The Great Ferry Race

Bainbridge Island Runners

 

The Great Ferry Race is unlike any other race you’ve ever done. Much like Chilly Hilly, Seattle participants will board the ferry in downtown Seattle by walking on, enjoy the scenic 35-minute crossing to Bainbridge Island, and then assemble on the car deck and walk off.  This half marathon race will start on the ferry dock and take runners all around scenic Bainbridge Island.  The course is approximately 2/3rds road and 1/3rd groomed trail.  After the run, they will enjoy the post-race festival before picking a return ferry of your choosing back to Seattle.

Bainbridge Island residents (or anyone who doesn’t need to take the ferry) please select the Bainbridge resident option for a discount when registering!

 

The Great Ferry Race Seattle Bainbridge Island


Posted on June 19, 2019 at 9:45 pm
Jackie Syvertsen | Posted in Fun Things to do on Bainbridge Island | Tagged , , , , , , , , ,

Bainbridge Island Real Estate Market Report | 2018 Year in Review

Bainbridge Island Real Estate Report

Getting Real

Let’s put it on the table right away: Our real estate market did not perform at the same level in 2018 as it did in 2017. That does not mean we had an unsuccessful market in 2018; nor does it mean we should brace for a difficult market in 2019. We need a bit of perspective.

Taken in the context of historical numbers, it appears 2017 was an “outlier,” especially between July and December. There was a frenzied demand throughout 2017, reflective of our metropolitan neighbor across the Sound. On Bainbridge, we had a peak  during the second half of 2017, which flowed into the early months of 2018. But then the frenzy cooled, as it did in Seattle, and we moved toward a slower pace in the second half of the year. (There were 314 homes and condos sold on Bainbridge between July and December 2017, surpassing the previous high of 290 during that same period in 2015). When viewed historically, 2018 appears to be much closer to “normal” than 2017 was. And, when taken in the context of the larger local and national economies, our real estate market held up very well.

Considering All the Factors

When we look at real estate appreciation, 2018 was very successful. The median price for homes and condominiums rose almost 8% in 2018 and the second half of 2018 saw appreciation of almost 5% over the second half of 2017. These are healthy numbers and consistent with a healthy market. Using general statistics only gives us an idea of the movement of the market, and not   necessarily of any individual home. But it does give sellers an inkling of the direction of their homes’ values. The rule of thumb says that a home needs to be owned for at least five years to really benefit from a market’s movement. Comparing the median home price sold at the end of 2013 ($527,000) with the same price at the end of 2018 ($908,500), we have seen a 72.4% increase. So if you had purchased a home in 2013 and were to put it on the market today – assuming it was properly presented and marketed – you would probably realize a healthy return on your 2013 investment.

When we look at the bigger economic picture, we do not see financial institutions collapsing or other deep recession signals, so we ascribe the market’s change to a shift to a more normal market. Sellers are now competing for buyers, while buyers are more discerning and disciplined in their approach. Pricing, presentation and negotiation – all areas where good agents bring value to the table – are critical for sellers to achieve the best net value from their homes and condominiums.

Condominiums

The condominium market experienced an even more dramatic drop-off in the second half of the year. At the end of the first half, 2018’s condo sales surpassed 2017’s but by the end of the year had fallen behind in total numbers (126 sold in 2017, 109 in 2018). However, when we look more closely, the area of steepest decline was in the $800K-$1M price range (24 sales in 2017 and 10 sales in 2018). This could have as much to do with inventory as market shift. Two new on-island projects, The Roost and     Residences at Pleasant Beach, both sold briskly in the second half of 2017 and were completely sold out by the first half of 2018. No other new projects came to the market in 2018, so it appears supply might have as much to do with the drop as demand. As with homes, the median price of condos had a healthy increase of 8.6% over 2017. The prognosis for the Bainbridge                  condominium market is very positive. There are two buyer types who are especially drawn to condos: people needing more affordable residences and “downsizers.” In 2018, 42% of the condos sold (46 sales) were priced less than $500K compared to 17 homes sold for less than $500K. At the upper end of this segment of the market, the downsizers were the driving force in the over $800K sales and quality inventory was lacking in the second half of 2018.

