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.
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
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.”
When it comes to selling your home, first impressions are everything. We believe this so strongly that we created the Windermere Ready program. With concierge-level service, our program prepares your home for the market with guidance from a local expert as well as financial assistance, if needed.
Sell For More in Less Time
On average, sellers who make necessary repairs and upgrades before selling generally sell their home for more and in less time. Of course, every home is unique, but preparation is often the key to success.
Our Windermere Ready program provides:
- One-on-one consultation
- A personalized plan
- High impact updates
- Professional staging
We all know that buyers prefer stylish, turnkey homes. But it can be challenging to know which repairs and upgrades will get the biggest return. That’s why we offer an individualized approach. One of our local real estate experts will work with you to determine what needs to be done with your timeline and needs in mind.
After they identify your top home improvement priorities, they will develop a plan of action. They will connect you with preferred local service providers, assist with a work schedule, and make any necessary arrangements. Working with a highly skilled professional also means your home will be correctly priced so you’ll avoid the dangers of an overpriced home.
Update Your Home to Make an Impact
Sometimes the smallest updates can make the biggest impact on a buyer. A home with real curb appeal, a fresh coat of paint, and a sparkling clean interior can exude warmth and charm. Even something small yet noticeable like a stylish light fixture or updated kitchen cabinet hardware can really enhance a house and make it feel like a home.
Here are some of the items that we focus on:
- Interior and Exterior Painting
- Window Washing
- Carpet Cleaning/Replacement
- Floor Repair/Refinishing
- Fixture Repair or Replacement
- Cosmetic Updates
- Professional Deep Cleaning
Stage Your Home to Create the Best Experience
In addition to making needed repairs and updates, we highly recommend staging your home. With the help of professional stagers, you can boost your bottom line. A staged home allows buyers to easily see themselves living there. Our expert stagers know how to use light, color, texture, and space to effectively highlight the best features of each room. According to Forbes, staged homes sell 87% faster and for 17% more than non-staged homes.
We’re Invested in Your Success, Literally
If needed, we can offer up to $50,000 to assist with expenses incurred, and there’s no upfront cost to you. The loan term is six months and no monthly payments are due during that time. The loan is paid off in one lump sum when the collateral property is sold. If you’d like more information about our Windermere Ready Loan, please contact us today.