What’s the recipe for a perfect place to live? For those who call Bainbridge Island home, it would be this: a close-knit community surrounded by water and the scenic beauty of two mountain ranges, just a short ferry ride to a fantastic city. Some of the elements that make Bainbridge special are easily defined: a top school system, numerous parks, great health care, a variety of shopping and restaurants and an active arts community. Other things are less tangible: community events like summer concerts in the park and the 4th of July parade, being on a first name basis with your postal carrier, and spending time catching up with friends in the aisles in the hub of the community, the Town & Country market.
Whether you are thinking of making Bainbridge your home or you are already living the dream, Bainbridgeagent.com (along with me, the Bainbridge Agent!) is your resource for real estate information.
June 16th, 2010
Best cities to live and learn 2010
In case you haven’t heard, the school system on Bainbridge Island is top-notch. Check out this link where Bainbridge Island, WA is one of the cities mentioned as having an amazing school system based on a set of criteria by the non-profit organization greatschools. Bainbridge Island ranks #6 in the country for the best school systems for your housing dollar for houses priced between $400,000 and $599,999.
April 18th, 2010
All the Real Estate News That’s Fit to Print
Well, maybe not all of it, but there are two noteworthy articles in The Seattle Times real estate section this weekend.
Homebuyer Tax Credits
An AP article giving details regarding the first-time and repeat-buyer tax credits summarizes the details of the credit program that is coming to an end. For first-time homebuyers, credits go back to 2008 but eligibility, amount of the credit and terms under which it is given vary. For details, click here.
Mortgage Help and Credit Scores
Kenneth Harney, a syndicated real estate columnist, wrote an excellent article summarizing the impact on consumer credit scores of getting help when mortgage debt becomes overwhelming. His piece discusses loan modifications, principal, write-downs, short sales, bankruptcies and foreclosures and what the impact is on credit scores. An interesting side note is that he also writes about how credit scores are affected when different debts are paid: credit cards, auto loans, home loans.
If someone is in the position of making decisions between paying the mortgage and paying credit card bills or other unsecured debt, it is likely time to seek some help. Credit counseling may be available free or for a low cost. HUD-approved credit counselors can be found via a web site I discovered. There is a way to search by factors such as location, type of assistance needed. and language.
April 7th, 2010
First Impressions
When I got into the real estate profession, most agents were taking their own photos for the properties they were representing. A few special properties (by special, I mean a special high price) warranted hiring a professional photographer to get the photos just right. My, how things have changed, but it took time.
I still recall spending a small fortune for a digital SLR camera. I researched it to death, finally deciding on a great Canon and purchasing an additional wide angle lens. For one listing, I must have taken hundreds of photgraphs to get the 15 I could use in the MLS. The camera was great, but the operator (your very own bainbridgeagent) is no artist. I’m still proud of the long-exposure night photo I took to capture something different (perhaps I AM an artist), but the best shot I probably got was this:
Not bad, I think, and the house sold for full price. It was a different time, though (2005) and the ante has been upped since then.
For my business model, professional photographs have become standard. Here is a shot of a property with interesting interior spaces that were difficult to capture but a professional did an amazing job:
Sometimes I will hire a specific photographer who I think has the right eye for the particular house I am working on. Below is an example.
A recent article in The Seattle Times has a good synopsis of the importance of good photography in the consumer real estate market.
There are several web sites devoted to bad real estate photos. No surprise there, with plenty of fodder on the web. Most people in the market to make a purchase (and plenty of real estate junkies) spend a good amount of time on the web looking at real estate. A decent set of photographs is the difference between moving someone off their couch surfing on their laptop to the inside of a house to see it close up and personal.
If you want a good laugh but are also prepared to be grossed out, click on some of the links below for some amusing examples of bad real estate photography. What kind of first impression are these agents trying to make? Are they marketing to people with low self-esteem?
http://www.uglyhousephotos.com/
http://veryvintagevegas.com/2008/01/01/vote-for-your-favorite-worst-mls-photo-of-the-day/
http://activerain.com/blogsview/1254518/bad-real-estate-photography-part-ii-
Challenge to readers of this blog: find a bad MLS photo and post the link. Let’s be nice and set one rule: no photos from within the local market area - I don’t like hurting people’s feelings (or getting sued for slander.) Sites like Zillow, Realtor.com and Trulia are great sources for looking nationwide for the perfect bad photo. Happy hunting.
March 4th, 2010
Good News: Sales are Up
I find myself wondering if my feeling that the Bainbridge real estate market is picking up has any truth to it. This is as busy a time for me, personally, that I can recall. I find myself clocking 65-70 hours a week. The phone is ringing, emails are flying, and things seem to be humming in my office for everyone. So, what do the numbers say? I checked how many single family homes have sold from January 1 to March 3 from 2007 to 2010. here is what I found:
Year # Closings
2007 48
2008 18
2009 24
2010 30
I see a positive trend. This is good news for our real estate market. I hope the trend will sustain itself and we will see a healthy real estate market throguh 2010.
