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The Benefits of Selling in Winter
Are you having doubts about selling your home in winter? While the real estate market has begun to shift and tends to cool with the weather, there are still advantages to selling this time of year.
Supply and Demand
2021 was an unusual year because supply was extremely limited, demand was very high, and interest rates were very low. While interest rates have increased a great deal this year, the supply of houses for sale overall remains low. In Windermere’s Gardner Report for Western Washington, our Chief Economist Matthew Gardner notes that in this year’s third quarter “King and Kitsap counties were the tightest markets in Western Washington, with homes taking an average of 19 days to sell.” While we’ve seen more listings come on the market recently, there are still many serious buyers out there. Gardner says the market is shifting toward buyers but it’s still a seller’s market and the market is normalizing overall. And, when it comes to selling in winter, as Windermere Silverdale’s Branch Manager Nancy Mackleit explains, “It doesn’t matter what time of year it is, there are always sellers that need to sell and buyers that need a home.”
Home Prices Remain Solid
In Q3 of this year, the average sale price was $649K and the percent of list price received was 98%. Many people still want to move to Kitsap County, and the fact that we’re just a ferry ride away from Seattle with significantly lower home prices than the Emerald City benefits local home sellers.
Selling in Winter Means Less Competition
Typically, spring and summer are the busiest seasons for the real estate market. This means that for winter home sales there aren’t as many houses listed, creating a tighter market with fewer options for buyers. With fewer listings, your home has a greater chance to shine and wow potential buyers. Take advantage of the holiday season to highlight all your home has to offer. Decorate with fun outdoor lights and create cozy spaces inside to set your home apart and give buyers a welcoming respite from the cold. They’ll feel at home before it’s even theirs! Plus, winter is a great time to showcase things like excellent energy efficiency features such as a smart washer, a smart thermostat, or dual-pane windows.
Serious Buyers are Motivated
Typically, people aren’t out house hunting in winter just for fun. Not only is it cold, but it’s also a busy time of year with the holidays, visitors, and winter vacation plans. In winter, the people who are out looking at homes are serious buyers. Often, they need to relocate for a job or a growing family. Regardless of the reason, there is a level of urgency involved, which can benefit sellers.
Smooth Closing Process
With fewer winter home sales as compared to spring and summer, typically everyone who has a role in the transaction process has more availability. This includes appraisers, home inspectors, mortgage lenders, and escrow officers. For sellers, this is great because it’s easier to reach people, make appointments, and close the deal faster and more seamlessly.
If you’ve decided that winter is a good time to sell your home, contact one of our experienced real estate agents to help you get started.
Home Sellers’ FAQs: CMA, Contingencies, Inspections, and More
If you’re considering selling your home in the near future, you most likely have questions about certain aspects of the process. Read on to find the answers you’re looking for in our home sellers’ FAQs.
Comparative Market Analysis
What is a Comparative Market Analysis?
A CMA is a detailed report that estimates your home’s value by comparing it to similar properties that have recently sold in your area. Generally, a Comparative Market Analysis is prepared by your real estate agent. For a complete report, the agent inspects your home and then researches similar properties in your area. They also examine regional market trends to determine your home’s value.
How do I get a Comparative Market Analysis?
Simply contact your real estate agent and make an appointment. And don’t worry, there’s no need to spend a lot of time cleaning in preparation. Just make sure your home is in good condition. This allows the agent to properly assess its worth. If you don’t have an agent, one of our agents can provide a free analysis.
Is a CMA worth doing?
If you want to know how much you can sell your home for, then yes! A Comparative Market Analysis determines this information. This knowledge empowers you to make informed decisions and sets you up for success moving forward. You’ll be able to set a listing price based on what other homes in your area are selling for right now. Additionally, a CMA helps you figure out if potential upgrades and remodels are worth doing to make your home stand out to buyers.
Appraisals
Is an appraisal the same as a CMA?
No, an appraisal happens further into the process. Once a buyer is identified, their mortgage lender will require an appraisal. The appraisal ensures the bank isn’t lending the buyer more money than needed. Appraisals must be performed by licensed or certified appraisers who determine the value of your home using similar methods to a CMA. Typically, the cost of an appraisal is paid for by the home buyer.
Pre-Listing Inspection
Is a CMA different from a pre-listing inspection?
Yes, a Comparative Market Analysis is done early on to determine your home’s value. If done, a pre-listing inspection takes place before putting the home on the market to make sure it’s ready for potential buyers. During a pre-listing inspection, a professional home inspector examines your property and identifies potential repairs and any problems that may need to be addressed before selling.
