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Make your home offer irresistible
When you're competing with a lot of other buyers for a hot piece of property, your bid needs to stand out.
You have found a home you can afford, in a great neighborhood with good schools. It even has a fenced-in yard for your dog. What could go wrong?
Any number of things, ranging from a competing buyer's all-cash offer to an insufficient earnest money deposit from you. In markets with houses in short supply, sellers have the advantage over buyers, and bidding wars often erupt between buyers vying for the nicest properties. The purchase offer should persuade sellers that your buyers are a serious contender who will give them most of what they want, even as it protects the buyer’s interests.
1. Pay cash. Investors have been snapping up homes to flip or rent, and they usually come to the table with cash. Sellers love all-cash offers because they're less likely to fall through before the sale closes. In January, all-cash transactions accounted for 28% of existing home sales, according to the National Association of Realtors. Cities currently attracting strong investor interest include Atlanta, Detroit, Las Vegas and Phoenix, reports CoreLogic. If you need a mortgage, a low appraisal could cause your bank to back out of the deal, forcing the sellers to put the house back on the market.
2. Get preapproved. If you can't pay cash, you'll need to get a mortgage. Three or four months before you shop for a home, check your credit reports, says Michael Corbett, a consultant to real estate Web site Trulia and author of "Before You Buy!" That will give you time to dispute any errors and take short-term steps, such as paying off debts, that will improve your credit score. You can get your reports once a year free from the three major credit bureaus at www.annualcreditreport.com. Then get a bank's preapproval. It won't guarantee that you'll get a loan, but it will show sellers that a lender has verified your income and credit score and determined that you can afford payments on a mortgage for a certain amount.
3. Make your best offer on price. You may only have one shot to get it right, so make your best offer — what you're willing and able to pay. Base your offer on recent sale prices of comparable properties in the neighborhood so that it will pass muster when the property is appraised. If you hold back, thinking you'll sweeten the offer on the second try, you may lose the property to another buyer.
4. Up the ante. You can add an escalator clause, with which you agree to ratchet up your offer if there's a higher bid from another buyer. Keep in mind that if you agree to pay more than the market value determined by an appraisal, you're on the hook for the difference from your own funds.
5. Beef up your earnest money. This deposit signals how serious a buyer you are. Try doubling the amount that the seller requests or that is customary in the area. If you must renege on the offer for any reason allowed by the contract or state law, you'll get your money back.
6. Pay for extras yourself. These might include some of the closing costs, homeowners association dues that must be prepaid, a one-time contribution to a community-enhancement fund, or a home warranty.
7. Make contingencies palatable. Most sellers prefer offers with no contingencies, but you probably can't afford to forgo the protection that contingencies provide if you want to cancel the contract. Offset a financing contingency with preapproval and a strong earnest money deposit. If you have enough cash, temper an appraisal contingency by assuring sellers that if the appraisal comes in lower than the purchase price, you'll pay the difference or split it with them (up to a certain amount). Include a home-inspection contingency, but tell sellers that you will cover the cost of any repairs. If the price tag on those repairs gets out of hand, you can back out of the deal.
8. Write a love letter to the sellers. Re/Max agent Gayle Henderson, of Scottsdale, Ariz., says this will help you connect with the sellers, especially if you haven't met them. She suggests such points as: "We're relocating from…" "We see ourselves living in your neighborhood or chose your schools because …" "We especially love …" and "We appreciate your accommodating our visits."
9. Give the gift of time. Express your willingness to work with the sellers' timetable to go to closing. If the sellers want to remain in the home for a while after closing, offer them a "lease back" or "rent back," which means that you will be their temporary landlord. This is a legal arrangement, and you'll need to work out the details with your agents and be sure that the sellers keep their homeowners insurance during their stay. If you are bidding on a short sale, make clear to the sellers that you are patient and can wait for the bank's decision.
Download a PDF of this blog post here: JACKIE98110_Make_your_home_offer_irresistible
The Pool at Pleasant Beach Village
Summer fun on Bainbridge Island is just around the corner…
Next summer, a beautiful outdoor private pool complex will open at Pleasant Beach Village. Perched above the Village retail area, the facility will feature a 25-yard recreation pool, children’s wading pool, and hot tub!
