 |
  |
      |
 |
|
 |
|
 |
|
 |
|
Market Tips and Trends
News from Orcas Island Realty
Spring 2009
Riding the Wave.
Let’s face it: these are challenging economic times. The stock market is down, the real estate market is soft and nobody wants to look at their retirement fund statements. On the bright side, since the downturn has affected everyone in some way or another, at least we can say that we’re all in this together.
In other good news, we can confidently report that real estate in the San Juan Islands has been relatively insulated from the huge declines occurring in many areas of the country. Yes, we are seeing a dip in prices but not to the same extent that our neighbors are experiencing elsewhere in the state and in other regions of the U.S.
At Orcas Island Realty, our experienced team of brokers/agents is optimistic that as consumer confidence ramps back up, buyers will return to the solidity of real estate, which has proven to be an intelligent component of all types of investment portfolios.
Here are some tips on how to weather this storm a bit more comfortably:
- Consider pricing. The properties that are selling tend to be those whose list prices reflect the realities of the current market. If you’re a seller, make sure your public price is low enough to draw the largest pool of potential buyers.
- Be confident. Slowly but surely, buyers are returning to what they perceive to be a market that won’t likely go any lower. If you’re shopping for properties, don’t wait. Now could very well be the time to get the best deal on properties as well as financing.
- Think locally. Remember that the Orcas Island real estate market has not gotten hit as hard, and will likely recover more quickly. So watch local statistics rather than national ones as you consider your next move.
- Ask questions. Each of us at Orcas Island Realty is available to answer your questions about buying or selling properties in the area. We’ll provide you with valuable data and a broad perspective to help you make important real estate decisions. We have been involved in approximately 30% of all island-based closed transactions in the past year, so you can trust our experience.
- Position yourself. If you want visibility for your listing, or you want convenience as you search for properties, there is no better spot than Orcas Island Realty. Situated in the heart of Eastsound, our office offers complete accessibility to islanders and visitors.
Please call, email or visit any of us to discuss how to make the most of your real estate investments, whether you are a seasoned property owner or a newcomer to the market. You will find the support you need at Orcas Island Realty.
Our office is located at 123 North Beach Road next to the Orcas Island Historical Museum and the Village Green.
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.
