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Navigating Our Current Seller’s Market: Tips for Buyers & Sellers
We still have a strong seller’s market here on Bainbridge Island. Whether you’re looking to buy a home on the island or sell one, I have some helpful tips for you. But first, a bit about our current market.
Recent Stats for Our Seller’s Market
With high demand and low supply, we have a strong seller’s market. In the second quarter of this year, the average sale price on Bainbridge Island was $1.46M, up 26% from this time last year. Additionally, the percentage of list price received was 108%. I’ve continued to see many competitive, multiple offer situations where buyers are outbid by price or all-cash offers.
For more information on our seller’s market, you can read the Western Washington Gardner Report, done quarterly by Windermere’s Chief Economist, Matthew Gardner.
4 Tips for Buying in a Seller’s Market
You may feel overwhelmed when thinking of buying a home right now, given our competitive market. However, if you follow these tips below, you’ll be on the path to success. One tip I can’t stress enough: do your due diligence. Take the time to research agents and properties. You want to find a real estate agent who has the expertise and local knowledge to advocate for your needs and wants, serving as an excellent negotiator and trusted guide. Knowing as much as possible about a property and its neighborhood, and asking all the right questions can really help you craft a strong offer.
If you have any questions, feel free to reach out. If you’re new to the area, check out our guide to Bainbridge Island.
5 Tips to Sell Successfully
If you want to sell your home for top dollar in the shortest amount of time, here are some helpful tips. While there are many ways to get a rough estimate of your home’s worth, I can provide an accurate free market analysis. Feel free to contact me to learn more.
Real Estate Investing
If you’re looking to expand your real estate portfolio, check out these tips below. As a Managing Broker and licensed attorney, I’ve worked with a range of clients. I’ve been marketing and selling properties for over 30 years, and I’d be happy to provide you with more information if needed. You can also view my sales portfolio.
Bainbridge Market Update and Real Estate Excise Tax Change in 2020
As 2019 comes to a close, here’s a look at our local real estate market for Bainbridge Island, Washington. I also want to take a moment to mention the upcoming change to Real Estate Excise Tax (REET) for Washington state. If you’re thinking of selling property in 2020, it may impact you.
Bainbridge Island’s Current Market
This snapshot shows year-to-date residential market information as well as how our market has changed from 2018 to 2019. The 31% increase in median sales price is certainly noteworthy, as is the average sales price, which has gone up by 34.6%.
Real Estate Excise Tax Change in 2020
Washington state’s Real Estate Excise Tax (REET) is changing to a graduated system in 2020. Real Estate Excise Tax is a tax on the real estate sale and it is typically paid by the seller. Will this new system impact you if you decide to sell your property in 2020? Here’s Windermere’s Chief Economist, Matthew Gardner explaining what this change means and who exactly will be impacted.
The New Tiered System for REET
Currently, there’s a flat rate excise tax of 1.28% with municipalities adding their own tax on top of the state tax. In general, cities add 0.5% so the total becomes 1.78%. With the new legislation, the tiered system will look like this.
If you still have questions or want to discuss your options, let’s set up a time to talk. I’m happy to discuss this further and provide any assistance you may need.
