A fascinating New York Times article yesterday called up the age old question: is it better to rent or buy? Typically the people who ask that are first-time home buyers, but it may be that folks sitting on big mortgages are starting to ask that question, too.
Conventional real estate wisdom was always that it would take two to five years to break even if you bought and had to sell again. Until the 1970's, people bought for a number of reasons not tied to economics and with the hope of someday owning their home free and clear.
But then we started to see steady and sometimes huge appreciation, and for many people, their home's growing equity exceeded their income. Putting it another way, a lot of people's disposable "income" has been coming from spending the wealth their homes were generating. Now, not.
Hence the question, is it better to own or should we give renting another look? The Time's article mentions cities and regions that have had a huge real estate drop after a huge bubble--some as much as 50% decrease from the top in 2007. Where that has happened, or where housing prices have been relatively stable, and using a clever formula, it shows that now is the time to buy, buy buy.
Seattle is listed as one of the areas where it doesn’t make sense to own. I applied the formula to my own home to get a sense of how it would work, and clearly someone would do better financially to rent it than to buy it. On the other hand, my son in Houston is in contract to buy a home there. The formula says he’s really smart to buy. (Divide the price of the home by the annual cost of rent and use the rule of 20. If the number you get is below 20, it may be better to buy.)
Why does Bainbridge Island score poorly in this equation? I think two factors are at work here: our rents have stayed low for years—seems like they've always been about a buck a square foot. That could change if an increased demand by renters drives up rents. Time will tell. Furthermore, we have a very stable population with values that would lead to home ownership, and those values are intangibles, not measurable in a formula, but important nonetheless.
But, consider someone in a 3,000 sqft home paying a $5,000 a month on their mortgage, taxes, insurance, repairs, upkeep, etc. Assume they've watched their equity disappear as the market value has dropped. Unfortunately, this isn't a rare situation on our Island. In this circumstance, it's probably tempting for a homeowner to want to sell, get out from under the debt, rent a similar home for $3,000 and pocket $2,000 a month in the process.
The Broker/Owner of my office, Jim Laws had this to say on the subject:
"There is the whole physiological side of renting vs. owning. For some (many?), having a base of their own is important. A home represents different things to different people, and for some it is more than simple dollars and cents or potential returns. Indeed, I have always felt the potential return was a side benefit to home ownership, not the only reason to own. I would venture to say that even if renting was a better short term financial decision, most would prefer to own their own home. It is a crazy world and having a place you feel is yours (even though the bank is your ever-present partner) brings a feeling that transcends purely financial considerations."
I'd love to hear others' thoughts on this subject.
Wednesday, April 21, 2010
Friday, April 16, 2010
Bainbridge Island condominium market showing signs of life, too!~
I had a friend and former client ask me how the condominium market looks on Bainbridge these days. There's lots of good news there. Most significantly, we currently have only 65 condos currently listed--that's down from 117 listed last summer. They range from $130,000 to $1.350 million on Shannon Drive. (There's also a boat slip listed for $76,000 which counts in the numbers as a condo.)
Even better news, as of this morning, we have eleven condos in contract with buyers. That's about double what we've been seeing in the last couple of years, and is welcome, to say the least. It's not surprising that the list prices are dropping in order to find the price buyers will respond to. I like to track original list prices and compare them to where the properties are listed when they get an offer. Condos currently in a Pending Status started with an average price of $516,000, but their average list price when the offers came in is $408,000. Days on market is consistently several months. For a condominium to sell quickly, it will have to be priced realistically at the time of listing, perhaps priced a bit below market, be in great condition, and listed in top showing condition.
We've sold 58 condos in the last year. With 65 currently listed, that means we have over a twelve-month supply, which is still solidly a Buyer's Market. The condo properties that have sold are averaging a selling price around 95% of the last list price, which is consistent with the residential/house market. It's unrealistic in this market to expect a full-price offer.
I think the best news for condominium owners who are thinking of selling is that residential properties--houses--are also selling now. Since most condominiums on Bainbridge Islandare sell to folks downsizing from houses with yards or large lots, it's great news that those properties are selling. We're starting to see a pool of ready buyers who have equity, good credit, but who know the market values and who will negotiate hard.
Wednesday, April 14, 2010
Bainbridge Island first quarter 2010 real estate report is looking up~
It's time to take a look at the real estate trends on Bainbridge for the first quarter of 2010. We've all been looking forward to this marker, to see what way the winds seem to be blowing for this new decade. The stats are in and here's the first look.