Land

Land sales in 2018 were also down compared to 2017 (31 in 2018 versus 41 in 2017), but the median price increased a whopping 60% ($400K in 2018 versus $250K in 2017!), although 58% of the sales were less than the median $400K. One has to be careful not to read too much into statistics when applied to such a small population, but it certainly indicates land values are healthy.

A Forward Focus

As we kick off 2019, we know it will be an interesting year. There is a lot of uncertainty out there and it is difficult to predict how it will affect our market. Still, the regional economic picture is healthy with a positive outlook. The bottom line: the Bainbridge Island real estate market is alive and well.

 


Posted on January 31, 2019 at 4:53 pm
Jackie Syvertsen | Posted in Bainbridge Island Real Estate Statistics, Newsletter | Tagged , , , , , , , , ,

Bainbridge Island Real Estate Market Report | Q3 2018

Bainbridge Island Real Estate Market Report

Autumn Temperatures

 

Checking the Thermometer

Every day, we hear news about the cooling real estate market but it’s important to consider all the factors that go into those reports. Yes, our market has chilled slightly from its previously overheated state (although we never reached the same sizzle as the Seattle market) and has settled into what might be described as a strong normal market. The business section also contains reports of ongoing job growth in the Seattle area, especially in the well-paid tech industries. Concurrently, when Seattle’s transportation woes and other urban issues are taken into consideration, the demand for Bainbridge homes, especially for families, will likely continue for the foreseeable future.

Crunching the Numbers

On the whole, most indexes show data that support a steady market in the coming months. If we isolate the third quarter and look at sales, the number of homes sold only dropped 4.4% from 2017 (137 in 2017 and 131 in 2018). In that same period, the median price of homes sold went up from $875K to $912K – a 4.2% increase. If we compare the median price of homes sold during the third quarter, they are up 8.8% from the beginning of the year. Additionally, the Cumulative Days on Market dropped in the third quarter of this year compared to 2017 (44 in 2018 vs. 47 in 2017). Active and Pending inventory numbers are where elements of the cool down show. Inventory is down in total inventory and active (total minus pending sales), which is contrary to what people are hearing. Pending sales are weaker at 40 compared to 57 at the same time last year. Of all the numbers we examine, this 29.8% drop is what supports the slowdown assessment. However, when reviewing the data, we can conclude that the market is healthy and strong. Maybe not as feverish as last year, but it’s still a great time to be selling or buying on Bainbridge Island.

Condominiums and Land

The condominium market has softened compared to 2017, with 73 units sold compared to last year’s 89. There seem to be two parts to the condo market: the affordable (less than $500K) and the higher end, which usually includes a good view. The affordable unit sales are up from last year, with 64 sold versus 45 in 2017. The drop in the higher end appears attributable to a lack of supply rather than a softness in the market. Land is barely lagging behind 2017, with 24 sales year to date compared to 29 in 2017. Buying land with the intention of building is not for the faint of heart these days. Builders are busy while construction prices are still rising. New zoning rules have also added an element of uncertainty and expense.

Taking Everything into Consideration

Multiple offers are less common than last year, and prices have risen but not at the frenzied pace of last year. Our rental market has also calmed down. Our Kitsap County neighbors, Kingston and Poulsbo, are also performing well and benefiting from Seattle’s growth. Buyers do not seem to be concerned with rising interest rates (which, after all, are still quite low), which helps to boost confidence. As we enter the fourth quarter, there are many opportunities for both buyers and sellers.


Posted on October 24, 2018 at 5:20 pm
Jackie Syvertsen | Posted in Bainbridge Island Real Estate, Bainbridge Island Real Estate Statistics, Newsletter | Tagged , , , , , , , , , , , , ,

Bainbridge Island Real Estate Market Report | Q2 2018

Bainbridge Island Real Estate Market Report

A WARM REAL ESTATE CLIMATE

Summer has come to Bainbridge Island, and with it our traditional celebratory activities. We had an energetic Third of July street dance, a festive Fourth of July parade, and a successful Rotary Auction that grossed more than $600,000.

When we move our attention to local real estate statistics, everything appears to be equally sunny. Our median price is up 12.5%, home sales over $1,000,000 are up almost 28%, and condominium sales are up 36%! Still, if you talk to the experienced agents, they are detecting a shift. Let’s explore all the reasons why.

BUYERS BEHIND THE WHEEL 

We talk all the time about buyers’ markets and sellers’ markets. But it’s really the buyers who drive any market. Even in an ascending sellers’ market, buyers (or lack of) create the excess demand over supply.

