Hacked By Dr.SiLnT HilL
At the end of every year, our Broker Marla always runs the figures for the year to reflect and compare. It’s been a long year, but one that we can say is improving each day in 2012 already! Inventory is finally coming down, which will help level out supply and demand and prices seem to be starting to stabilize. The bulk of the sales last year were under the $300K range, with a decent amount selling between $300-550K. Most of the homes in the $500K range are homes that were originally on the market for $100-200K higher than sale price! Interestingly, there were only 3 homes sold between $600K and a Million! And only 5 that sold over a Million. Our market has definitely changed from few years ago! We are looking upwards and ready to see what this spring and summer holds!!
Third Annual Glass Quest in coming up February 17th-26th in Stanwood and Camano Island, sponsored by Windermere Real Estate, Klesick Family Farms, Stanwood & Camano Island Chambers of Commerce, The Crab Cracker and other local businesses. The hand blown, limited edition, glass balls by artist Mark Ellinger.
My dad and I will be hosting an Open House at 770 Maple Heights Road on Camano Island with a “clue ball” hidden somewhere on the property. The Open House will be only one day during this event, Sunday, February 19th, from 1:00-4:00pm. There are a number of open houses this day only that will also have clue balls hidden for questors to find! For more details, you can find information on these open houses at any of the three Windermere offices (Terry’s Corner office, Country Club office, or our Stanwood office).
We hope you all have a VERY Merry Christmas and a HEALTHY, Happy New Year!! We are looking forward to a fresh start in 2012, with hopefully a better economic year than we had last year! Inventory is still high, but this last quarter has proven to be the best all year with average sales around the $300K price range. Here are the latest market statistics for the month of November 2011 for Camano Island:
It’s that time of year again!! Saturday, November 12th, from 3:00-7:00pm at Camano Island Senior Center located at 606 Arrowhead Rd on Camano Island. There will be an Art Auction starting at 1:00pm-3:00pm.Local vendors/businesses participate in making chili or chowder for the public to eat and vote on who’s the BEST! Along with best decorated booth! Cost is $10 per person and there is a beer and wine bar. It’s a perfect chance to meet new people in the community, reconnect with friends, grab a bite to eat and drink… and get connected! Hope to see you there!!
Here we are, already fall… Where was summer?! And where is our stable housing market we had grown so accustomed to?
Over the past nine months, the housing industry has truly been a year of foreclosures and price adjustments. Of the enormous inventory of homes available on the Island, certainly the lion’s share of sales has concentrated under the $300K price range. 110 sales in this range, 64 or 58% of those were “Distressed Homes”. Those homes do not release someone to buy another home, but release a bank to put another foreclosure on the market. The 110 sales under $300K also represent 66% of the total sales for the year. This is why the higher priced homes are in such a slump and are having to continually drop their prices to get a sale. The compression of prices is on and it is a great time to shop for a home! Interest rates remain all time historical low and the inventory just continues to build. Larger and more expensive homes are now dropping below the $300K range for the first time in a decade. I foresee a year of opportunity for buyers at all price levels! Even waterfront homes are being discounted! All of this as the northwest adjust to a depressed economy.
It must be remembered that the sale of a home is “the price a willing Seller will sell to what a willing Buyer can afford”. Homes now are selling for much less than they can be built.
On the selling side of the market, sellers are now squeezed between setting a low enough price to entice a buyer into an offer OR remaining in the home for an unknown length of time. This becomes critical if the owner must leave for another job, or sell for other reasons. Appraisals have been brutal this year, making refinancing if not difficult, at times down right impossible. All of these pressures combined with the scarcity of buyers, makes selling and retaining equity extremely difficult. A seller must change their approach and take into consideration what it is they will seek to replace their home with somewhere else. Prices are relative. You may have to sell at a price much lower than you dreamed you would, but you will most likely find another home to your liking at a much lower price than you expected. It makes sense to monitor both the prices in your own neighborhood and the prices in neighborhoods you desire. Quality of living would be the goal of most homeowners, unless you are into making a profit by “flipping” property, which is very difficult in this market. So, learn what you realistically can sell your home for and shop where you wish to locate to determine what you can purchase. If you cannot make the move, then you need to plan to stick it out another year or two.
All this to say, it’s not impossible to sell a home in this market, but relying on your Realtor may be the best thing you can do! We know the market and where prices are moving. Price is motivation and key in this market!! If your home is not selling within 30 days, numbers need to be revisited and a price drop is necessary. Lean on us and use the information we can share with you to maximize your real estate ventures.
Have a thought, concern, question?? Call or ema