Positive sales indicators. I'm quite encouraged by the numbers from the first quarter of 2010. The month of March was the seventh in a row in which the number of closed sales surpassed the previous year’s. We ended the month with a whopping 57% more closed residential transactions (houses) than in March, 2009, (22 vs. 14.) This is an important market improvement that was seen island-wide across all types of real estate: condominium unit sales were up 50% (9 vs. 6,) and even land sales were encouraging (5 vs. 3.) Conventional wisdom would indicate that the number of sales must show stability and improvement before we can begin to claim any recovery. These latest stats are certainly pointing in that direction.
On the horizon. We get more good news when we look at homes under contract (pending sales.) We currently have forty pendings compared to 33 at this time last year. This signals that we'll have continued strength in closed sales, since we rightfully assume that most pendings will close. The inventory has grown some, but there is a nice balance between supply and demand. This greater inventory offers buyers more choices – essential in a weakened market – but not so many as to create a level of competition that results in severe downward price pressure. Most telling to me is the level of energy among the island's agents and brokers--we're busy, there's a positive buzz and we're excited to be able to help people again!
The money behind the market. We continue to see most of our activity in the upper and lower price points of our market--below $600,000 and above one million. Below $600k, buyers are often able to obtain a conforming loan (under $417,000,) which gives them a lower interest rate and less restrictive loan requirements. Also, we are seeing FHA loans being used, which have a ceiling of around $475,000 with a current 5.5% interest rate. We're also seeing some activity from the $8,000 tax-credit for first-time home buyers, although mostly from sellers who are seeking a "move-up" market. For high-end real estate transactions that exceed $1 million, we often see buyers offering all cash or large amounts of cash, requiring them to finance very little of the purchase. There's talk of interest rates continuing to rise, which could dampen the real estate recovery. The days of 4% loans may be over, but we've had years of a healthy real estate marketplace when rates are in the 6% range, and could do so again.
The low-down on prices. It's a hard pill to swallow, but we seem to have lost all the appreciation we built in the last several years. Our median price for homes right now is essentially at 2005 levels. From a seller’s perspective, that may be all right if they bought before then, and haven't refinanced. Folks who bought at the top of the market--between mid-year 2006 to 2007--are not able to recover what they paid, losing equity, and facing the risk of being "under water," owing more than they can sell their house for in today's market. We're still in a buyer's market, but prices are beginning to encourage people to buy. People who have been priced out of Bainbridge are seeing that now is a good time to make the move here. Folks who want one of our gorgeous waterfront or premier homes are deciding this is their opportunity.
Looking ahead. So where is all of this pointing us? Buyers are taking advantage of these favorable conditions and buying. Sellers have had enough time to adjust to the current economy, and are bringing their homes on the market at realistic prices. Our long-term regional economic and jobs forecast is positive. Bainbridge will always be one of the premier locales in the region, with one of the strongest housing markets. Time will tell how quickly our local recovery will take, but our current foundation is undeniably stronger than it’s been in recent years.
If you or someone you know is thinking of buying or selling, I would welcome the opportunity to chat and see how I can be of service. Also, I'm happy to simply draw up a current market price opinion for your home, with no obligation on your part, so that you can have a good sense of how the changes in our market have impacted your overall real estate portfolio. Just give me a call 206.713.7134. Cheers!
Positive sales indicators. I'm quite encouraged by the numbers from the first quarter of 2010. The month of March was the seventh in a row in which the number of closed sales surpassed the previous year’s. We ended the month with a whopping 57% more closed residential transactions (houses) than in March, 2009, (22 vs. 14.) This is an important market improvement that was seen island-wide across all types of real estate: condominium unit sales were up 50% (9 vs. 6,) and even land sales were encouraging (5 vs. 3.) Conventional wisdom would indicate that the number of sales must show stability and improvement before we can begin to claim any recovery. These latest stats are certainly pointing in that direction.
On the horizon. We get more good news when we look at homes under contract (pending sales.) We currently have forty pendings compared to 33 at this time last year. This signals that we'll have continued strength in closed sales, since we rightfully assume that most pendings will close. The inventory has grown some, but there is a nice balance between supply and demand. This greater inventory offers buyers more choices – essential in a weakened market – but not so many as to create a level of competition that results in severe downward price pressure. Most telling to me is the level of energy among the island's agents and brokers--we're busy, there's a positive buzz and we're excited to be able to help people again!