Should I get a pre-listing inspection?
If you want a streamlined selling process, a pre-listing inspection can be helpful. By addressing needed repairs before listing, you will eliminate any surprises that could scare off potential buyers. Pre-listing inspections also increase efficiency and transparency with buyers. By presenting a pre-listing inspection up front, buyers understand a home’s condition and see that you have nothing to hide. This increases buyer trust and can expedite the process by eliminating the need for a buyer’s inspection.
What if I don’t have the funds to make recommended repairs/upgrades before selling my home?
The Windermere Ready Program may be able to help by providing a loan of up to $50,000 in needed repairs/upgrades. A Windermere agent helps strategically prepare your home for the market by identifying high-impact updates and helping you through the process. This program can help you sell your home for more and in less time.
Real Estate Contingencies
What are real estate contingencies?
Contingencies are certain requirements that must be met for an offer to become legally binding. If certain conditions aren’t met, the applicable contingency gives the buyer and/or seller the legal right to exit the contract. Sometimes buyers make an offer with contingencies attached.
Are real estate contingencies common?
Yes, contingencies are often part of the offer process to protect the buyer’s interests. Common contingencies include requiring certain actions to be taken such as a home inspection or an appraisal before finalizing the sale. Read more about common contingencies to better understand what to expect.
What is a home sale contingent offer?
This is when a buyer makes an offer on your home, but the final sale is contingent upon the buyer selling their home. If accepted by the seller, this type of offer gives the buyer “first dibs” on your house.
Should sellers accept home sale contingent offers?
That’s really up to you. If you are on a tight timeline and would like to sell your house quickly, you can include a “bump” clause. This will allow you to keep showing the property. If you receive a new offer, the first buyer has a specified time frame to decide whether to move forward with their contract.
If a Buyer Backs Out
What happens if a buyer backs out?
This depends on the terms of the contract. Typically, once your agent and the buyer’s agent have worked to agree on purchasing terms, the buyer will place earnest money in escrow. If a buyer backs out for a reason not stipulated in the real estate contract, those funds usually go to the seller. If a buyer backs out for a reason that is stipulated in the contract, then the funds typically remain with the buyer.
How can I protect myself in this scenario?
The best thing to do is work with your real estate agent to fully understand the terms of a buyer’s offer. With this knowledge, you will be better prepared if various scenarios transpire. Also, if certain conditions make you uncomfortable, it’s your right to decline an offer or make a counter offer. You can also have the option of accepting backup offers. This way, you’ll have another offer lined up if the first buyer backs out. Talk to your real estate agent about these various options. A great real estate agent will possess the expertise and guidance you need to make well-informed decisions.
Staging Your Home
Do I need to stage my home?
This is one of the most common home sellers’ FAQs. Even though it’s still a seller’s market in Kitsap County, staging your home will help you put your best foot forward. Overall, staging reduces how long your home is on the market, increases potential offers by 1 – 5%, and helps ensure an excellent first impression online and in person. Remember, buyers are searching for homes online. If you want them to take the next step and tour your home, then your property should look very appealing and move-in ready. Overall, staging is worth it, even if there are costs involved.
Additional Home Sellers’ FAQs
If you didn’t find the answers you’re looking for, our local real estate agents are happy to answer any questions you may have.
8 Home Repairs You Should Not Put Off
As a homeowner, knowing what repairs deserve immediate attention isn’t always easy. Determining whether a crack in the wall is a simple paint job or an indication of something bigger requires both time and effort. But addressing certain repairs promptly can save you money and reduce your stress in the long term. To help you know when it’s time to contact an expert, we’ve put together a list of eight home repairs that should not be put off.
1. Missing Shingles
Keeping the roof in great condition is key to a happy and healthy home. Consequently, your roof deserves extra care and attention. After intense stormy weather, check for missing shingles. (But only if you can do so safely with a ladder!) While having one or two missing shingles doesn’t sound serious, these small openings can lead to much more costly problems in the future such as water damage and roof sagging.
2. Roof Leaks
If you see water leaks in your ceiling or attic, this is a clear sign that your roof needs repairs. While a good roof can last a long time, there are still areas in a roof that are more susceptible to rain including skylights and chimneys. In general, addressing roof leaks promptly is essential. Delays can lead to more complex and expensive issues such as water damage, mold, and structural problems.
