New Agent Spotlight: Nicole Quinene
A veteran, longtime Kitsap local, and specialty contractor, Nicole Quinene possesses the skills and knowledge to empower homebuyers and sellers. She recently joined Windermere Silverdale, and we’re so happy to have her. Learn about her background, interests, and more in our Q&A.
What drew you to real estate?
My interest in real estate is multi-layered, encompassing both a goal of learning about property management and my genuine desire to educate individuals on the power of real estate investment. My journey began with a focus on property management. However, I felt it was crucial to explore real estate sales to find out if my true passion lay in home sales and education, before fully committing to property management. The more time I spend in the world of real estate, the more I realize my passion is to educate homebuyers and help them unlock the full potential of property ownership. That emerged as the primary focus of my interests. Additionally, my fascination and background with homes in need of remodeling have sparked an interest in the potential investment opportunities they offer.
My motivation as a broker is driven by a profound desire to empower individuals to invest in their future through real estate. I am motivated by a strong sense of purpose to support individuals who may not have had adequate access to information about property ownership and investment. Additionally, I fully recognize the potential investment opportunities presented by homes in need of remodeling, seeing them as not only a chance to revitalize properties but also to unlock their full financial potential for buyers.
My aspiration is to be an advocate for education, to share invaluable insights, and to shape perceptions surrounding home ownership and its profound impact on individuals’ futures.
What unique professional experiences enhance your abilities as a Realtor?
As someone new to the real estate industry, my background as a specialty contractor equips me with a unique set of skills and insights that I believe will enhance my effectiveness as a realtor. This experience enables me to guide clients through properties, identifying potential opportunities for improvement along the way. Drawing from my problem-solving skills, honed through navigating unforeseen challenges at job sites, I am confident in my ability to address any issues that may arise during real estate transactions, finding creative solutions to ensure a positive outcome.
Furthermore, my experience in customer service, cultivated through direct interactions with clients, allows me to build strong relationships and communicate effectively. I believe these skills will contribute significantly to my ability to provide exceptional service throughout the home buying or selling process.
Overall, I am optimistic that my background as a specialty contractor will enrich my abilities as a realtor, offering valuable skills, knowledge, and perspectives that will contribute to my success in the industry.
What personality traits do you think are important in this profession?
As a new real estate agent, I believe certain personality traits are crucial for my success in this profession. Firstly, emotional awareness and understanding are vital. Being empathetic and attentive to clients’ emotions helps build trust and address their needs effectively. Effective problem-solving skills are also key, enabling me to navigate challenges and find creative solutions to meet clients’ goals. Additionally, resilience is essential for overcoming setbacks and maintaining a positive attitude in the face of rejection and adversity. Adaptability is another critical trait I believe to be important, allowing me to adjust to new situations and remain flexible in a constantly changing environment. I believe as a real estate agent having perseverance is fundamental in having determination in pursuing goals, even in the face of challenges. Lastly, my curiosity drives continuous learning and growth, motivating me to seek out new experiences and expand my knowledge.
Which areas do you serve, and what do you love about the area?
I primarily serve Kitsap County, focusing specifically on the communities of Bremerton, Silverdale, and Port Orchard, which offer immense potential for investment. These areas boast a dynamic mix of urban amenities and scenic landscapes, with the natural beauty of Puget Sound alongside easy access to the vibrant city life of Seattle, and close proximity to Pierce County.
Kitsap County provides a diverse range of housing options, catering to various preferences and lifestyles, appealing to both homebuyers and investors. In particular, Bremerton, Silverdale, and Port Orchard are prime locations with ample opportunities for development and remodeling projects, offering exceptional investment potential.
How long have you lived here and what brought you here?
In 2000, my family moved from Guam to Bremerton when I was starting high school because of my father’s job transfer. I spent several years away from Washington while serving in the Air Force as a medical technician, and I returned to Washington because much of my immediate family still resided here.
How are you involved in the community?
My husband and I own a small business that primarily services the Kitsap County area. Additionally, I find fulfillment in giving back through volunteer work at our church, where I dedicate my time to caring for children in the nursery and toddler classroom. I recently enrolled with my oldest daughter in a Chamorro cultural dance class located in Tacoma, which offered a wonderful opportunity to immerse ourselves in our heritage and connect with others in the community.
What made you decide to work with Windermere?
When considering which real estate agency to align myself with, my decision to work with Windermere was clear from the start. Despite not having personal experience with Windermere, I was aware of its highly professional reputation. It was important to me to align myself with a company that has a strong presence and established roots within the community. Windermere’s longstanding reputation and commitment to excellence made it the obvious choice for me. I wanted to immerse myself in an environment where I could learn from experienced professionals and contribute to a brokerage that is truly part of the community it serves.
If you’re interested in learning more about Nicole Quinene, you can check out her website, which contains local resources and helpful real estate tips. You can also follow her on Facebook or connect with her on Instagram.
Welcome to the Windermere family, Nicole!