The money behind the market. We continue to see most of our activity in the upper and lower price points of our market--below $600,000 and above one million. Below $600k, buyers are often able to obtain a conforming loan (under $417,000,) which gives them a lower interest rate and less restrictive loan requirements. Also, we are seeing FHA loans being used, which have a ceiling of around $475,000 with a current 5.5% interest rate. We're also seeing some activity from the $8,000 tax-credit for first-time home buyers, although mostly from sellers who are seeking a "move-up" market. For high-end real estate transactions that exceed $1 million, we often see buyers offering all cash or large amounts of cash, requiring them to finance very little of the purchase. There's talk of interest rates continuing to rise, which could dampen the real estate recovery. The days of 4% loans may be over, but we've had years of a healthy real estate marketplace when rates are in the 6% range, and could do so again.
The low-down on prices. It's a hard pill to swallow, but we seem to have lost all the appreciation we built in the last several years. Our median price for homes right now is essentially at 2005 levels. From a seller’s perspective, that may be all right if they bought before then, and haven't refinanced. Folks who bought at the top of the market--between mid-year 2006 to 2007--are not able to recover what they paid, losing equity, and facing the risk of being "under water," owing more than they can sell their house for in today's market. We're still in a buyer's market, but prices are beginning to encourage people to buy. People who have been priced out of Bainbridge are seeing that now is a good time to make the move here. Folks who want one of our gorgeous waterfront or premier homes are deciding this is their opportunity.
Looking ahead. So where is all of this pointing us? Buyers are taking advantage of these favorable conditions and buying. Sellers have had enough time to adjust to the current economy, and are bringing their homes on the market at realistic prices. Our long-term regional economic and jobs forecast is positive. Bainbridge will always be one of the premier locales in the region, with one of the strongest housing markets. Time will tell how quickly our local recovery will take, but our current foundation is undeniably stronger than it’s been in recent years.
If you or someone you know is thinking of buying or selling, I would welcome the opportunity to chat and see how I can be of service. Also, I'm happy to simply draw up a current market price opinion for your home, with no obligation on your part, so that you can have a good sense of how the changes in our market have impacted your overall real estate portfolio. Just give me a call 206.713.7134. Cheers!
Bainbridge Island's neighborhood shops are exemplary!~
We're fortunate to have a number of great organizations on Bainbridge Island run by our friends and neighbors who are invested in making our world a better place. One of the finest is YES! Magazine, co-founded by David Korton and Sarah Ruth van Gelder. As they say about themselves, YES! Magazine is "an award-winning, ad-free, nonprofit publication that supports people’s active engagement in building a just and sustainable world. The heart of our work is to spotlight practical possibilities for deep shifts in our society."
A recent YES! article on the effects of public policy on neighborhood businesses discusses what has been lost in most of America in the last century as small businesses have closed and big box stores and malls have taken their place. The article by Staci Mitchell makes the claim that neighborhood business slow the pace of life and encourage people to get to know each other.
She writes, "...spend some time watching people in a neighborhood business district or on a high street. What you see is lots of interaction. Business owners know their customers; people run into neighbors on the sidewalk or while waiting in line at the bakery. This is an environment that slows the pace of life and encourages people to loiter and converse."
I see that every day on Winslow Way, at the Lynwood Center shops and movie theater, Rolling Bay and other areas around the island. It's life as usual on Bainbridge to know a shop's history, the name of the owner and who is waiting on you at the counter--and who is waiting in line behind you. How many towns have a vintage 1930's movie theater where you know the name of the 60+ year-old man who painted the stars on the ceiling when he was a lad; where the movies are introduced with wit and a critical eye by the proprietor standing at the front of the house; where you know that she's showed amazing poise and courage when she introduced a movie about the war in Iraq while her own son was at the same time deployed there.
That's life on Bainbridge island. It's great.
A recent YES! article on the effects of public policy on neighborhood businesses discusses what has been lost in most of America in the last century as small businesses have closed and big box stores and malls have taken their place. The article by Staci Mitchell makes the claim that neighborhood business slow the pace of life and encourage people to get to know each other.
