January 2024 Market Insights

January 2024: Available inventory in our markets continues to decline due to typical seasonal patterns. Limited new listings are fueled by seller reluctance due to interest rates. They feel trapped with their low interest mortgages, limiting their ability to purchase the home that they want to purchase after they sell. Buyers are feeling limited by the lack of inventory.

Lawrence Yun, chief economist at the National Association of Realtors indicates that the worst is over and 2024 will mark a year of recovery. “Price increases have become much more moderate than the past two years,” Yun said. “That’s a good thing. Income growth is catching up with home prices.”

Incremental drops in the interest rate in recent weeks have given some hope of things to come. Economists are still indicating that rates will drop further during 2024, just not as fast as initially indicated. Most are forecasting a rate below 6.5% by the end of the second quarter.

New Listings:  Properties added to our markets in January continued to be very low. Stanwood had 24 new listings added in the month, 33% of these were new construction homes. The Camano Island market suffered seasonal lows with only 9 new listings added, less than half during the same time last year.

Pending Sales:  28 homes went pending in the Stanwood market in January, double the same time last year. In contrast, only 10 homes found a buyer on Camano Island, down by 55% from last year at this time.

Properties Sold:   January marked the lowest number of sold listings in over a year, with only 25 homes finding their buyers (6 in Camano Island, 19 in Stanwood)

Sale Price: The average sales price is skewed on Camano Island due to a limited number of sales. Of the six sales, four of them were over $850,000. Therefore, the rolling 12 months average home price is a better measurement of this market. On Camano Island this average is $752,337 (5% lower than the same time last year). In Stanwood, the average sales price of $650,990 is a better reflection of that market’s transactions.

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It is time to contact your local realtor® to discuss a marketing plan to sell your home. There is an indication that more homes will be coming onto the market in our area in the 2nd quarter of 2024. Historically, this is the season of increased new listings in our area. Get a jump start on your competition, don’t delay positioning yourself as best possible

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As more homes come onto the market in our area, be ready to jump if your dream home becomes available. Check with your lender to help determine your buying power. is. There are new incentives and creative mortgage products to aid you in getting into that dream home. Call your local realtor® to start collecting information regarding the market today.

At Windermere, our responsiveness to the local market, dedication to the community, and commitment to our trade is why we help our clients buy and sell more real estate in Stanwood and Camano Island than any other company.

We are all in, for you.

Jill Vail

REALTOR®

Owner, Designated Broker

Windermere Stanwood & Camano Island

jillvail@windermere.com

360-387-HOME

windermerestanwoodcamano.com

December 2023 Market Insights

December 2023: December marked the lowest number of new listings for all of 2023 in both the Stanwood and Camano Island markets. As a result, active inventory is the lowest that it has been since April. Seasonal patterns typical of this time of year and low inventory resulted in the lowest number of homes finding buyers this month as compared to the rest of the year. These factors persisted to pressure home prices upward month to month. Selma Hepp of CoreLogic was quoted as saying “strong home price gains over the course of the year indicate that home prices in most of Washington state markets have fully recovered from 2022 losses and are reaching new highs again.”

December brought some hopeful signs for both buyers and sellers as interest rates began incremental drops. Economists are predicting a continued decline in interest rates through 2024. This should stimulate pent-up buyer demand and allow sellers trapped in their low interest mortgages to reenter the real estate market.

New Listings: December had the lowest number of new listings for the year. Only 15 homes came on the market in Stanwood and 11 on Camano Island. This is typical for this time of year during the holidays.

Pending Sales: 24 homes went pending in the Stanwood market in December, 71% more than at the same time last year. In contrast, only 8 homes found a buyer, down by 38% from last year at this time.

Properties Sold: Our combined markets had 33 home sales close, 18% higher than last year when only 28 homes sold.

Sale Price: Average sales prices of properties sold in Stanwood and Camano Island have gone down since the same time last year by 4% and 7% respectively. We are seeing incremental price increases month over month resulting in the average sales price of $675,000 in Stanwood and $743,023 on Camano Island, up 19.3% from the beginning of the year.

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Start the home projects that you have been putting off and get ready to sell. Predictions are for a good spring selling season. Lower interest rates will drive up demand and sales prices. When this happens, you want to be ready to go. Call your local agent for guidance on preparing for selling your property.

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Contact your realtor® and start your list of “wants” in your next home. Align yourself with a qualified lender to ensure that you understand your eligibility and the interest rate at which you can acquire your dream home. Local professionals can help you to balance the perfect opportunity to purchase. You will want to start your search before the pent-up buyer demand drives prices up.