Kitsap’s Market: First Quarter, 2022
Curious about how Kitsap County’s real estate market is doing? We had a solid first quarter and it’s still a seller’s market. In 2021, we saw strong buyer demand and low inventory, and that continues to be the case. Read on for key highlights and market trends. If you have any questions, our local real estate experts are just a click away.
News on Sold and Pending Homes
In the graph above, you can see a similar rise reflected in market volume that we saw this time last year. This follows the typical real estate market trend of a cooler first quarter before the market heats up in the summer. Sold homes still outpace pending listings and home prices are still increasing as a result of high demand. During 2022’s first quarter, 994 homes were sold. That’s up 10.7% year-over-year, showing more market activity.
Kitsap’s Market Still Favors Sellers
Since inventory remains low, sellers can list with confidence. Buyers will need to be prepared for competitive situations. As construction ramps back up and the pandemic hopefully continues to wane, we expect to see more homes come on the market.
Listing Price vs. Sale Price
During the first quarter of 2022, we saw a 10.8% increase in home prices when compared to 2021’s first quarter. Since the market tends to heat up in the late spring and summer, we expect prices to continue to rise. Many buyers will continue to meet sellers’ pricing demands, and others are facing affordability issues. Right now, the average sale price in Kitsap County is $606,000.
Insights from Our Chief Economist
Matthew Gardner, Windermere’s Chief Economist, shared his Top 10 Predictions for 2022 in one of his recent Monday with Matthew videos. Here’s what Gardner predicts for 2022:
- Prices will continue to rise, though the pace of appreciation will slow. Gardner thinks it will be about 6% in 2022 versus the massive 16% rise of 2021.
- Spring will be busier than expected. This will increase buyer demand, as buyers get more clarity in their new hybrid model combining remote and office work.
- The rise of the suburbs will also result from this work hybrid model. Many buyers are moving within the same area they already lived in.
- New construction jumps since the cost to build has come down.
- Zoning issues will be addressed.
- Climate change will impact where buyers live. People will focus more on how safe a location is in relation to natural disasters.
- Urban markets will bounce back after the demand drop from Covid.
- A resurgence in foreign investors will return since the travel bans were lifted last November. The demand will rise as long as our borders remain open.
- First-time buyers will be an even bigger factor in 2022. This year, 4.8 million millennials will turn 30, the median age of first-time buyers in the U.S. First-time buyers will be looking for cheaper markets.
- Forbearance will come to an end and that will be okay. It was well thought out, and as Gardner says, “as of recording this video, there are now fewer than 900,000 owners still in the program.” Hopefully, this continues to drop.
Additional Information
You can learn more from Matthew Gardner by reading his Market Update by region or watching his Monday with Matthew video series. And, if you’re new to our area, check out our free Guide to Kitsap.
Third Quarter Market Review for Central Kitsap
Our Central Kitsap real estate market continues to grow in volume. Keep reading for key highlights about our strong seller’s market.
Our Competitive Seller’s Market
Central Kitsap’s inventory and demand are higher than they were this time last year. More people are able to work from home and are ready to enjoy life on the Kitsap Peninsula. And, these eager buyers outnumber sellers – even with Central Kitsap’s growing sales volume. Our Brokers often see multiple offer situations, resulting in bidding wars. However, if you’re looking to buy, don’t let that discourage you. That’s exactly why you need a local real estate agent to serve as your advocate and provide insight into this competitive market.
Market Data
Our third quarter of 2021 continues to thrive, both in sales volume and the large demand for homes in Kitsap County, WA. Home prices are still growing at a consistent rate, just as they did last quarter. This strong growth will probably slow down as we near the holiday season. And, if price growth does slow, we might see the market shift away from favoring sellers to a more balanced state.
Central Kitsap’s sale prices are very strong. During our third quarter, they increased by 19.7% year-over-year. While affordability is becoming more of an issue, it looks like we may be heading toward a more balanced market. More on that in the next section.
Home Purchase Sentiment Index
In his most recent Monday with Matthew video, our Chief Economist, Matthew Gardner, analyzed the data from Fannie Mae’s most recent Home Purchase Sentiment Index. The data comes from a survey containing roughly 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.” Gardner sums it up by saying, “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 Central Kitsap
Silverdale and Bremerton’s Central Kitsap market exceeded performance predictions during our second quarter. We’ve compiled key highlights below so that you can easily get informed about our local real estate market.
Our Strong Seller’s Market
In Silverdale and Bremerton, inventory is still low and demand remains high. Many people are now able to work remotely and that has enabled these buyers to consider areas outside major cities – like Central Kitsap. Now these eager buyers outnumber sellers. Our Brokers continue to experience situations where some buyers are outbid either by price or by an all-cash offer in this competitive market.
If you look at the last five quarters detailed in the graph below, the market is still growing year-over-year. This data indicates the summer market will continue to heat up.
Since our inventory remains low, the prices continue to rise. Historically low mortgage rates are enabling many buyers to purchase homes for higher prices. As you can see below, the listing and sale price divergence is shrinking now. So if you’re thinking of selling, now is a great time to do so.
