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Market Tips and Trends
News from Orcas Island Realty
Spring 2008
Don’t Mimic the Market!
The economy, it seems, is freaking out and the real estate market appears to be following suit. Don’t be tempted to do the same.
At Orcas Island Realty, we’ve been in this business long enough to have seen these trends come and go, and to know that the absolute worst thing for clients to do is panic. Our job remains the same: to guide buyers toward sellers and sellers toward closings, even in the midst of a slowing economic climate.
The reality of the current market is that listings tend to stay active for longer, which can make people nervous. Sometimes, sellers even think that they should switch agents or brokerages if their listings aren’t moving as quickly as they would like. We’re here to remind you that your listings are safe with Orcas Island Realty, as we have a very strong record of closings.
Our office is listing and closing more transactions per agent than any brokerage in the area. Our staff is highly qualified and we statistically out-perform other island-based brokerages, including those with much larger agent rosters. We consistently garner more listings per agent and close more deals per agent. Period.
We’ve even strengthened our position in the market by expanding the reach of our in-house talent. We are pleased to announce that two successful local agents, Kristen Zbornik and Deborah Hansen, have joined our team as associate brokers, effective immediately. Kristen and Deborah bring years of real estate experience to Orcas Island Realty, and both embody the professionalism and effectiveness for which we are known.
So if you’re a seller, don’t panic in the face of a challenging market and make a move that would require starting all over with another brokerage. The professionals at Orcas Island Realty will see you and your listing through even the hardest of times. We’ve done it before and we’ll do it again. As our client, you’ll benefit from our expertise.
If you’re a buyer, keep in mind that high supply and low demand are driving prices down and creating unique opportunities for great deals. But remember that even when the market favors buyers, we still recommend that you create a strong position for yourself prior to making offers. Here are a few things you can do to prepare:
- Get prequalified. Call your banker or mortgage broker and discuss your options for financing before you shop for properties. They should be able to give you a letter regarding what you are qualified to purchase so that you’ll be in a better position to make an offer when you find an interesting listing.
- Know the market. Spend some time on our website looking at all of the listings currently available. This will help educate you as to why things cost what they do, and what is a good value in the present market.
- Stay in touch with your agent. Establish a relationship with your real estate agent and let her or him know what you are in the market for. Once you are on our radar, we will call you first when new listings come up.
Please feel free to contact any of us if you have any questions or would like to review the status of your listing. We’re here to help, wherever the market appears to be going.
Preparing Your Property to Market
If you are thinking of selling, preparing your home and property for listing will enhance the “curb” appeal when buyers first see your property. Use this list to get started:
Homes and improved properties
- The yard—Start with pruning trees and shrubs, mow the lawn and plant flowers for a splash of color. If you know you would like to sell in the winter, take digital photos (or call us and we will do it for you) when your garden is in bloom.
- Fix everything—Walk around your house and make a list of things that appear to be broken or in disrepair. Fix it, replace it or get rid of it. Fix loose boards, broken windows and light fixtures. It’s better to have items fixed before a potential buyer sees your home, offers a lower price and still demands repairs before closing.
- Paint outside—if you haven’t painted in a few years, this is your lowest cost and highest return fix of anything you can do.
- Unclutter—Remove unused items from inside and out of your house, garage and grounds. Have a garage sale, donate to nonprofits or rent a storage unit. The Exchange can take many items or call us for ideas about upcoming nonprofit events that may be interested in your old stuff. This not only makes your home seem cleaner and brighter, it also makes spaces look larger when they are less cluttered.
- Clean—Carpets, floors, windows, everything…A well kept home communicates that you are a conscientious homeowner who has taken good care of your property over the years.
- Staging—This is realtor talk for “set the mood.” Statistics show that a potential purchaser of a home makes a decision in the first 30 seconds they step into your home regarding whether or not they could live there. Create a light, bright and peaceful ambience by opening blinds, turning on lights and having soothing music playing. Install higher watt bulbs to brighten gloomy areas, make sure garbage and pet odors have been managed, bake bread or cookies (instant works too), and keep windows open.
- Plans and permits—If you can find these it is helpful in putting together the listing information. This includes septic permits, well reports, surveys and any plans or permits for structures on your property.
Raw land
- The yard or 100 acres—The same idea as above in caring for established gardens and trees. Prune, plant and mow.
- Survey—Consider having your property surveyed and boundary stakes set so buyers know what you are selling.
- Paths—If you own acreage without roads or paths, install some basic trails so that buyers can walk through the property.
- Financing—Can you offer short term seller financing? This could help us sell your property faster for you.