February 28th, 2010
Potty Talk
How green can you get at home? Something that recently caught my eye is a toilet/sink combo made by Caroma that is the epitome of environmentally friendly in the bathroom. Forget the old “if it’s yellow let it mellow, if it’s brown flush it down” mantra, if you want to be green in the bathroom then one of these babies is a must. It has a high-efficiency dual flush system (one flush for yellow, a different flush for brown) and an integrated sink. The wash water from the sink empties into the toilet tank to prep for the next flush. Ta-da!
Imagine the space you can save, let alone the water. I wish this was available when I was trying to figure out a remodel of a teensy-weensy bathroom (3′ x 4′, at most!) in my last house. We ended up with a Toto high efficiency flush toilet and a small and beautiful wall-hung sink.
Do I sound like a nut? I kind of am, when it comes to stuff like this. I once gave clients who bought a house from me and were planning a bathroom remodel a Toto dual-flush toilet as a housewarming gift. They came home at the end of their work day to find it on their front porch. We had done several property transactions together, so I knew the toilet would go over well.
I wonder if this blog post will scare some people away…? If you require a gift basket at the closing of your real estate transaction, I’m not the agent for you.
February 28th, 2010
Green is the New Black
With degrees in Environmental Studies (B.A., Connecticut College) and Quantitative Ecology (M.S., University of Washington) I find myself trying to incorporate my background and interest in the environment into my current profession. For years I wondered where the concern was, for the average person, for the environment. Today things are different. Being green is the new black because not only is it cool to care about the environment, it can also save you money and look good.
From light bulbs to heat pumps, it pays to be energy efficient. Say you are buying a home that has in-wall electric blower type heaters. Installing a forced air system with efficient heat pump will save you money on your energy bills over time, as well as quailify you for a tax credit and rebate from the local power company under certain circumstances. Below are links to Puget Sound Energy’s “Rebates and Promotions” page and to the “Tax Incentives Assistance Project” web site for energy tax incentives.
February 27th, 2010
Out for a Sunday Drive? Stop by and Visit these Homes…
Open Sunday 2/28 from 1pm - 4pm
5789 Wimsey Lane
Facts:
3 bedrooms + office
1 acre
2736 square feet
$600,000
Hosted by Susan Butler
Facts:
3 bedrooms + office/4th bedroom
Views of Olympics, Puget Sound, Ferry Route
2823 square feet
$529,000
Hosted by Sarah Sydor
January 27th, 2010
Geek Talk
I love statistics. Call me a geek, but I really enjoy applying math to a topic I am interested in to try to gain some understanding of it. It is also comforting in a turbulent market to try to bring order through synthesis of data. Okay, the geek has taken over and she has some things to say.
Lower Inventory
Last year at the end of January, there were 190 active residential properties for sale on Bainbridge. In 2008 that number was 206 and in 2007 (before the “stuff” hit the fan) there were 144 and just 80 in 2006. Compared to 2008 and 2009, available inventory is down 22% and 16%, respectively. Why is that news? We have had an oversupply of inventory for some time now. As inventory declines, the market will come back into balance, between the supply provided by sellers and demand desired by buyers.
Months of Inventory
A measure that can be helpful in understanding a local real estate market is the number of months of available inventory. By dividing available inventory (active listings) by the previous month’s number of sales, we arrive at the number of months of available inventory. At the moment, we have seven months of available inventory.
Days on Market
When I compare the number of days on the market for active inventory versus sold listings (in all of 2009) it is striking. The median number of days actively listed single family properties have been on the market is 112, while the median number of days of all single family properties last year was 74, a difference of 38 days. Of the properties that are currently in contract (contingent sale, contingent on inspection or pending sale) the median number of days on the market are 110. What I gather from these statistics is that while inventory is down, it is taking longer to sell properties.
The statistics coincide with my personal observations. Buyers are taking hard looks at their options, kicking the tires hard. This is not necessarily a bad thing for sellers, because once someone makes an offer, rest assured they have thought about it and are not rushing in with a decision they will regret later and pull out of the deal.
So, if you have a house on the market or are thinking about selling, be prepared to wait.
Financially Distressed Properties
No longer a small fraction of our marketplace, financially distressed properties represented a significant proportion of transactions in 2009 and that trend appears to be carrying through to 2010.
While it is difficult to get exact numbers on this because of a change in the way the multiple listing service reported financially distressed properties that did not occur until mid-2009, I do have some estimated results. At my count, there were 37 sales that of distressed single family homes (15 short sales and 22 bank-owned), representing 17% of all single family home sale last year.
As of January 26, 2010 14% of the active inventory is in financial distress (13 short sales and 9 bank owned). Forty-one percent of properties in contract are distress sales, or 13 out of 32.
Of note is that short sales are taking about twice as long to get into contract than bank-owned properties. Could this be contributing to the increase in the number of days on the market for active listings? Most definitely. This is another conversation in itself and perhaps I will post on the topic later.