At Windermere, our responsiveness to the local market, dedication to the community, and commitment to our trade is why we help our clients buy and sell more real estate in Stanwood and Camano Island than any other company.

We are all in, for you.

Jill Vail

REALTOR®

Owner, Designated Broker

Windermere Stanwood & Camano Island

jillvail@windermere.com

360-387-HOME

windermerestanwoodcamano.com

How to Prepare for an Open House

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To successfully sell your home, you need to attract buyers. This is why open houses are an integral part of the selling process: they allow buyers to experience the property for themselves and envision what life will look like in their new home. To prepare for an open house, you’ll need to work closely with your agent. They can advise you on what buyers in your area are looking for to increase your chances of selling your home.

How to Prepare for an Open House

The earlier you can begin prepping your home for an open house, the better, since getting it in prime showing condition will take time. Start by decluttering and organizing room by room. To truly get your home sparkling clean, you can’t miss those hard-to-reach areas like the baseboards, under your furniture, and your appliances.

To best position your home to sell, consider hiring a professional stager. A well-staged home helps it appeal to the widest possible array of potential buyers, not only for in-person showings, but in online photos as well. Professional staging is equal parts science and art. Stagers are experts in depersonalizing a home while maintaining its stylistic qualities to give buyers the opportunity to imagine the space for their own use. It isn’t just about psychology, though. Staging is a high-ROI expenditure that can add real value to your home.

It may feel counterintuitive, but your absence can be your greatest asset in making your open houses successful. Buyers will often feel uneasy in the presence of the seller as they tour, which will limit their ability to envision their own lives in the home and get excited about the prospect of ownership. Accordingly, you may need to arrange for temporary accommodations during the times your home is being shown. It’s helpful to solidify these plans several weeks in advance to avoid an eleventh-hour scramble.

 

A graphic for Windermere’s Open House playlist on Spotify.

Put buyers in a feel-good mood with Windermere’s “Open House” playlist on Spotify. Click the image above to listen.

 

Working with Your Agent

Your agent will be your greatest asset in preparing for open houses. They are experts in understanding how to effectively market your home and how the local market conditions will impact their marketing plan. Once you know it’s time to sell, they’ll analyze data to accurately price the property and keep it competitive in the current market. They’ll also work with you to schedule open houses at the times when buyers are maximally available and actively searching for listings.

Your agent will also help you to stay safe while selling your home. The reality of open houses is that you’re opening your doors to an influx of unfamiliar faces, and it’s worth it to take a few safety precautions beforehand. Perform a thorough walkthrough of your home with your agent to make sure all valuable belongings, medications, family heirlooms, and other important items have been properly secured and/or removed. Once you’ve given your home a clean sweep, discuss your process for screening potential buyers.

 

Written by Sandy Dodge

What is Italianate Architecture?

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Italianate architecture has roots in Italy’s countryside villas, palaces, and overall romantic building aesthetic. Those ancient buildings inspired a new wave of home design that borrowed from the classic concepts found throughout a country beloved for its classic details and charm. Let’s dive into this special version of Mediterranean design to learn what makes it so appealing.

History of Italianate Architecture

Emerging in the early 1800s as part of a classic architecture movement of the time, the Italianate architectural style was inspired by Italy’s awesome and inspiring classic buildings. The goal in creating this style of home design was to share the grand and charming characteristics of Italian architecture with the world. Closely associated with the Victorian period, Italianate architecture gained popularity in Europe and the U.S. during the 19th century.

An example of Italianate architecture: a stucco two-story house with dressed windows, a central awning on the top floor, and a gated entry. The house’s exterior is a classic Tuscan yellow.

Italianate architecture detached house | Image Source: Getty Images | Image Source: tomch

What is Italianate architecture?

For those who dream of taking a vacation to an Italian villa or countryside estate, this architectural style is for you. Square and symmetrical, homes built in this style are typically constructed from brick, stone, or stucco with well-constructed masonry walls. Common features of these distinct homes include tile flooring, columned entryways, and rounded windows.

Italianate houses typically have low-pitched roofs or a belvedere to capture views and emphasize verticality. The windows are a focal point of Italianate home exteriors. Tall and narrow, they are decorated with elaborate crown molding or hoods, evoking the grandeur of palatial Italian buildings. The Italianate style comes in many shapes and sizes, from townhouses and row houses to countryside estates and mansions.

An example of Italianate architecture: an extended row house structure in downtown Trieste, Italy. Each room has a curved window decorated with ornate trim facing the street and a small ledge. There are columns on the ground floor and halfway up the central building.