3. Plumbing Leaks
Pipes run throughout your home carrying water to your kitchen, laundry nook, and bathrooms. But these high-use areas are also places where water can drip and cause trouble. Check under your sinks at least once a year to monitor for leaks. Also, keep watch for peeling paint, water stains, and damaged flooring. If you see any of these signs, call a plumber at once to avoid more serious issues such as black mold or extensive structural repairs.
4. Clogged Gutters
While gutters aren’t necessarily chic or cool, they are still an essential part of your home. By drawing rain away from your house, they play a key role in keeping your home dry and happy. Clogged gutters allow water to pool and can cause wood rot and substantial damage to the foundation. Make sure your gutters are clear with routine cleaning.
5. Foundation Cracks
A solid foundation defines the health and longevity of your home. As your home ages, small cracks can develop over time. It’s best to address these cracks right away before they become larger and spread. Ignoring foundation fissures can lead to exponentially more costly repairs in the long term. When it comes to the foundation, do your home and your pocketbook a favor by taking action.
6. Gas Leaks
When you have appliances powered by natural gas, it’s vital to be vigilant about potential leaks. If you detect an unmistakable rotten egg smell, most likely it’s the odorant added to natural gas to help identify leaks. As soon as you smell something, contact your gas company and leave your home. If not dealt with, a gas leak can lead to a fire or even an explosion. Only re-enter your house when the gas company says it’s safe.
7. Electrical Issues
Using devices that require electricity is a big part of modern life. In many homes, this can lead to overtaxing the electric system. This is especially the case in older homes with antiquated wiring that can’t handle multiple devices and overburdened power strips. If you notice flickering lights, strange sizzling sounds, warm or hot outlets, or circuit breakers that trip, call an electrician to prevent a fire. According to Electrical Safety Foundation International, more than 51,000 electrical fires happen each year in the U.S.
8. Pest Control
If you find any uninvited critters living in your home, don’t let them get too comfortable. In Kitsap County, two of the most common pests are the Norway rat and the house mouse. Both have a reputation for chewing wiring, damaging structures, eating food, and carrying diseases. The Washington State Department of Health has tips for how to deal with rodents, but it may be easier to call a professional pest control company.
In addition, if you’re thinking of selling your home in the near future, some repairs can also increase your home’s value such as having a new roof. This is something else to keep in mind as you consider the above list of eight home repairs.
Fourth Quarter Market Review for Kitsap County
Kitsap County’s real estate market is still going strong, and here’s a look at how we closed out 2021. Just as in previous years, our local market slowed down during the holiday season. There are still many eager home buyers wanting to live in Kitsap County, but fewer homes were for sale during the fourth quarter. Continued low inventory means that our market still favors sellers.
The Latest on Sold and Pending Homes
When viewing the last five quarters in the graph above, you can see that we had our usual growth trend in the summer. And, as we moved into colder months, we saw the seasonal slowdown. Home prices continue to rise due to high demand, and sold homes are still outpacing pending listings. The result is a strong seller’s market. In the 4th quarter of 2021, we had 1,291 closed sales, a 4.9% decrease when compared to 2020’s fourth quarter.
Our Strong Seller’s Market
With the new era of remote work and many wanting the peaceful, connected lifestyle that Kitsap offers, demand in our area remains strong. If you’re a local resident and looking to move, it’s a great time to sell. If you’re a buyer wanting to move here, learn about Kitsap County in our free digital guide. And, if you have any questions our local experts are here to help.
A Look at Listing Price vs. Sale Price
Although most buyers are still able to pay at or above the listing price for a home in Kitsap County, there just aren’t enough homes available right now. Demand is pushing the cost of housing even further in favor of sellers. In our 4th quarter, we saw an 11.3% increase year over year in the average sale price in Kitsap County, putting it at $613,000. While it is a great time for sellers, many are now voicing affordability concerns.
Insights from Our Chief Economist
Looking at the broader real estate market, we have insights from Windermere’s Chief Economist, Matthew Gardner. In his most recent Monday with Matthew, Gardner shared his market forecast for 2022: “If everything goes according to my plan, you should expect to see the housing market start to move towards some sort of balance next year, but I am afraid that it will still remain out of equilibrium until at least 2023.” This is an important reminder that the transition back to a balanced market will be a gradual shift.