Bainbridge is blessed with a sophisticated and knowledgeable buyer pool. They are well educated and disciplined. These days, they’re also beginning to be more cautious. Maybe that’s due to world economics, a possible interest rate hike, or a general assumption that we’ve been on this run for more than a couple of years and we must be close to the top. You might ask, then, why are our statistics are so positive? There are several factors at work; signs that the market is not as heated as last year and is stabilizing. Here are a few specifics:

  • Inventory, something we’ve lacked for a while, is creeping up.
  • More price reductions and fewer multiple offers, with more buyers saying, “Let’s just wait and see what happens.”
  • The number of homes under contract is down 17.3% from last year and hasn’t bounced back in the first part of July.

THE BIGGER PICTURE 

We are hearing of a cooling in other markets, both to the east and the west. This is not a cause for great concern, as our market is dynamic, and this sort of shift requires adjustments in strategy rather than extreme actions. Knowledgeable advice will help both buyers and sellers negotiate the changes and still achieve realistic goals.

Speaking of the vitality of the market, statistical charts show vivid changes. In the first half of 2012, 48 homes sold in the 0-$400K price range. By 2014, that number was halved to 24 and has plunged all the way to 4 this year. These homes didn’t disappear; they just moved up into another price range. Right now, there is only one home for sale for less than $400,000 on Bainbridge. In 2014, 78 homes sold for less than $600K, while this year that number is only 19. Here is what’s happening at the other end of the pricing spectrum: In 2014, only 31 homes sold in the $800K-$1.5M range and this year there were 101 sales in the same price range. So as our market stabilizes, we must acknowledge that it has appreciated dramatically.

A BUSY CONDOMINIUM SEGMENT 

With 62 sales in the first half of this year, you’d have to go back to 2007 to find a more active January-June period. The median was up 13.6% to $468K; matching the all-time median condominium price set in 2007. The condominium market has lagged the single-family residence market in price recovery from the peaks set in 2007, but the market has shown steady strength in the past year and a half. The condominium market benefits by offering residence on Bainbridge for less than most homes. It’s also shown an active upper end as people have downsized; which has been driven by success in the upper end of the house market. This success has happened despite low inventory.

ON LAND 

The median price of land sales for the first six months also finally matched this segment’s 2007 peak. In 2007, the median was $406K and in 2018 it was $400K. As with condominiums, it has been a long road back to our previous highs, but they have arrived. The volume of 22 sales exceeded 2007’s 18 sales in the first six months but fell shy of 2015’s peak of 33 sales through June.

A POSITIVE TILT 

All in all, we are giving our first six months of 2018 a very high grade.  We detect some stabilization and cooling off in the home market, but Windermere is prepared to employ our strategies to guide both buyers and sellers toward their goals – regardless of shifts taking place.


Posted on August 6, 2018 at 10:52 pm
Jackie Syvertsen | Posted in Bainbridge Island Real Estate, Uncategorized | Tagged , , , , , , , , , , ,

Bainbridge Island Real Estate Market Report

2018 1st Quarter in Review

Bainbridge Island Real Estate Market Report

THE SPRING BOARD

 

Things We Know Are True

In the real estate business, we know never to count our proverbial chickens. Offers aren’t made until directed by a client, offers aren’t successful until they are accepted, inspections aren’t completed until everyone is satisfied, and we never take a transaction closing for granted. Every step forward is a cause for celebration. We view the market in the same way, especially after 2008. When we say that the first quarter of 2018 had many similar challenges as the first quarters of the past few years, we mean that there was strong demand, some supply, affordable interest rates, and a solid outlook.

