What Does DOM Mean in Real Estate?
As you start searching for homes, you’ll likely come across different terms that describe the status of different listings. One term, “Days on Market” (DOM), can play a role in your strategy for making an offer. Knowing what this term means will help to inform your discussions with your agent as you go about finding the right home for you.
What is Days on Market (DOM)?
Days on Market (DOM) is a metric used by real estate professionals (and home buyers) to measure the time that a certain property has been listed for sale. In other words, it’s the running total number of days since a home hit the market. Different factors contribute to how long a home is on the market, including the home’s features, its location, and the local market conditions. Brush up on seller’s and buyer’s markets to understand how these market conditions affect days on market.
Why does DOM matter?
- Buyer Hesitancy: Just like contingent and pending listings, a home with a longer Days on Market may make buyers think there is something wrong with the property. The right buyer may very well come along, not swayed in their decision by the DOM number, but for some, it raises questions about why the home hasn’t sold yet.
- Market Value: Over time, Days on Market can impact the home’s listing price and how much it ultimately sells for. If a property stays on the market for an extended period, the seller may need to reduce the price to prevent it from going stale. On the other hand, the longer the DOM, the more leverage a buyer potentially has to negotiate a more favorable offer.
- Local Market Conditions: Looking at trends in DOM can give both buyers and sellers a better understanding of local market conditions. If homes are flying off the market left and right with low DOM, it’s a competitive market that favors sellers. Buyers will be more likely to remove contingencies to make their offer stand out amongst the competition. If DOM is high across the board, the market is not as competitive, and buyers have more leverage.
- Negotiations: The leverage created by Days on Market flows through to negotiations. If you have leverage on your side, you can expect that the seller will be more willing to negotiate on price or repairs than they would if the tables were turned. Make sure you and your agent are on the same page regarding how the DOM figures you’re seeing locally will affect your strategy for making an offer on a house.
Talk to your real estate agent for more information about Days on Market (DOM) and how long homes are staying on the market near you. This one statistic could alter your strategy for approaching the market and, when the time comes, how you put together your offer on a home. Connect with an experienced Windermere Real Estate agent today to learn more:
Written By Sandy Dodge
August 2023 Market Insights
August 2023: Pending sales on homes during August in our two markets were both up year over year from 2022. We had 29 listings find a buyer on Camano Island and 34 in Stanwood, versus 25 and 31 respectively last year. Other key metrics for August activity showed year-over-year declines, including average sales price, new and active listings, and closed sales.
Traditionally, our real estate cycle has experienced a late summer slowdown as consumers pause to enjoy the last of our summer weather and prepare for the beginning of the school year. Experts are also pointing to higher mortgage rates as the reason for the declining sales. With rates around 7.25%, they are the highest we have seen for 30-year home loans since 2001. Many potential sellers are reluctant to give up their 3% rates to move to a new home with a 7% mortgage. And many buyers are waiting for rates to decline, hoping to increase their buying power.
Lifestyle decisions and changes continue to drive some listing and sales activity. With limited inventory, we are still firmly in a sellers’ market. Due to the historically lower number of homes predicted to come onto the market during the winter months, this may be the best selection and availability of homes for buyers until early spring 2024.
New Listings: We saw a slight decline in new listings added to our combined markets from last month, down to 71 from last month’s 75. But, that is down significantly from June’s high of 98. In August, there were 35 listings added in Stanwood and 36 in our Camano Island market.
Pending Sales: The number of homes going under contract in August decreased by 25% from July of this year, from 84 to 63 in our two zip codes. It was down only slightly in Stanwood to 34, from 39 in July. The Camano market saw a large decline in pendings from 45 last month to only 29 in August.
Properties Sold: Due to a high number of July 2023 pendings, our sold properties in August are up 30% from last month with a combined 88 homes closed in the month. This was the highest that we have seen this year.
Sale Price: Average sales prices of properties sold in Stanwood and Camano Island continue to increase incrementally month over month in 2023. The average sales price is $672,345 in Stanwood and $749,173 on Camano Island.
We continue to recommend that you put your “best foot forward” when listing your home. We are still seeing quick market times for appropriately priced homes in good condition. Be sure to find a local expert to help you analyze what you need to do to get your home sold.
Winter historically brings a fewer number of homes coming on the market. Today’s inventory is predicted to be the best selection that you will see for several months. If you see a home that fits your needs come onto the market, talk to your lender about financing options or better yet, have a financing plan in place.
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
What do I do after moving into a new home?
Nothing beats the feeling of buying a new home. You’ve worked hard with your agent to find the right home for you, you’ve worked with the seller to finalize the deal, and you’ve signed all the paperwork to transfer ownership. Congratulations! Everything has led to securing your new home, so now that you’re officially moving, what do you do next? Here’s a quick guide to the move-in process to help you get settled into your new home.
Moving Day
The day you move, you’ll be juggling all kinds of timelines at once. You’re coordinating with movers, arranging for trucks to be picked up and dropped off, and making sure that nothing gets damaged in the process. The best thing you can do on this chaotic but exciting day is to be available. Being on hand at your new home to answer the mover’s questions will help speed up the process.
It helps to have a checklist of your important items to make sure nothing has gotten lost during the moving process. Check these items off one by one as the movers bring them in. Next, you’ll want to confirm that the utilities have been turned on and are ready for use. Check all lights, smoke detectors, appliances, CO2 alarms, your home security system, fire extinguishers, etc. Finally, install new locks and make sure your keys work properly.