The Pool at Pleasant Beach will operate seasonally (May through September) with ample nearby parking. Monitored by trained lifeguard staff, amenities include: swimming lessons, playful children’s pool with largerthan-life water toys, lounge chairs, men/women/family changing rooms, and outdoor showers. A covered picnic and BBQ area is designed for families to enjoy their own picnic fare, or take advantage of delicious food options including wood-fired pizzas from the Snack Shack or burger deliveries from Hammy’s. An added bonus: our full-service patio bar will serve refreshing adult libations. Members may also reserve The Campfire at Pleasant Beach, an additional picnic and campfire site tucked in the woods above the pool—a great location for birthday parties or casual gatherings and celebrations. Designed as a family destination for the lazy days of summer, The Pool will offer hours of relaxed enjoyment
Join today: Pool Application
For pricing: Price Sheet
Frequently Asked Questions
For applications or additional questions, please contact Kendra Vita or Laurie Teddy at 206.866.6499
Bainbridge Island Real Estate Sales in Review
RESIDENTIAL HOME SALES IN REVIEW
YEAR Avg. Sale Price Total # of Sales Avg. Days on Market
2003 $481,758 454 101
2004 $551,462 468 92
2005 $670,004 442 91
2006 $752,154 349 87
2007 $820,607 317 97
2008 $749,970 187 108
2009 $662,668 212 139
2010 $639,169 255 102
2011 $581,855 257 113
2012 $636,705 384 101
2013 $599,116 414 75
2014 $706,275 401 65
CONDOMINIUM SALES IN REVIEW
YEAR Avg. Sale Price Total # of Sales Avg. Days on Market
2003 $304,874 73 165
2004 $302,123 157 185
2005 $381,143 74 55
2006 $359,040 150 89
2007 $459,756 129 218
2008 $458,383 42 107
2009 $366,369 53 176
2010 $326,174 53 214
2011 $289,338 67 212
2012 $296,702 80 147
2013 $328,139 93 117
2014 $384,416 100 60
LAND SALES IN REVIEW
YEAR Avg. Sale Price Total # of Sales Avg. Days on Market
2003 $211,651 106 233
2004 $187,045 104 254
2005 $292,644 87 216
2006 $460,802 53 183
2007 $378,295 30 164
2008 $421,728 15 124
2009 $433,500 11 291
2010 $172,625 24 175
2011 $233,405 20 182
2012 $216,672 32 159
2013 $197,453 52 315
2014 $249,267 43 209
So you’ve begun thinking about selling your house and you figure: Let’s wait until spring or early summer before listing. The yard will look its best and potential buyers will be out in force. Recent research studies show home listing prices, sales price and time-on-market data from January 2010 through October 2014, concluded that if you want to sell for more than your asking price, listing in December through March gives you a better chance on average than if you list June through November. If your goal is to sell relatively quickly, February is historically the best month to list, with an average of 66 percent of homes listed then selling within 90 days, according to national averages, including cold weather cities like Boston and Chicago.
Researchers are quick to note that the advantages of listing in winter compared with other seasons are not huge. But the fact that winter produces at least competitive or better results by some measures should encourage potential sellers to get into the game sooner rather than later. Bottom line: Real estate does not hibernate. Other factors to consider: Only 63 Homes, 8 Condominiums and 53 land parcels currently For Sale on Bainbridge Island. Less Inventory = Less Competition for Sellers who list prior to spring. This is surprisingly an advantageous time to list, shop and buy Real Estate. Buyers shopping at this time of year are Serious Buyers. More Corporate Transfers at this time of year. Buyers have more time to surf the web for homes.
What are your real estate goals for 2015?
Call me for a Current Market Analysis and I will provide you with an honest, fact-based report of the financial value of your home.
New Years Eve on Bainbridge Island
There are some terrific things happeneing on New Years Eve on Bainbridge Island!