She writes, "...spend some time watching people in a neighborhood business district or on a high street. What you see is lots of interaction. Business owners know their customers; people run into neighbors on the sidewalk or while waiting in line at the bakery. This is an environment that slows the pace of life and encourages people to loiter and converse."
I see that every day on Winslow Way, at the Lynwood Center shops and movie theater, Rolling Bay and other areas around the island. It's life as usual on Bainbridge to know a shop's history, the name of the owner and who is waiting on you at the counter--and who is waiting in line behind you. How many towns have a vintage 1930's movie theater where you know the name of the 60+ year-old man who painted the stars on the ceiling when he was a lad; where the movies are introduced with wit and a critical eye by the proprietor standing at the front of the house; where you know that she's showed amazing poise and courage when she introduced a movie about the war in Iraq while her own son was at the same time deployed there.
That's life on Bainbridge island. It's great.
Thursday, March 18, 2010
Spring on Bainbridge Island--in all its forms~
The aphorism we used about March when I grew up was, "In like a lion, out like a lamb," or vice versa. It seemed that you count on March beginning or ending with either a storm or glorious sunshine.
In the Northwest, we can get lambs and lions lying down together in any given March day--and sometimes in any given hour.
The signs of spring couldn't be more glorious than they are this week, with the daffodils and flowering trees in full bloom. My neighbor's tulip tree broke into its full glory on Sunday.
However, one moment the sun is shining on blossoms, and the next minute the wind is battering them left and right as the heavens open to sputtering rain. Paths and walkways are littered with pink and white petals.
On Tuesday afternoon the freak wind storm that hit was beyond any of the normal March madness. The whole island lost power as limbs and even whole trees came crashing down. I had an appointment in Seattle, and the normally placid Sound was rocking with waves, swells and white caps. The ferries are so huge that the ride stayed essentially smooth, but I was glad I was on such a big boat.
Most of the island got power by evening, but the crowds in the Town and Country Market were disappointed to learn that all the hot foods--the rotisserie chickens and soups--had been thrown out. Nonetheless, people were chatting in the aisles about how wonderful it is during power outtages. I saw families buying popcorn to roast in their fireplaces. I overheard people say that their kids talk to them without electricity, that without the intrusion of cell phones, computers, and television they linger over the dinner table lit by candles.
Today the sun is shining, the fallen trees have been removed by chainsaws and trucks and the power is fully restored. Green debris is still on the roadsides, evidence of the giant shaking the wind storm gave our cedars and Douglas firs. Soon road crews will sweep the roads clean and the plum blossoms will melt away on the paths. But for now, I'm enjoying the spring finery draped across our island home.
In the Northwest, we can get lambs and lions lying down together in any given March day--and sometimes in any given hour.
The signs of spring couldn't be more glorious than they are this week, with the daffodils and flowering trees in full bloom. My neighbor's tulip tree broke into its full glory on Sunday.
However, one moment the sun is shining on blossoms, and the next minute the wind is battering them left and right as the heavens open to sputtering rain. Paths and walkways are littered with pink and white petals.
On Tuesday afternoon the freak wind storm that hit was beyond any of the normal March madness. The whole island lost power as limbs and even whole trees came crashing down. I had an appointment in Seattle, and the normally placid Sound was rocking with waves, swells and white caps. The ferries are so huge that the ride stayed essentially smooth, but I was glad I was on such a big boat.
Most of the island got power by evening, but the crowds in the Town and Country Market were disappointed to learn that all the hot foods--the rotisserie chickens and soups--had been thrown out. Nonetheless, people were chatting in the aisles about how wonderful it is during power outtages. I saw families buying popcorn to roast in their fireplaces. I overheard people say that their kids talk to them without electricity, that without the intrusion of cell phones, computers, and television they linger over the dinner table lit by candles.
Today the sun is shining, the fallen trees have been removed by chainsaws and trucks and the power is fully restored. Green debris is still on the roadsides, evidence of the giant shaking the wind storm gave our cedars and Douglas firs. Soon road crews will sweep the roads clean and the plum blossoms will melt away on the paths. But for now, I'm enjoying the spring finery draped across our island home.
Friday, March 12, 2010
Press worth rereading--Come for the day, stay for a lifetime~
I was reminded today of an article that ran in the Seattle Times last November, inviting people to hop the ferry and spend a day enjoying a walking, eating, drinking and shopping tour of downtown Winslow, the main village of Bainbridge Island. Click here for link to Times' article.
