I think it may be time to tap the brakes. There’s nothing wrong with a bit of self-reflection, gut check, or contemplation. For many of us, we’ve been living the good life, with a job that allows us to work from home, a robust stock market, and endless opportunities to reinvent how we live and work. Was this all too good to be true? Are these “corrections” or “shifts” in the real estate market, the stock market, and the supply chain causing us to want to hit the pause button or take an extreme position? Or is this enticing you to move forward full steam ahead?
As I open my computer and check my inbox each morning, I’ve noticed a bit of a “shift” in the tones of the subject lines which have changed. For the past two months, the subject lines have shifted in the real estate sector for the first time in nearly three years. The titles read, “Selling Bonus” or “Price Refresh.” Listings are reflecting longer days on market. In reality, this isn’t necessarily a bad thing, as it subtly reminds us we may need to be patient.
The real estate market is shifting to a more normal and understandable market—thank goodness! If you’ve purchased high and sold slightly lower, you will most likely be selling higher in the future (should you sell again). Thank goodness you’ve landed safely. All markets correct, and this market will eventually correct again.
Let’s face it: we all need and want a roof over our heads, and the process of purchasing or selling a home takes on many forms. We can only control so much and the rest of it is ever-changing, and frankly, like it or not, some of the changes are kind of up for grabs. If you love your home and have no reason to leave, keep it! If you’re on the fence about selling and want sound advice with data to back up your decision, I’m here to help. If you must purchase right away and time is of the essence, that’s a conversation we should have. There’s no time like the present to make an educated decision. Understanding what you can comfortably live with is half the battle; don’t make it more complicated and drive yourself crazy.
Jack and me at the Compass office in Seattle's Fremont district
Some homeowners may benefit from waiting until next spring to list, for it avails the time needed to clean out the garage, paint a few rooms, have a full home inspection, and make repairs on the necessary health and safety items. Avoid procrastination, as six months can fly by, and you want to be market-ready in the spring should we see a shift upwards. If not, at least you’ve got a home that's cleared of clutter and market-ready when the time comes. It’s a win and win! I’m happy to put together a CMA (ask me about this!) have coffee, talk details, review the big picture, and address whatever makes sense for your specific Real Estate needs. Don’t be a stranger. Is this the time to organize your thoughts and glide into a decision and plan which allow you to feel you have more control? Embrace what is within your control, while making time to plan for the unknowns to come.
Contact me for the straight story; I’m prepared, knowledgeable, experienced, and respectful of my clients’ needs and expectations.
Bainbridge Island real estate over the past 30 Days
- 20 active residential listings High $6,880,000, Median $1,089,000 Low $525,000, Average days on market 13
- 27 pending residential listings High $2,398,000, Median $1,198,000 Low $599,000, Average days on market 10
- 56 sold residential listings High $5,800,000, Median $1,457,500 Low $610,000, Average days on market 10
- 1 active vacant land listing $660,000, Days on market 28
- 1 pending vacant land listing $260.000, Days on market 2
- 1 sold vacant land listing $400,000, Days on market 40
- 2 unlisted homes sold Total sales price representing $4,274,000