A New Years Eve Dance Party is being held at the Treehouse Cafe in Lynwood Center, from 9:00 pm to 12:30 am – featuring The Dusty 45's, Tarot and Palm readings, automatic entry for a raffle drawing and complimentary champagne at midnight! THis even is suitable for those 21 years of age and older. Get the details here: New Years Eve Dance Party
If your family is looking for something fun for the younger members, there is also a New Years Eve Party for Kids at KidiMu! All are invited to the Museum for an annual countdown to noon and balloon drop. Come early to enjoy special activities between 10 and 11:45 a.m., including face painting, music, a noisemaker clock craft and bingo. The event runs from 10 am to 12:30 and is sure to be lots of fun for the entire family. Get the details here: New Years at KidiMu and Bainbridge Art Museum or at KidiMu
Bainbridge Performing Arts Center will be hosting a New Years Eve Party, from 9 pm to 12:30 am. Celebrate New Year’s Eve by dancing all night long with Seattle’s hottest DJ – Dubreezy – and with an expanded bar selection that includes spirits from Bainbridge Organic Distillers, beer on tap from the Bainbridge Island Brewing Company, and half-price non-alcoholic beverages for designated drivers. This event is suitable for ages 21 and over with complimentary champagne served at midnight. Get the details here: Bainbridge Performing Arts Center New Years Eve Party
For those who love the water, there are a couple of options to ring in the new year on Puget Sound.Bainbridge Island-based Exotic Aquatics Scuba and Kayaking has planned an afternoon and evening excursion that includes three dives, dinner and transit to Elliott Bay to watch the Seattle fireworks at midnight on the newest boat to join the Puget Sound Dive Charters' fleet — the 45-foot Salish Explorer. For $125, divers can get an afternoon of exploring in before cleaning up — the boat has showers — and sitting down to dinner. Non-divers also are invited for a lesser charge of $110. A sparkling punch toast will be held at midnight. The boat leaves from its location in Winslow at 1 p.m. Those interested in tickets should call 206-842-1980.
There are aso some restaurants serving a special New Years Eve Menu, if you are looking for a more intimate celebration. Click the links below for more information.
The Beach House at Pleasant Beach Village
Restaurant Marche' Bainbridge Island
Hitchcock Restaurant on Bainbridge Island
Finally, for the super hearty and hardcore challenge lovers – the 14th Annual Polar Bear Plunge will take place at Noon on Lytle Beach. BRRR!
Happy New Year!
Holidays at Pleasant Beach Village
Located in the Lynwood Center neighborhood of charming Bainbridge Island, Pleasant Beach Village is a new community destination. The Village includes Manor House, Bainbridge Island's premier special events venue, The Beach House Restaurant, The Inn at Pleasant Beach and a variety of shops.
With the beautiful architecture, exciting new infratructure and the festive Holiday decorations, the Pleasant Beach Villag is a great place to visit, eat and shop.
A warm environment and friendly staff are waiting to serve you a great cup of coffee and fresh pastries.
The Barn Cat is a lovely store with fabulous items for your Holiday Shopping – and they are open until 8pm on Thursdays!
One of my favorite places is the PAWS Center where my grandaughter adopted her first kitten. A fluffy new member of the Family is always a great Holiday gift – especially when they are rescued!
Sunday the 14th of December, don't miss the Santa Brunch at the Manor House!
Fay Bainbridge State Park
Welcome sign at the entrance of the park
Fay Bainbridge Park is a 17-acre marine camping park with 1,420 feet of saltwater shoreline on the northeast corner of Bainbridge Island. The park offers sweeping views of Puget Sound, the Cascade Mountains and features sandy beaches. On clear days, Mount Rainier and Mount Baker are visible from a sandy beach.
Besides the amazing beachcombing, Fay Bainbridge also has sheltered Picnic areas with water and electricity, a large playground and camping!
While it is free to access the park, there are nominal fees for camping and use of the large shelter areas. There are plenty of open picnic tables all over the park that are free to use – first come first served!
Sandy beach for the best beachcombing!
For more information on this lovely treasure, go to the Bainbridge Island Parks Department website:
http://www.biparks.org/parksandfacilities/pkfaybainbridge.html