Beautiful Imperfections

This is particularly true of inventory, which experienced new lows. At the beginning of April, there were only 40 available (active) single family home listings on the island. This includes all prices, pre-sale homes (which haven’t even been finished yet), and your typical cadre of homes that are woefully overpriced or in a condition or location the typical buyers shy away from. (Bainbridge is different from Seattle, where these types of things tend not to deter buyers.) Nevertheless, 66 homes sold in the first quarter, which surpassed our sales from the past two years! Those additional sales also confuse the lower inventory numbers because homes were essentially selling faster (some might call it “velocity” or “higher turn”) so there would have been more homes left on the market if we sold homes at last year’s rate. (The average cumulative days on market fell from 85 in 2017 to 70 this year – a 17.6% drop!) Combined with a 20% increase in both average and median prices (for the first time, our average price for a quarter is over $1 million), you would have to conclude that our market is very strong. Granted, buyers are paying more with fewer choices, but we are still seeing buyers looking west from Seattle and finding a far saner market with much better values. This surge is not limited to single family. Condominium sales matched last year (technically, up by one) with the median price growing 12%, from $515K to $575K. Land sales, unimpressive last year, burst out of the blocks in 2018 with a 50% increase in lots sold and a 100% increase in median price ($217,500 to $435,000)!

The Supply Chain

We know that demand is strong this year, but what about supply? The construction behind Harbor Square (between Cave and Ferncliff) called Bainbridge Landing will consist of about 107 rentals and 25 residential condominiums.  The DR Horton project on Sunrise and Torvanger (11 homes) is about 50% complete. Quadrant is building 19 homes on Weaver (the model is under construction).  The Reserve at Winslow on Finch Road features 12 homes, Madison Grove off Duane Lane includes 8 homes, and Madison Landing will feature 24 condominiums. The Roost has begun their second phase of live-work structures and The Residences at Pleasant Beach Village is going in for permit on their second tier of 12 homes. These projects are being built within the geographic boundaries of our current comprehensive plan, which has pushed density into specific neighborhoods on the island, leaving a majority of our landmass with its much lower density zoning. Beyond these projects, it becomes a bit muddy with the city’s moratorium and impending changes to design rules. It is still unclear what the result of the moratorium and new restrictions will be, but it appears building will be more difficult and expensive; likely having an impact on the affordability of housing on Bainbridge.

Looking Around

How about our neighbors to the west and north? The North Kitsap market (Hansville to Poulsbo) is also active and fast-moving. There, 167 homes sold in the first quarter, with an average of 46 days on market, and at a selling pace 34% faster than ours! Since 2015, the median price (currently $385K) has risen 23%, almost 17% of which was this year over last.  Things are popping across the Agate Pass Bridge!

The Value of Local Knowledge

If the first quarter is an indicator of the rest of the year, it appears we are in for an active year in Bainbridge Island real estate. To keep things moving in the right direction, our local experienced real estate agents bring a lot to the table. In an environment when buyers need to make decisions on sometimes short pressurized timeframes, a good agent will have sellers’ listings prepared in a fashion where the potential buyers feel more comfortable stretching their budgets. When representing buyers, it’s as much about preparing them to be able to act as it is about advising on locations, limits and putting things in the proper perspective. This guidance to both sides may sound “simple” but often makes many thousands of dollars’ worth of difference in transactions (to say nothing of the peace of mind it provides all parties).

Overall, the outlook good – occasionally stressful, but good. We need to celebrate this current strength and not take it for granted. While we do, we’ll enjoy the beautiful flowers and the sun’s warmth as temperatures and optimism rise together!

 

 


Posted on June 11, 2018 at 10:49 pm
Jackie Syvertsen | Posted in Bainbridge Island Real Estate, Bainbridge Island Real Estate Statistics, Newsletter, Uncategorized | Tagged , , , , , , , , , ,

Bainbridge Island Real Estate Market Report | 2017 Year in Review

CELEBRATING THE NEW YEAR

As we welcome a new year, let’s explore some dynamics that played out while we marched through the 2017 calendar. Our market saw a decline in the total number of residential sales for each year between 2013 and the start of 2017. Despite healthy buyer demand, the lack of inventory caused buyers to become wary of over-paying and weren’t confident that they wouldn’t get caught in another correction. As the new year progressed, we saw a shift in buyer confidence and people were willing to spend more to get what they wanted. The result was an 18% increase in the number of homes sold last year. There were 435 residential home sales in 2017; the first time we’ve seen more than 430 sold on the island in any year since 2005’s record 442 sales. (The low was 187 in 2008.)