The amazing thing is how often people come for the day and decide that something about Bainbridge Island feels like home. It happened to me in 1995, when the ferry pulled into Eagle Harbor and I told my husband and sons they could just leave me here--I was home. It took a few years to make that my reality, but the island has been our home since early 1999.
This article calls Winslow an "urban hamlet," and "small-town America." It's fun when you live here to look at ourselves as others see us. Most of the information in the article is reliable. Nothing is static, especially in an economic downturn. The tea house and wine bar are gone, but new places have sprung up. The KiDiMu children's museum has temporarily moved, but it's going into a new development closer to the ferry. The ariticle doesn't mention Churchmouse Yarns and Teas, which is my favorite place to send visitors--people from all over the country make pilgrimages to the shop, and even non-knitters will love it.
If you find yourself in Seattle, I invite you to catch the ferry, come on over, take a walk, have a beer at the Pub, or a latte and pastry at any one of several bakeries. Give me a call (206) 713-7134, if Bainbridge begins to feel like home. We can share stories about how that has happened to most of us living here now.
This article calls Winslow an "urban hamlet," and "small-town America." It's fun when you live here to look at ourselves as others see us. Most of the information in the article is reliable. Nothing is static, especially in an economic downturn. The tea house and wine bar are gone, but new places have sprung up. The KiDiMu children's museum has temporarily moved, but it's going into a new development closer to the ferry. The ariticle doesn't mention Churchmouse Yarns and Teas, which is my favorite place to send visitors--people from all over the country make pilgrimages to the shop, and even non-knitters will love it.
If you find yourself in Seattle, I invite you to catch the ferry, come on over, take a walk, have a beer at the Pub, or a latte and pastry at any one of several bakeries. Give me a call (206) 713-7134, if Bainbridge begins to feel like home. We can share stories about how that has happened to most of us living here now.
Thursday, March 11, 2010
To stage or not to stage--the answer is yes for real estate listings to sell~
I just looked at the new listing for my young friend's home in West Seattle and saw immediately the value of good staging. It had been listed for a few months with no results. I was happy to refer her to a great Windermere agent who has done a beautiful job getting her place ready to be seen, loved and sold.I suspect the staging didn't cost a thing, but a good agent knows just what to put away and what to place on a shelf or counter to make a house "sing." Since close to 90% of buyers in the demographic likely to buy this home will see it first online, it's crucial that the pictures are beautiful, tell a story, and invite a visit! Seems like this is going to be a success story. I just heard from her agent that the broker's tour was a huge success and they had three showings yesterday.
PS~ The photo in this blog entry is not my friend's house, but from one of my listings after I had staged it to sell. I worked most of an afternoon rearranging their wonderful possessions, moving furniture, rehanging paintings, putting away toys and clutter and adding color to make the home's details pop. The living room seemed to double in size with some simple adjustments. We sold this one the first week.
Friday, March 5, 2010
Finding a good listing agent to sell your home~
I've been busy this week helping three families in three different states find a good agent to help them list, market and sell their homes. One of the services an agent can perform is to sift through all the agents out there and help make a referral to the best available, and I love doing it.
Each of these potential sellers were first-time home buyers, so this is their first time trying to sell a home, which they have quickly learned is a totally different from buying.
In the process of locating a good agent for them, I've written several emails answering their questions about what to look for in an agent they're hiring to sell their homes. I thought I'd share those tips here, because they are pertinent for any seller, however experienced they might be, especially in today's difficult market.
1. Most important, you need to feel a connection with your agent and trust s/he will communicate well and present your home well. Communication, trust and confidence. As in any close relationship (which is what you end up with with your listing agent,) those qualities need to be apparent right from the start--things rarely get better! Trust your instincts.
2. I think a clear marketing plan is the minimum. It doesn’t need to be elaborate, but this is the nuts and bolts: “When would be your ideal time to get an offer? Let’s aim for the month of April to capitalize on the rebate. Let’s spend the next week preparing your home inside and out. I can make a list of top professionals available –can I call any now? We’ll stage your home next because I like to have photos shot by x, newspaper ad copy to the city papers by y, listing complete in my office on z, ads out that weekend, the agent/broker’s open house on Thursday and the public open house on Sunday. Your listing will be carried in these five online web sites.”