Italianate architecture row house in Trieste, Italy | Image Source: Getty Images | Image Source: Leonid Andronov

Written By Sandy Dodge

November 2023 Market Insights

November 2023: The past weeks have seen gradual declines in interest rates. 30-year fixed mortgage rates have dropped over a point and a half over the past two months to just over 6.6% currently. Economists are predicting an additional drop in rates to 6% in the latter part of 2024. This has raised cautious optimism that this decrease will have a positive impact on the market in general, leading to increased buyer demand spurred by the increase of buying power of consumers searching for homes.

At the same time, we are seeing incremental average price increases. This is credited to the decline in seasonal inventory. The combined average sales price of our two markets has risen just over 3% over the past six months to $708,061.

New Listings: November saw a combined 53 new listings come to our markets, 26 in Stanwood and 27 on Camano Island. This is a 60% increase from the same time last year when we only had 33 new listings added to our inventory.

Pending Sales: There were 37 homes that went under contract in the month of November. This is the lowest since the beginning of the year. Generally, this can be attributed to seasonal slowing in the market. It is up 32% from the same time last year.

Properties Sold: We had 42 homes close and sell in the month of November, over 13% higher than last year when only 37 homes sold.

Sale Price: Average sales prices of properties sold in Stanwood and Camano Island have gone down since the same time last year by 5% and 6% respectively. But we are seeing incremental price increases month over month resulting in the average sales price of $676,866 in Stanwood and $753,937 on Camano Island.

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Seize the current low seasonal inventories by listing your home now. Inventories are the lowest they have been in over six months in our markets. It is an opportune time to put your home on the market. However, success hinges on two key factors: pricing it right and presenting it in top condition. Be sure to consult your local agent to get more information on how to successfully sell your home in this market

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Mortgage rates have dropped by one and a half points in the past two months. Now is the perfect time to connect with your lender and assess your buying power. If, as predicted, rates continue to decrease significantly in the new year, you might risk losing some buying power if prices increase due to heightened demand. Act now to make the most of the current favorable market conditions.

At Windermere, our responsiveness to the local market, dedication to the community, and commitment to our trade is why we help our clients buy and sell more real estate in Stanwood and Camano Island than any other company.

We are all in, for you.

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Jill Vail

REALTOR®

Owner, Designated Broker

Windermere Stanwood & Camano Island

jillvail@windermere.com

360-387-HOME

Multigenerational Home Buying Guide

Multigenerational Home Buying Guide

For any family looking forward to multigenerational living, there’s much to consider when trying to find the right property. Whether you’re planning to welcome your parents or grandparents, provide a comfortable space for adult children, or simply want to create a home that accommodates your extended family, finding the right place takes time. Let’s take a look at some of the key factors that play a role in your home search.

Multigenerational Home Buying

Prioritize Location

Just as with any real estate purchase, location is vital to finding the right home for your extended family. For your young ones, you might consider the nearby schools. For the older folks in your home, you’ll want to know your proximity to healthcare facilities and community spaces. And for everyone under your roof, you’ll want to be close to the places that help you all enjoy life, such as parks, bodies of water, and other recreational areas.

How to Search for a Home

Floor Plan

With more people living in a multigenerational home, layout can often take precedence over aesthetics. Of course, you still want your next home to look the part, but fundamentally, you have a lot of foot traffic to account for and future accessibility to think about. Homes with separate living spaces are a great option for accommodating a large family. Features like a furnished basement, a mother-in-law suite, an accessory dwelling unit (ADU), or a detached guesthouse can solve a lot of problems, present and future.

Private Spaces

Along with an ideal layout, it’s important to have private spaces so each person can enjoy their time at home. Make sure there are separate bedrooms, bathrooms, and if possible, separate living areas to allow family members to make the most of their personal space while still enjoying the benefits of living together. You can either look for homes that have defined private spaces or identify the ones that are good candidates for remodeling projects that can create them.

Buying with Remodeling in Mind

Home Inspection

A thorough home inspection is a necessity. With several people living with you—some of whom may be elderly—you need to know that your home can provide for everyone for years to come. The home inspection will help you to identify any potential issues with the property and make informed decisions about how to negotiate with the seller.

When looking for properties, look at the condition of the roof, plumbing, electrical systems, and identify any potential structural concerns. Talk to your agent about the findings of the home inspection and what it means for you as you prepare to make an offer.

Home Inspection: A Reality Check from a Pro

Think About the Future

How will your needs change at home in the future? Thinking about the long term can help you narrow your home search. Maybe you’ll need additional space as your children grow up or as your parents age into their elderly years.