Even with an uptick in sales, we are not experiencing the same craziness as our Seattle neighbors. Our average cumulative days on market was 52, well more than double Seattle Metro’s 20-day average. Our average price increased by a healthy, but not record-breaking, 10.7%, compared to Seattle’s 17%. (The record was set at 26.74% in 1990, followed by 21.5% in 2005.) There were many homes that experienced substantial price reductions and others that failed to sell at the sellers’ desired numbers. But when homes were properly priced and presented, buyers were willing to act – even if it meant spending more than they originally anticipated. This willingness can only come from a place of confidence of good value and a sound investment. We were assisted by strong buyers from Seattle and California, a rising stock market, smooth financing and appraising with rates that have remained “comfortable,” even with a rising prime rate.

A prime beneficiary of this strong market were luxury homes. There was a 44.6% increase in sales of homes over a million dollars and sales doubled for homes over $1.5M (133 total with 52 over $1.5M). Home sales increased 49% in the $800-$1M range. On the flip side, affordable homes were further scarce, and sales of homes priced less than $600K decreased 34.7% from last year. This overall shift in the market pushed our median price up more than the average (>13%) and our condominium market was affected by these market forces as well. This certainly illustrates our trend away from affordability; which Bainbridge struggled with in the early- to mid-2000s until the 2007-2011 correction.

The condominium market benefited from these improved conditions in a couple of ways. The number of sales grew more than 21% (from 104 in 2016 to 126 in 2017) and the median price jumped 31% (from $400,750 to $525,000). Though sharply higher, the median price of $525K was substantially below the 2016 single home median of $838,000. Consequently, we saw more individuals and families coming to the condominium market. Condo sales were also helped by the strong upper-end residential market. Many residents have been waiting on the sidelines for their homes to get to a price point where they felt comfortable selling and downsizing to smaller, more manageable and easy care, i.e. condominiums.  Complexes such as The Grow Community, Residences at Pleasant Beach and the Roost all experienced strong sales last year as they completed with condominiums for market share. A majority of condominium buyers stress the desire to be closer to Winslow for the walkability, an interest in a complex that offers a sense of community, grandparents following their adult children and their families to the great Northwest, and those who want the easy care and affordability of condominium living. Fortunately, we have had some good choices for our buyers this past year and experienced a total of 126 condominium sales in 2017. The only sector of our market that struggled last year was raw land. This category was hampered by a lack of choices, financing difficulties, hurdles with building permits, and the escalating construction costs.

It is hard to find any economist predicting a substantial slowdown in our area’s economy or real estate in the near term; not to say that there aren’t clouds. The new federal tax law is not beneficial to a higher-end market like ours; financing interest and property tax deductions now have limitations.  The prime interest rate will undoubtedly rise and even though mortgage rates have been incredibly low, rates will probably go up but stay below 4.5%.  In the midst of all this activity, one thing remains constant: Bainbridge Island is desirable and a great place to live.

Values are high, and our inventory is at an all-time low. If you are considering selling your home this year, let’s get started now so you are not competing with the typical spring rush. The days are getting longer, we have buyers, and this is the traditionally the best time to sell your home. Call me, I will help you prepare your home and get it listed as soon as possible.

 

 


Posted on January 30, 2018 at 12:02 am
Jackie Syvertsen | Posted in Bainbridge Island Real Estate, Bainbridge Island Real Estate Statistics, Newsletter | Tagged , , , , , , , ,

Local Values & Current Inventory

 

BAINBRIDGE ISLAND Real Estate Values are at an all time HIGH and the current housing Inventory is at an historic LOW.

A Seller’s Market : Out of approximately 9600 Island households, there are currently only:

42 HOMES FOR SALE

6 RESIDENTIAL CONDOMINIUMS

20 LAND LISTINGS

Don’t get stuck in the annual competition:

Let’s get your home ready and on the Market before the usual Spring Rush.

Call Me, I would love to work with you!

Jackie Syvertsen

206-790-3600

www.Jackie98110.com

 


Posted on January 29, 2018 at 10:15 pm
Jackie Syvertsen | Posted in Bainbridge Island Real Estate Statistics, Newsletter | Tagged , , , , , , , , , , , ,

CREATING COMFORT THROUGH INTERIOR DESIGN

Jackie 98110

Just because the Christmas decor is put away and the festive mood of the holidays is over doesn’t mean we have to stop creating a snug and cozy home. It’s a good time to embrace winter Hygge! If you aren’t familiar with Hygge, it’s a Danish word for feeling content and cozy.

Here are seven ways to bring Hygge style comfort to your home, even during the dreariest winter month of the year!