Forecast for 2010
Ha! I don’t want to be trapped by my own words so this is the beginning of the mystical section of my blog post. First, I’ll use an analogy from my experience with my two babies (now ages 2 and 6). In talking with new parents, I tell them that the only thing that will be predictable for a while with their baby is change. I warn them not to rely on what is happening today to predict tomorrow, and be open for anything. For real estate buyers, sellers, and holders, my advice is to think carefully about your decisions and make sure you get good advice from trusted professionals. Look ahead in your life and think about what a purchase, sale, or staying put will mean for you. Ask not only your real estate agent what she thinks, but an accountant and financial advisor. And, as I always like to point out, real estate decisions are usually made because of some underlying personal reason like a new baby, job change, or other life experience that drives you to act (or not!).
The second approach I will take to making predictions about the 2010 market is to turn to a tried-and-true source the Magic 8 Ball. Manufactured by Mattel and invented in 1946 by the son of a clairvoyant, Albert Carter, I make all my important decision with the advice of this toy, um, I mean, precise prediction tool. My question to the Magic 8 Ball today, is, “Will 2010 be a good year for the Bainbridge Island real estate market?” Wow!!! I got a “Yes, Definitely.” The Magic 8 Ball might be feeling a little more optimistic than me, but who am I to question its advice?
January 5th, 2010
Happy New Year!
Tomorrow will be my day to review the statistics of the 2009 Bainbridge real estate market. Today, I thought it would be fun to look back at the past year from a different perspective. Some things just cannot be measured, and in so many ways Bainbridge Island is off the charts . The highlights of the year for me were spending time with my family in a community I love.
Every year the Chilly Hilly is fun for participants and spectators alike. We waved from the end of our lane as bikes whizzed by, the cyclists waving and saying hello, and participating friends stopping to chat.
Snow in April! This photo reminds me of the a snow storm last year that knocked out our power. I had coffee beans, a propane stove top and a French press, but no way to grind the beans and make coffee! A good (VERY good) friend who lives nearby stopped by with a thermos of coffee for me, taking his chances driving on the very slippery road. THAT is friendship - he knows it would not have been a pretty day for my family if I had to go without coffee
Liz Gadbois, owner of Bottom’s Up Farm, opened up a field on her property to anyone who wanted a plot to garden. Liz’s generous spirit created a great opportunity for people to meet, grow food, and have fun. My family STILL has canned tomatoes from the “tomato jungle” we grew. That, along with zucchini, carrots, beets, snap peas, and lots more contributed to a fun and yummy summer. Liz is an amazing person and she helped make our summer so special!
We have been attending the All-Comers Track Meets organized by Jim Whiting for 5 years. This was the first year for my youngest daughter to participate, and she had a blast. Who wouldn’t?
A big event you may have missed was the birth of a litter of twelve (12!) chocolate labradoodles this summer. We were one of the lucky families to get one, thanks to a chance meeting with my friend Michelle at Bainbridge Bakers, where a flyer about the puppies was posted and Michelle dragged me over to the bulletin board to see it. Thanks Michelle! Tallulah is now 7 months old and thriving as a member of our nutty family. Watch for the 12 siblings, or as many as we can get together to march next summer in the 4th of July parade!
The Bainbridge Island Downtown Association puts on the annual Zucchini Races. The rules are fantastic, like ecouraging bribing of the judge and disqualification for cucumbers. People go all-out, and if you have not attended in the past, it is worth a trip.
Trick-or-treating on Winslow Way is a great time to catch up with friends we have missed seeing each week at the track meet and concerts at waterfront park. Below is a photo of my little mouse with two members of Bainbridge’s Finest.
It was great to have a second year of holiday wreath-making at Bainbridge Gardens with my Mom. We were a little cold after an hour of working, and she treated me to a latte at New Rose Cafe.
Inside the building where the wreath-making happens, everyone is having fun.
The last week of the year we were invited by friends for an evening beach walk at low tide from Hawley Cove park to Waterfront Park, passing under the ferry dock. The adults, kids, and dogs all had a great time despite the cold. We watched the brightly lit ferries come and go, and enjoyed being outside and getting a different perspective on the beauty of our surroundings.
Happy New Year!!!!
November 24th, 2009
Autumn Market Update
Tax Credits
There is a lot to report since my last post. The extension of the First Time Home Buyer Tax Credit did, in fact, happen. In addition, there is a tax credit that applies to an additional group of home buyers who are being referred to as “move-up or repeat home buyers.” There are some eligibility requirements for both of these categories, and a good web site with answers to FAQs is here. One striking requirement for the move-up buyers is that it can only apply to homes under $800,000. Sorry, folks in the higher end of the market hoping to utilize this credit. However, since 75% of single family homes on Bainbridge have sold for under $800,000 this year, it is nothing to sneeze at.
Market Stats
I have been watching the market throughout the year to see how it compared with the dismal numbers of 2008. Through September of this year, it was neck-and-neck for number of sales. October is where things start to diverge (not surprising given the collapse of the stock market in October 2008). As I write this there have been 186 sales of single family homes this year compared to 187 for the entirety of 2008. With 35 homes pending inspection or pending sale, this is sure to be a better year with respect to number of sales.