That’s my spiel, or something like that. Some offices tour an agent’s listing prior to a full agent’s open. You just want to see a plan. When you can be confident that the agent has a clear plan, you can relax and take care of what's on your list to prepare for a great sale.
3. I like to look at an agent’s marketing materials, ad copy and photographs from prior listings to make sure they’re professional. The photos and copy online will be how 90% of your buyers see your home, and you want the best quality photos and sparkling, detailed and perfectly grammatical copy. Every listing will end up on the internet, and a listing with dark, cluttered photos and ungrammatical language is like trying to sell a dirty car on blocks.
I think staging is essential. Nobody lives in their house the way it needs to appear to sell well. Look at a few listings online and see which ones look inviting and which ones look cluttered--when do you see the house and when are you distracted by possessions? It takes skill and a gracious attitude to convince many Sellers that they have to start living in a home that's put together to sell, but an agent who skips this step isn't doing anyone any favors. Some agents have the abilities, training and tools to stage a house themselves, and some will refer it out. Either way, you need fresh eyes (and noses) to help you see your house as others see it.
An agent's web page—either corporate or individual--is important. You can ask how often listings sell within their own office and if the listing agent will also represent the seller, or how they handle that. I personally do NOT like it when the listing agent is a dual agent and also represents the buyer. I don’t think that can be done well. I will show my listings to as many buyers as possible, but I explain to them that I am representing the Seller, and that if they decide to write an offer, I would like to refer them to one of my colleagues so their interests are fully and separately represented. Then the Seller has a strong and uncompromised agent as well.
4. I also would want to know if they recommend you have your house pre-inspected prior to listing and how they handle the contingencies in a Buyer’s offer. Pay attention to how well they negotiate on their own behalf. Are they able to deliver difficult information in a clear and positive way? Is this someone who comes with recommendations from satisfied clients, and what is their experience in both years of service, and in terms of being up-to-date on all the latest technology and real estate rules, regulations and laws?
5. Finally, how much positive energy can they bring to the effort? I often think my most important role--decidely true today--is to be a shock absorber for my clients. There's that car metaphor again. I don't withhold information, but I can absorb the emotional content of communication and make sure I have all the information needed to avoid creating worry or alarm. An experienced professional with a postive attitude can make for a smooth road and a successful trip. End of metaphors, I promise! This is a long blog--thanks for sticking with me.
Have a great day! The sun is shining on Bainbridge Island, the flowering trees are in bloom and the daffodils are up. Time to sell some real estate!
Each of these potential sellers were first-time home buyers, so this is their first time trying to sell a home, which they have quickly learned is a totally different from buying.
In the process of locating a good agent for them, I've written several emails answering their questions about what to look for in an agent they're hiring to sell their homes. I thought I'd share those tips here, because they are pertinent for any seller, however experienced they might be, especially in today's difficult market.
1. Most important, you need to feel a connection with your agent and trust s/he will communicate well and present your home well. Communication, trust and confidence. As in any close relationship (which is what you end up with with your listing agent,) those qualities need to be apparent right from the start--things rarely get better! Trust your instincts.
2. I think a clear marketing plan is the minimum. It doesn’t need to be elaborate, but this is the nuts and bolts: “When would be your ideal time to get an offer? Let’s aim for the month of April to capitalize on the rebate. Let’s spend the next week preparing your home inside and out. I can make a list of top professionals available –can I call any now? We’ll stage your home next because I like to have photos shot by x, newspaper ad copy to the city papers by y, listing complete in my office on z, ads out that weekend, the agent/broker’s open house on Thursday and the public open house on Sunday. Your listing will be carried in these five online web sites.”
That’s my spiel, or something like that. Some offices tour an agent’s listing prior to a full agent’s open. You just want to see a plan. When you can be confident that the agent has a clear plan, you can relax and take care of what's on your list to prepare for a great sale.
3. I like to look at an agent’s marketing materials, ad copy and photographs from prior listings to make sure they’re professional. The photos and copy online will be how 90% of your buyers see your home, and you want the best quality photos and sparkling, detailed and perfectly grammatical copy. Every listing will end up on the internet, and a listing with dark, cluttered photos and ungrammatical language is like trying to sell a dirty car on blocks.