A home with a more flexible design and layout may be a better investment for you in the long term.

 

For more information on finding the right home, connect with a local, experienced Windermere agent today:

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Written By Sandy Dodge

How to Stay Safe at Home During a Power Outage

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A stormy night with the lights out can complicate things at home. But with the right preparation, you and your household can switch gears quickly and ride out the blackout period, however long it may last. Power outages can happen unexpectedly, so taking the necessary steps to have a plan in place should be a priority. We’ll walk through some essential steps to stay safe, calm, and cozy when the lights go out.

Lighting During a Power Outage

The first thing you’ll miss during a power outage is light. Make sure you have flashlights, candles, lanterns, and plenty of batteries readily available. Check your devices to see which size batteries they require and make sure you have all the necessary sizes on hand. LED lanterns are energy-efficient and will stay lit for a long time to provide some illumination during an extended blackout.

Emergency Kit

A well-stocked emergency kit is essential during a power outage. Make sure you have a substantial supply of non-perishable food, bottled water, and an assortment of basic utensils. Along with your emergency kit, keep a first aid kit handy to ensure you’re fully prepared for a blackout-related emergency.

Staying Warm During a Power Outage

Even though the lights in your home are out, that doesn’t mean you have to be uncomfortable as you wait for them to come back on. This is especially important if the power outage occurs during the colder months of the year. Keep plenty of blankets and extra layers of clothing close by to make sure you and your family stay cozy. If you have a portable heater that you plan to use, pay attention to the manufacturer instructions to avoid possible carbon monoxide poisoning.

Home Security

Home safety and security is vital during a power outage. Make sure your home’s security system’s motion-activation is still functioning properly, and if it has a backup system, check that too. Unfortunately, some burglars may see a blackout as an opportunity to take advantage of the low-visibility conditions. Lock your windows and secure the deadbolts on your door so you and your household can wait out the power outage in peace.

Preserve Food

Try to keep your refrigerator and freezer closed as much as possible. Use your perishable food rations in your emergency kit as a first option for a meal during the power outage and stick to other non-perishable food items in your pantry. Hopefully, the power will come back on soon enough and you’ll be able to resume your normal food preparation. But if you’re constantly opening the fridge and freezer while the power’s out, your food will spoil quickly, and you could have quite a mess on your hands. 7 Tips for Cleaning Your Appliances

Staying Entertained

Who says you can’t have fun during a power outage? With all your preparations in place, a blackout presents the chance for you and your household to enjoy some electronic-free activities. Have board games, books, arts and crafts materials, and decks of cards at the ready. If you have kids, plan some fun activities ahead of time that they’ll enjoy.

For more tips on emergency planning at home, visit the Living section of our blog:

Windermere Blog | Living

Written By Sandy Dodge

October 2023 Market Insights

October 2023: In the past months, the purchasing power of potential home buyers has weakened further with rising interest rates and a continued lack of inventory, creating a slowdown in market activity. Active listings in our combined market have remained fairly steady over the past six months at just over 100 homes in our combined markets. At the same time, the number of listings sold has decreased by roughly 20%.

According to Lawrence Yun, Chief Economist at National Association of Realtors®, “The interest rate rises should be over, the Fed will have to consider cutting interest rates seriously. Mortgage rates look to head towards 7% in a few months and into the 6% range by the spring of 2024.” We are seeing evidence of his predictions already as rates have dropped in the past few weeks to the mid 7% range currently.

New Listings: In the month of October, we had 45 sellers put their homes up for sale. There were 22 new listings in Stanwood, and 23 on Camano Island. This is the lowest that we have seen in nine months, and it is about 25% lower than the same time last year.

Pending Sales: The number of homes going under contract in October is up slightly since last year. Our two zip codes saw 42 homes find their buyers this past month, different from 2022 when we had only 36.
Properties Sold: We had 50 homes close and sell in the month of October, the same as last month.

Sale Price: Average sales prices of properties sold in Stanwood and Camano Island are down slightly less than .5% from the previous month but continue to hold above $700,000 cumulatively. They are $676,198 in Stanwood and $751,744 on Camano Island.

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 Predictions are that more sellers will be bringing their homes on the market as pent-up sellers are motivated by life changes that make it necessary to move. They cannot wait any longer. That means more competition if you wait longer to list your home for sale. Align yourself with a local agent and get your home on the market now while inventories are still low.

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Buying a home still remains one of the best investments available. Historically, home values continue to increase if held for five or more years. As rates continue the predicted decline, this might be a good time to home shop before rates fall enough for pent-up demand to flood the market, driving prices upward further.