While Gardner ensures us that he “doesn’t see a housing bubble forming,” he is concerned about housing affordability. There is definite cause for concern among the millennial generation as they start to settle down more and more. Millennials are currently the largest group in the generational real estate market, so it will be interesting to see where affordability and demand intersect.
In his video, Gardner concluded by saying, “demand for ownership housing remains remarkably buoyant and, in fact, it is quite likely that demand may actually increase with the work from home paradigm that will start to gain momentum next year.” In light of this, real estate continues to be an excellent investment.
New Agent Spotlight: Cameron Tappe
We’re excited to feature Cameron Tappe, a new agent who recently joined Windermere Silverdale. He grew up here in the Pacific Northwest and is energetic, hardworking, and dedicated. Learn about his background, professional approach, and more in our Q&A.
What drew you to real estate?
It is so motivating to have the opportunity to help people achieve major milestones in their lives every single day. I get to meet and engage with the people in my community and this fuels my desire to grow both personally and professionally to provide the best real estate expertise possible to my clients.
What unique skills do you possess that enhance your abilities as a realtor?
Real estate transactions have a lot of moving pieces and they have to be put together like a puzzle. I am committed to my clients and resourceful in my problem-solving. Listening and interpreting your clients’ needs is a part of the communication I provide to my client. I am a go-getter and I make things happen in my life. I achieve goals and I am beyond excited to be able to make things happen for my clients.
What personality traits do you think are important in this profession?
Growing up, I was able to watch my parents operate their own business and see the strong work ethic it takes to succeed. I have seen how to run a business with honesty and integrity. I think you have to be personable with your clients and have a good sense of humor. There are a lot of different situations we are put in every day and we have to work well under pressure and in a certain time frame. It’s very important to stay organized.
What area do you serve and what do you love about it?
My office is in Silverdale and I primarily work in the Kitsap County area. I love being in the scenic Pacific Northwest and spending time outdoors. Having easy access to great hiking trails, fun camping spots, and peaceful national parks is an amazing privilege I couldn’t live without!
How long have you lived here and what brought you here?
The Pacific Northwest has always been home. My partner and I live in Manette and enjoy the central location which allows us to conveniently access all that Kitsap County has to offer.
What made you decide to work with Windermere?
I love the long-standing relationship Windermere has with its community. I think it’s amazing Windermere has a partnership with the Seattle Seahawks to fight homelessness. Additionally, Windermere has a great mentorship program for new agents and a strong team of experienced agents willing to help out.
Is there anything else you’d like to share with us?
I am incredibly excited to start this next chapter of my life with Windermere. I would love the opportunity to assist you in your next real estate endeavor!
We are so glad Cameron has joined our Windermere Silverdale team. His communicative nature, strong work ethic, and local expertise make him a great advocate for buyers and sellers. You can learn more about him through his website and his Facebook profile.
New Agent Spotlight: Joe Stevick
We are proud to feature Joe Stevick in our new Q&A spotlight series. Joe is one of our new real estate agents and brings a range of interesting skills and experiences to the table. He’s a lifetime local of Kitsap County who is involved in the communities he serves and he has also spent time working abroad. Read on to find out more about this caring professional who truly puts people first.
What drew you to real estate?
I was drawn to real estate because I love working in service industries and had recently returned to Kitsap County after a long stint overseas. I was also curious about the increasing costs of housing and the worsening problem of homelessness in our area.
What unique professional experiences or skills do you possess that enhance your abilities as a realtor?
I was in the Peace Corps for three years. This, coupled with working as an operations director for a small chocolate factory in Madagascar, has taught me a lot about people and the level of problem solving and patience that is required to get the job done. Peace Corps really teaches you to understand people and to help them in the best way possible.
What personality traits do you think are important in this profession?
I think patience and a knack for listening to people are important characteristics to have in any profession and real estate is no different.
Which areas do you serve and what do you love about those areas?
I serve all of Kitsap County and Mason County. I love these areas because there is a rural lifestyle that still has access to the city if need be. Also, we have an incredibly diverse group of people in these areas, which I love. Helping people integrate and better their new communities is a passion of mine.
How long have you lived here?
I grew up in Kitsap County, going to Esquire Hills Elementary, Ridgetop Junior High, and Olympic High School. COVID-19 brought me back to Kitsap but the people, lifestyle, and natural beauty of the PNW kept me here.
“My siblings and I. Where would we be without siblings?”
How are you involved in the community?
I am a member of the East Bremerton Rotary, through which I do a lot of work for the Illahee Preserve. Also, I help out at Olympic High School when I can, and still have affiliation with the Olympic High School baseball team.