 

Jackie 98110

LAYERED LIGHTS

Even if you feel like you’re lacking in the cozy department, simply addressing your lighting will make a huge difference. Layers of lighting make every room feel more welcoming. In the daytime, natural light is ideal. But for evenings, it’s nice to add a cozy glow. A good rule of thumb is to try to have a least three light sources in every room. Use a mix of table lamps, floor lamps, task lamps, and overhead lighting. Consider using warmer light bulbs for the coziest ambiance.

 

 

COMFORTING MOMENTS

Your home will offer a sense of comfort when you incorporate some favorite photos of loved ones, treasured hand-me-downs, antiques or flea-market finds, eye-catching conversation starters, art that inspires you, special mementos, or simply things that make you smile.

 

 

AN INVITING AROMA

What aroma feels ‘cozy’ to you? Set the tone for your home by filling it up with winter scents that inspire you.

 

 

TOUCHABLE TEXTURES

The coziest homes contain a variety different textures that delight the eye. Incorporate different touch-worthy materials through pillows, drapery, throw blankets, rugs, lamps, and furniture. The fabric possibilities are endless: velvet, woven, knit, embroidered, grain sack, faux fur, tweed, etc. You can also consider creating contrast with varying materials like metal, wood, glass, rattan, mirrored, painted, and more.

 

 

A PLACE TO CURL UP

Make yourself a special cozy place to relax. A reading chair will be extra cozy with some good books nearby in a basket, a lamp, a footstool, a side table to set a cup of tea, and a soft blanket you can curl up in.

 

 

A BIT OF WARMTH

Every home can benefit from warmth. No matter what your color scheme, you can add warmth through natural tones like wood, leather, jute, warm metals, etc.

 

 

SOMETHING LIVING

A room comes to life when an organic element is incorporated into the decor. Every room can benefit from having at least one plant, bouquet of flowers, or even a sprig of greenery like eucalyptus to remind us that spring is on its way.

 

 


Posted on January 12, 2018 at 8:10 pm
Jackie Syvertsen | Posted in Bainbridge Island Real Estate, Interior Decorating | Tagged , , , , , , , ,

2017 1st Quarter Newsletter

Winter Dormancy

In many ways, the first quarter of 2017 reflected the past two years of the Bainbridge Island real estate market and the markets of most of the neighborhoods around us. Seasonably low inventories limit buyers’ choices early in every year. Meanwhile, inclement weather tends to dampen the enthusiasm of sellers getting homes ready as well as buyers who would rather stay in than venture out to look at properties. Finally, there’s a perception that the market doesn’t really “begin” until spring. These factors all conspire year after year to make the first quarter the quietest.

A Snapshot of Activity

Looking back to 2016, there were 72 residential transactions in the first quarter, compared to 129 in the second quarter, 156 in the third and even 117 in the fourth (also perceived as a slow quarter). So we were prepared for the “slow time” this year. We hoped for more inventory because we knew there was demand. As it turned out, in spite of the weather, we got a little bit of what we wanted. We had 83 residential home and condominium sales in the first quarter of 2017, up 15% from last year’s 72. It should not be a surprise that our active inventory was up 29% from last year when measured on February 2nd. In a sellers’ market, inventory is the fuel that pushes the machine (as opposed to buyers being the fuel in a market they control). But there’s a footnote to these numbers: the condominium market had 27 sales – the best first quarter we’ve had since 2007 – and condominium sales were up 68.8% over last year’s first quarter figures. If we set aside the increase in condominium sales, our first quarter sales were essentially flat.

Price Considerations

As home prices continue to rise, condominiums are becoming an important option for people who are being priced out of single family homes and those who are downsizing. In the first quarter, there were 13 homes sold for less than $600,000; there were 14 condominiums sold in the same price range. The median price of condominiums was $517,000 and of homes was $755,000. Condominiums represented 37.5% of the residences sold in the first quarter, compared to 22% last year. This is also not lost on developers, which is evident when you look at the new construction both underway and in the pipeline, where condominium products are strongly represented.

Perception versus Reality

The media has painted a pretty rosy picture of our market for sellers: just put up a for-sale sign, set any price you want and wait for multiple offers to roll in! In reality, while a strong market can make it easier to sell a home, there are certain goals that need to be in a seller’s mind regardless of the market.