At Windermere, our responsiveness to the local market, dedication to the community, and commitment to our trade is why we help our clients buy and sell more real estate in Stanwood and Camano Island than any other company.

We are all in, for you.

Jill Vail

REALTOR®

Owner, Designated Broker

Windermere Stanwood & Camano Island

jillvail@windermere.com

360-387-HOME

windermerestanwoodcamano.com

Should I Tell Buyers My House is Haunted?

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This time of year is full of spooky moments. If you’re selling a home that has a history of paranormal activity, it could scare buyers away, or intrigue them. Haunted houses are a great attraction for thrill seekers, but buying one is a completely different matter. There’s one central question that haunts sellers who find themselves in this situation: Do I have to disclose that my house is haunted?

 

Selling a Haunted House

All sellers have to provide disclosure forms to illuminate issues with the property and the home listed for sale. Regulations vary by state, with some having certain language requiring that sellers disclose material facts that could affect the value and/or desirability of the home, while others do not have these requirements, and caveat emptor or “buyer beware” applies instead. So, where does paranormal activity fit in? Again, it depends on where you live, but many states do not require such disclosures.

 

However, there have been legal cases where buyers have sued sellers for neglecting to mention the fact that the house they purchased was haunted. In the classic 1991 case Stambovsky v. Ackley, new homeowner Jeffrey Stambovsky won a lawsuit against the seller for not disclosing the home’s haunted history. In this case, stories about the previous owner’s experiences with paranormal activity in the home had been published in Reader’s Digest and the local newspaper, establishing the home as one with a spooky reputation. Though this case had a ripple effect in the housing industry, you should still check with your agent regarding the seller disclosure laws in your local market.

 

Although the laws around haunted disclosures are a bit murky, if a buyer asks about the history of the home, you as the seller have a duty to be honest. State laws even vary when it comes to disclosing recent deaths in the home, but if a buyer asks you specifically about whether such an event occurred, withholding that information from them could come back to haunt you, especially during negotiations.

 

How to Negotiate as a Seller

 

This time of year is full of ghostly tales, and there’s nothing more thrilling than that moment of fright we experience during a spooky story. But unfortunately, failing to disclose the fact that your house is haunted could send chills up your spine and cause the buyer to back out of the deal. As always, lean on your agent’s expertise for the best way to handle your unique situation. You never know, your haunted home may generate added interest to buyers who have an affinity for the paranormal!

 

For more tips on selling your home from list to closing, visit our comprehensive selling guide:

Written By Sandy Dodge

August 2023 Market Insights

September 2023: Home values are still holding strong with Average Sales prices at over $700,000 for our two zip codes. Additional home price gains are more challenging in the short term due to continued mortgage rate increases that limit prospective buyers' purchasing power. The result is a continued decline in transaction volume in our current market. Some of this is also attributable to a typical market slowdown in the fall and winter months. But it is magnified by rate increases and inflation.

There is strong evidence and optimism that this will change in the first half of 2024. Pent-up demand, low inventories, and indications of interest rate adjustments will have sellers thinking positively about their options by next year.

New Listings: The number of new listings coming on the market is down month-over-month slightly with only 69 homes coming on for sale in our combined markets, compared to 71 last month. There were 35 in Stanwood and 34 on Camano Island.

Pending Sales: The number of homes going under contract in September continues to decline to the lowest level since January of this year. Our two zip codes saw 45 homes find their prospective buyers this past month. This is a factor of low inventories and high-interest rates.

Properties Sold: We had only 50 homes close in the month of September. That is down 20% from the same time last year.

Sale Price: Average sales prices of properties sold in Stanwood and Camano Island continue to hold above $700,000 cumulatively. They are $674,624 in Stanwood and $752,699 on Camano Island.

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We are still seeing multiple offers and short selling times if a house is presented on the market appropriately. With low inventory, the competition is limited. The average sales price is holding strong. So, this is still a great time to sell your home.

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There are still homes coming onto the market. If you find the house you want, don’t be afraid to look into creative financing options like rate buy-downs, seller paid closing costs, or new home builder incentives to get into your home today.

At Windermere, our responsiveness to the local market, dedication to the community, and commitment to our trade is why we help our clients buy and sell more real estate in Stanwood and Camano Island than any other company.

We are all in, for you.

Jill Vail

REALTOR®

Owner, Designated Broker

Windermere Stanwood & Camano Island

jillvail@windermere.com

360-387-HOME

windermerestanwoodcamano.com