I think staging is essential. Nobody lives in their house the way it needs to appear to sell well. Look at a few listings online and see which ones look inviting and which ones look cluttered--when do you see the house and when are you distracted by possessions? It takes skill and a gracious attitude to convince many Sellers that they have to start living in a home that's put together to sell, but an agent who skips this step isn't doing anyone any favors. Some agents have the abilities, training and tools to stage a house themselves, and some will refer it out. Either way, you need fresh eyes (and noses) to help you see your house as others see it.
An agent's web page—either corporate or individual--is important. You can ask how often listings sell within their own office and if the listing agent will also represent the seller, or how they handle that. I personally do NOT like it when the listing agent is a dual agent and also represents the buyer. I don’t think that can be done well. I will show my listings to as many buyers as possible, but I explain to them that I am representing the Seller, and that if they decide to write an offer, I would like to refer them to one of my colleagues so their interests are fully and separately represented. Then the Seller has a strong and uncompromised agent as well.
4. I also would want to know if they recommend you have your house pre-inspected prior to listing and how they handle the contingencies in a Buyer’s offer. Pay attention to how well they negotiate on their own behalf. Are they able to deliver difficult information in a clear and positive way? Is this someone who comes with recommendations from satisfied clients, and what is their experience in both years of service, and in terms of being up-to-date on all the latest technology and real estate rules, regulations and laws?
5. Finally, how much positive energy can they bring to the effort? I often think my most important role--decidely true today--is to be a shock absorber for my clients. There's that car metaphor again. I don't withhold information, but I can absorb the emotional content of communication and make sure I have all the information needed to avoid creating worry or alarm. An experienced professional with a postive attitude can make for a smooth road and a successful trip. End of metaphors, I promise! This is a long blog--thanks for sticking with me.
Have a great day! The sun is shining on Bainbridge Island, the flowering trees are in bloom and the daffodils are up. Time to sell some real estate!
Friday, February 12, 2010
News from Bainbridge Island the middle of February~
This week's drizzle hasn't kept things from being interesting on Bainbridge Island, as reported in the local paper, the Bainbridge Island Review. But first, I want to compliment my good friend and client Viki Walaskay on the sunrise photos she posts on her facebook page. She shoots them from the front lawn of her wonderful home on the shores of Murden Cove. Great photography--and good work being up so early every morning. That's what having two active boys will do for you.
My favorite item in today's paper comes from the Police Blotter--crime reports are almost always a source of entertainment here. (When I read the paper to record it for the VIP, Visually Impaired People on Bainbridge, I always found myself laughing out loud when I read the Police Blotter.)
In a truly iconic Bainbridge Island story, a man coming home from work got off the bus and was walking home when he saw his truck heading down the road with a young man he'd never seen before behind the wheel. He quickly called the police to report grand theft truck. The police arrived and the man's wife pointed out a strange car parked in their driveway. While the police were still at the house, the young man pulled up in the "stolen" truck. It turns out he had permission to borrow a friend's truck--he'd been told the front door would be open and the keys left out. Unfortunately, he walked into the wrong house and picked up the wrong set of keys. Case closed, no charges pressed. They probably all had a cup of coffee and called it good.
Happy Valentine's Day. My recommendations: have dinner at Four Swallows with the blackberry slump, recently named one of the top 100 restaurant dishes by Saveur Magazine, but first pick up roses from Flowering Around and Pink Peony truffles from Bon Bon Confections. Are you reading this, Hubby?
Saturday, February 6, 2010
First Friday art walk on beautiful Bainbridge Island~
The biggest buzz was at Roby King Galleries where Kathe Fraga's latest "French wallpaper series" paintings were hung. Kathe and Jeff were there receiving kudos and hugs, and Wes and Andrea were happily handing out wine and greetings to the packed house of friends and art patrons.
Across the street, The Gallery at Bainbridge Art and Crafts hosted "Mixed Nuts, the annual show of local kids' work. In this program, Bainbridge kids learn how artists work with galleries, and how it feels to earn a commission when your work sells. I saw one proud grandpa step up to buy two paintings--red dots marked much of the student work "Sold."
The Gallery is a non-profit organization, staffed by locals in both paid and volunteer positions. The proceeds benefit arts education on the island, and the Northwest artists they represent receive a larger than average share of the commission. It's where I volunteered when I first moved to Bainbridge Island over a decade ago, and I remain a major fan of their endeavors.
The arts, artists and the many galleries, studios and venues on the island help make Bainbridge the place we're happy to call home. Please click here to search for homes listed on Bainbridge Island.
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