has seen a significant increase in demand. 2020’s 3rd quarter pending sales went up by 29% compared to Q2 and the median sale price was up 9% year-over-year at $508K for North Kitsap. Additionally, many families are able to work from home so they have the flexibility to relocate. Kitsap County is attracting many buyers since we’re just a ferry ride away from Seattle, and it’s still very much a seller’s market.
2. Interest Rates Are Low
Mortgage rates hit all-time lows a dozen times during 2020. As of December 3, 2020, Freddie Mac reported that 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 offer enormous incentives for home buyers.
3. Home Prices Are Up
Since there aren’t enough houses on the market to meet the current demand, prices have gone up. So, you can potentially sell your house for top dollar. In fact, we’ve recently seen quite an increase in multiple offer situations across Kitsap County. If you’ve properly prepared your home and your agent is marketing it effectively, you may also experience a multiple offer situation.
4. Cost of Living is Rising in Cities
Many residents continue to get priced out of cities like Seattle, and buyers are looking for more affordable places to call home. Kitsap Peninsula offers easy access to the city while maintaining a close distance to the profound natural beauty of the PNW. The prospect of getting more for your money appeals to many first-time buyers as well as those looking for luxury homes. Our area offers buyers more space, a home with a yard, and easy access to beaches, hiking trails, and the Olympic National Forest.
With the real estate market in constant flux due to the pandemic, it’s essential to stay up-to-date on the latest local market information and to consider all your options when putting your house on the market. A good agent will also provide you with helpful insights, serving as your knowledgeable advocate and guide – whether you decide to sell in winter or down the road.
North Kitsap’s market had a very strong third quarter. We’ve compiled key stats below to provide a comprehensive review of our market, as well as insights and predictions from Windermere Real Estate’s Chief Economist, Matthew Gardner.
Our Strong Seller’s Market
It’s a strong seller’s market here in North Kitsap. Inventory remains low while demand is high. In our third quarter, the median sale price was up 9% year-over-year at $508K. Buyers should be aware that multiple offer situations have become more common in our area. Our Brokers have seen an increase in situations where some buyers are outbid either by price or by an all-cash buyer.
Market Predictions
Although mortgage rates remain historically low and demand is high, our Chief Economist, Matthew Gardner, has some concerns about how this may impact real estate down the road. “We may be heading towards a period where we see houses turn over at a far slower pace as we stay in our homes for longer than ever…this could be a problem as it leads to persistently low levels of inventory for sale, which itself could lead to prices continuing to rise at above-average rates and that would further hit affordability.” As for mortgage rates, Gardner does not expect them to rise significantly any time soon. However, he says, “We should all be aware that there could be consequences to very low rates”.
Western Washington Review
Let’s zoom out a bit and look at our area. Below are highlights from The Western Washington Gardner Report provided by Windermere Real Estate’s Chief Economist, Matthew Gardner.
WESTERN WASHINGTON HOME SALES
Total Sales: 11.6% increase from Q3/2019, and 45.9% higher than Q2/2020
Homes for Sale: 41.7% lower than Q3/2019, but up 1.6% from Q2/2020
Pending Sales: up 29% from Q2/2020
WESTERN WASHINGTON HOME PRICES
Average: $611,793 (up 17.1% from Q3/2019). Low mortgage rates and limited inventory are clearly pushing prices up.
Prices will continue to increase as long as mortgage rates and inventory levels stay low. If this continues to be the case, affordability issues will become more apparent in many markets.
DAYS ON MARKET, WESTERN WASHINGTON
Average: 36 days (an average of 4 fewer days than in Q2/2020 and 2 fewer days than in Q3/2019)
In Kitsap County, average days on market: 20
Conclusion
In Gardner’s Western Washington Report, he states that, although we have a strong seller’s market that is very buoyant, he’s “starting to see affordability issues increase in many areas—not just in the central Puget Sound region—and this is concerning. Perhaps the winter will act to cool the market, but something is telling me we shouldn’t count on it.”
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