Market Insights From Our Chief Economist
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 factor in inflation. Gardner explains 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 because of the long run influence of inflation.” 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 much lower than what most people are discussing today.
Matthew also compares mortgage payments, another important piece of the puzzle. 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 home ownership. This includes property taxes, which do not change with market fluctuations. But this still indicates “that prices have been able to rise so significantly because mortgage rates have dropped”. It’s also because “inflation-adjusted home prices really haven’t skyrocketed – contrary to popular opinion.”
However, Matthew clarifies saying, “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 due to the increasing affluence as a result of the tech boom.
Not a Housing Bubble
Gardner’s bottom line is this: “there are quantifiable reasons to believe that we are not in a national housing bubble today.” However, he does point out that some markets will see a 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.
First Quarter Market Review for Central Kitsap
Central Kitsap’s market bounced back in our first quarter after the seasonal slowdown. We’ve compiled key statistics to keep you up to date with our local real estate market.
Our Strong Seller’s Market
Central Kitsap just had a great first quarter after the quieter winter season. With Central Kitsap’s proximity to Seattle and Tacoma, it’s appealing to people who are 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 you navigate this competitive market. Many current buyers are being outbid and it can be an overwhelming process. That’s why it’s so important to have a local expert as your guide.
In the last five quarters outlined in the graph below, there’s a similar growth trend when comparing 2020’s first quarter to 2021’s first quarter. And, we saw a 15% increase in closed sales year over year. Get ready for the market to continue to heat up as we move from spring to summer.
As you can see below, the listing and sale prices both continue to rise as sellers continue to benefit from our inventory shortage. Many buyers have still been able to meet the pricing demands of this seller’s market. But low inventory means we’ll continue to see even higher prices. These prices could reach an affordability ceiling where potential buyers will be priced out of the market.
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.
Want to Sell Your Home? Here Are 5 Things to Consider
Selling your home is a big decision and it involves a lot of moving parts. Luckily, we have compiled a list of things to consider, whether you want to sell in three months or three years.
1. Timeline
Create a desired timeline involving the selling of your current home and the purchasing of your next home. While properties can’t always close in record time or produce the exact results you’re hoping for, it helps to at least begin with a general idea with extra time built in for adjustments to be made (when possible). Whether you’re ready for more space or to downsize, you’ll save time and manage expectations if you’re able to plan out what you think needs to be done in advance. Check out this helpful guide to selling your home.
2. Renovation and Curb Appeal
What’s that old saying that our parents told us? Always leave the place better than you found it. Selling a house is no exception. Get ahead of the game by considering areas of your home that could use renovations, upgrades, or a deep clean. These changes can increase your home’s value, allowing you to sell your home for top dollar. Don’t forget the exterior either! The outside of your house will be a home buyer’s first impression, so you want to do whatever you can to increase its curb appeal.
3. Costs
Yes, even selling your house comes with fees. Start putting together an estimate of how much it will potentially cost so that you’re prepared and know what to expect. For more information, here are 10 costs associated with selling your home.
4. Your Advocate
Selling your home can often feel overwhelming, which is why you want an attentive agent who understands your needs and will act as your advocate, local expert, and guide. This person will be working closely with you, so finding the right fit will make the process much easier. Treat this almost like an interview. Ask them about their sales history, how up to date they are on the local real estate market, and if they have a list of preferred local vendors. Another key aspect to consider: their communication style. You want to sell your home with someone who fits with your personality and is responsive, dependable, and helpful.
5. Staging
Taking the time to strategically showcase each area of your home will help buyers imagine themselves living there. And, staged homes sell 87% faster and for 17% more on average than non-staged homes. Additionally, the Windermere Ready program is a great option to consider. You’ll have the knowledge and guidance of one of our local agents, and the option of up to $50,000 in assistance for expenses incurred in preparing to list your home.
Looking for more information or want to discuss your specific needs? Contact one of our agents. They’re happy to assist and can provide a free market analysis so you can see what your home is worth.
Fourth Quarter Review and 2021 Market Forecast
Silverdale and Bremerton’s Central Kitsap market finished 2020 with a strong fourth quarter. We’ve compiled a comprehensive review of Central Kitsap market statistics, as well as insights and predictions for 2021 from Windermere Real Estate’s Chief Economist, Matthew Gardner.
Our Strong Seller’s Market
Central Kitsap remains a seller’s market, like the rest of Kitsap County. Inventory is low and everyone wants to buy a house away from the bigger cities. Buyers, the market is in a regular seasonal slowdown – but not as slow as expected given COVID-19. With many determined buyers and consistently low inventory, the advantage goes to sellers. Our Brokers have seen an increase in situations where some buyers are outbid either by price or by an all-cash offer.
In 2020’s fourth quarter, the average sale price in Central Kitsap was up 6.4% year-over-year at $399K. 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, Gardners 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 significantly, 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
For a big picture glance at how our local market compares, here are highlights from The Western Washington Gardner 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.