What made you decide to work with Windermere?
I decided to join Windermere because I could tell right away that its affiliates were nice and welcoming. Windermere has a respected name and it is because its agents are professional and caring. This is what I wanted to be as a new agent.
We are so happy that Joe has joined us. We know his skillset, professionalism, and sincerity will be an asset to buyers and sellers across Kitsap County and Mason County. You can connect with Joe on Facebook, Instagram, or through his website.
Why We Love Working with Military Families
We proudly support our armed forces and their families, not just today on Veterans Day, but every day. Many of our real estate agents possess a wealth of experience working with those who serve. We are well-versed in helping families who are about to PCS (Permanent Change of Station, for our non-military readers). And, we enjoy helping newcomers find their ideal home here in Kitsap County. A number of our Realtors are either veterans themselves or have family members who are.
We greatly appreciate the sacrifices that our military families make and wanted to share a bit about why we love working with them, sharing experiences from three of our local experts: Nick Blickhan, Summer Davy, and Adam Moon.
Our Military Connections
“I am a Navy Veteran from the Surface Navy, with a couple of years stationed at SUBASE Bangor,” explains Realtor Nick Blickhan. “I understand the military language and the process that they go through. As a landlord for 25 years, I preferred to rent to active duty submariners. I would even rent to groups of single guys. We made arrangements for their deployments. Some of these single sailors also became clients down the road.”
“My husband proudly served four years in the Navy and I am a lifelong resident of Kitsap County,” says Realtor Summer Davy. “So many of my friends and family served in the armed forces. The presence of the bases has always played a factor in employment and the fabric of our community here.”
“Both of my grandpas served in the military – Marine Corps and the Navy,” says Realtor Adam Moon. “My wife’s grandfather served in the Marine Corps. My best friend’s father served in the Navy and was Georgia Blues Submarine Captain. They’re all heroes!”
We Enjoy the Interesting Challenges and Stories
“Timelines are critical when you work with military families that are buying or selling,” says Davy. “We need to work within the timelines given for a PCS, their reporting date, and whether or not the whole family is moving together or separately. I am especially proud of a recent experience helping a military family find the perfect home for their large family on a tight deadline – 6 kids, one with special needs requiring her own private living space, bedroom/bath. The house we found fit their family perfectly, was within budget and closed in 30 days. The sellers were also a military family relocating to Japan. Happy families all around!”
“I represented some first-time VA buyers about five years ago. In the next two years, while living in Washington, Mr. Buyer got orders to Hawaii and didn’t want to sell as they could possibly be moving back,” explains Moon. “So, they were referred to Windermere Property Management to get a tenant. About three months ago, Mrs. Seller called me and told me they weren’t coming back to the PNW as he just got orders to NY for school. So, we prepped it for the market strategically when the tenants’ lease was up. Work orders had to get done to make it market-ready. Thankfully, we were able to list the weekend after the tenants vacated. We received multiple offers and closed within 30 days and $30K over list price. In that time frame when my sellers bought, then rented, then sold, they made over $100K in the sale of their home, all being done while they were in Hawaii and getting ready to move to NY. Seamless.”
We’re Ready to Provide Guidance and Support
Windermere equips each agent with the local and global resources needed to ensure that every military family is in excellent hands. “The local lenders I work with specialize in VA loans and programs that benefit military families,” says Davy. “I feel very comfortable answering any questions from the military families that I assist with their relocation to Kitsap. I think about the questions I would have as a wife and as a mom and can provide answers and info on communities, potential commutes, activities, and shopping that will affect the daily lives of these families.”
“In my experience with military buyers, they have come to appreciate my honesty and communication throughout the buying and selling process,” says Adam Moon.
“As a Realtor/Windermere Agent for 27 Years, I have helped many active duty and veteran clients reach their real estate goals,” says Blickhan.
Every time we get to connect with a military family, we are grateful for the opportunity and even more appreciative of their service. It often becomes second nature for these families to adapt on the go and regularly make sacrifices. We admire their commitment, dedication, and selflessness. And, whenever our expertise is needed, we are ready to assist.
Central Kitsap’s Market: Third Quarter Review and Forecast
Central 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 Central Kitsap. Inventory remains low while demand is high. In our third quarter, the median sale price was up 11.5% year-over-year at $379K. Buyers should be aware that multiple offer situations have become more common in our area.
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.”