  • The first is to sell the home within an acceptable timeframe. On the chart below, you’ll see the “active” inventory is higher than it’s been since 2013. Also, even if you have an interested buyer, it doesn’t mean that buyer will end up purchasing the home. This quarter, there were 16 “failed sales” or homes that fell out of contract, down from 37 last year. Sales fail for all sorts of reasons: buyer’s remorse, which can come from price; realization of property condition; and reality checks are the most common. Getting the home sold in an acceptable timeframe is important to most sellers. In this past quarter, the average days on market was 71. Some homes sell right away, but they are usually the exception.
  • The second goal is to maximize the net yield to the seller. Condition, disclosures and presentation all affect buyer perception and price consideration. Buyers are smarter than ever and they are conducting their own market research with their Realtors. Buyers need inventory to choose from. They will not buy home at any price, and their price ceilings are dictated by their perception of value. There are some multiple offers, but only 29% of homes sold in the first quarter went for over asking price (which may be fewer than some people would think) and the percentage of the overage was a scant 3%. The boom of 2007 was not that long ago and most buyers (and their agents) clearly remember the risks of overpaying.

Closing Thoughts

We are in a sellers’ market with multiple offers and prices are rising but our market is smaller, less active and has a smaller buyer pool than Seattle. To gain maximum benefit from this market, sellers should keep this in mind. It’s important to consider the buyer’s perspective, where there is another labyrinth to negotiate. About 40% of Bainbridge sellers end up on the other side of the table when they later become Bainbridge buyers, so they eventually experience the flip side of our market. Working with an experienced professional will help you achieve the best result and understand the many nuances, of the Bainbridge real estate market. So let’s dive together into this busy season. It’s going to be an exciting ride.

Bainbridge Island Single Family Homes Sold January 1 through March 31

 


Posted on May 8, 2017 at 7:39 pm
Jackie Syvertsen | Posted in Bainbridge Island Real Estate, Bainbridge Island Real Estate Statistics, Newsletter | Tagged , , , , , , , ,

Work Smarter – Not Harder with Smart Home Technology

Jackie Syvertsen

While still in its infancy, the number of smart home products—devices that let you control lighting, thermostat, or even your crock pot from your smartphone—is rapidly growing. These are products and whole ecosystems that help you control your home via a single iOS or Android app. You can pick and choose your favorite technology gadgets to assemble an affordable, intelligent abode on your own terms, or opt for an entire smart home system that does all the work for you.

While home automation is becoming more prevalent, naturally there are more and more products becoming available as “smart devices”. Here are some of the more diverse home gadgets we have found, beyond thermostats and security cameras:

smart home technology

GE WiFi CONNECT WASHER AND DRYER

Check washer progress with an app that lets you monitor cycles and settings, extend drying times, monitor levels of Smart Dispense tanks, download custom specialty cycles and receive alerts when clothes haven’t been removed.

smart home technology

LOGITECH HARMONY ELITE, UNIVERSAL REMOTE CONTROL

More than just a TV remote – the Logitech Harmony Elite offers all-in-one control of up to 15 home devices including your TV, satellite or cable box, Apple TV, Roku, TiVo, Blu-ray player, game consoles, plus connected lights, locks, thermostats, sensors and more. There’s even a free app that turns your smart phone into an additional remote.

smart home technology

PETZI TREAT CAM

Missing your pet while you’re away? The Petzi Treat Cam provides a way to connect with them through your smart phone from anywhere. Dispense treats, watch live HD video and speak with your pet using the 2-way audio.

smart home technology

FRIGIDAIRE SMART WINDOW AIR CONDITIONER

A wifi connected air conditioner that you control through an app on your smart phone allows you to turn the unit on or off, change temperature, control modes and adapt fan speeds – especially handy if you want your home cooled off before you get home!

smart home technology

SAMSUNG FAMILY HUB REFRIGERATOR

A few years ago, having a French door refrigerator with cameras, wifi, and a gigantic touchscreen would have been the stuff of dreams. Today it is a reality. This high-end fridge will let you peek inside it while grocery shopping, search for recipes on the 21.5 inch display, mirror your smart TV so you can keep watching your movie while you grab a drink, share calendars, photos and best of all – it even keeps your food cold.


Posted on April 22, 2017 at 12:00 am
Jackie Syvertsen | Posted in Uncategorized | Tagged , , , , , , , , ,