Image Source: Getty Images – Image Credit: skynesher
What to Do After Moving In
- Clean and Unpack: Before you start emptying your boxes, it’s a good idea to wipe down the surfaces to keep your items from getting dirty. A full deep cleaning of your home may not be in the cards just yet since there’s still plenty of moving to be done, which inevitably brings more dust and dirt in the house.
- Childproof and Pet-Safe Home: If you’ve got little ones and/or pets, this is the time to set up their accommodations. Learn more about how to properly childproof your home so your kids can feel like it’s home sweet home from day one. When preparing to house your pets, keep in mind that some cleaning methods are more pet-friendly than others.
- Setup and Organize: Now it’s time to get everything in its right place. Organize room by room, storing items in logical places where you won’t forget them as soon as they’re stowed away. The first rooms you’ll want to tackle are the bedrooms, bathrooms, and kitchen. These are the rooms you’ll need the most during the first few days in your new home, so having them put together will better position you to tackle the rest of the house. Getting your closets, bathroom cabinets, and kitchen drawers organized from the start will make for a more enjoyable moving process.
- Update Your Information: You’ll also want to update your address everywhere it’s applicable as soon as possible, consider setting up mail forwarding to ensure you don’t miss any important mail in the meantime.
For more information on the moving process, visit our comprehensive Moving Checklist, available as a interactive webpage and downloadable PDF here:
Written By Sandy Dodge
July 2023 Market Insights
July 2023: Economists are predicting that mortgage interest rates will adjust down over the next couple of quarters. Predictions are that we will see rates fall below 6% in the 2nd quarter of 2024. When this happens, the housing market will be poised to grow again. The hope is that many of these buyers will have homes to sell, which would result in additional inventory.
In the Stanwood and Camano Island area markets, our active inventory is down from the past couple of months, with only 101 homes available in our combined market (47 in Stanwood and 54 on Camano Island) as of the end of July. That is down over 47% from a year ago when we had 149 active listings in our markets. At the same time, our pending listings continue to increase every month in 2023. The month of July saw 84 sellers find their buyer in our markets (39 in Stanwood and 45 on Camano Island), up almost 10% from the same time last year, when we had 77 pendings combined.
The average sales price continues to increase month over month since the beginning of 2023. Between our two zip codes, the average sales price is $701,364, up about 20% from where we started at the beginning of the year. That figure is down approximately 9% from July of last year.
New Listings: There were 75 new listings added to our combined market inventories last month, 40 in Stanwood and 35 on Camano Island, down almost 25% from last month.
Pending Sales: While new listings dropped month over month, the number of homes that went under contract in July increased by more than 25% compared to last month. We have 84 pending listings in our two zip codes, compared to only 67 in June. Year-over-year pending sales for July are slightly up from 77 last July 2022. This is the highest pending volume that our markets have seen in over a year.
Properties Sold: We had 62 sales closed in our market last month, compared to 77 last year at the same time. We have seen that number consistently increasing month over month during 2023.
Sale Price: Average sales prices of properties sold in Stanwood and Camano Island continue to increase incrementally month over month in 2023. The average sales price is $671,166 in Stanwood and $738,033 on Camano Island.
This is still a sellers’ market, with limited inventory. Homes that come to market in their best condition and are priced competitively are selling quickly. Be sure to work with a local agent that knows our market and how to put you in the best position to sell your home for the best price.
With lower mortgage interest rates forecasted next year, the thought is that more buyers will be searching to buy a home. This will result in increased competition to purchase, and the indication is that prices will continue to rise. If that perfect home comes on the market now, this is the time to buy. You can refinance when rates come down.
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
Should I Sell My House Now?
The selling process is an emotional one. Fortunately, you’ll have an agent by your side from list to closing to help you take things one step at a time. A real estate agent’s expertise ranges far and wide, but as you prepare to sell your home, it helps to know that you can trust your agent to get the timing of the sale right. Let’s explore some of the ways that your agent will help you make the decision to sell your home.
Should I sell my house?
We’ve all heard the adage “location, location, location” as it applies to buying a home, but it also factors into selling a home. Your location will determine your local market conditions, which, in turn, will form your approach to selling your home. Real estate agents have their finger on the pulse of market trends and property values, which gives them in-depth insight into the housing environment around you. They’ll use their access to the Multiple Listing Service (MLS) to perform a thorough Comparative Market Analysis (CMA) of your home to make sure you get the best price while factoring in your local market conditions.
Economic changes also play a role in the timing of your home sale. Mortgage rates, inflation, etc. are often in flux, and these changes can affect how buyers are approaching the market. Your agent will be able to offer insight into how the current economic conditions are influencing the housing market. For more information on this intersection between the economy and the housing market, plus up-to-date analyses of local market conditions in your area, visit the Market News section of the Windermere blog.
Best Time to Sell Your Home
Another tool in a listing agent’s toolkit is their knowledge of seasonality. Seasonal fluctuations in the housing market can influence your selling strategy, and your agent knows how these changes throughout the year affect your local housing market. For example, buying activity may dip locally in the winter. In this case, you could spend the winter getting your home ready to sell by spring by investing in high ROI home renovations and landscaping projects to improve curb appeal.
Real Estate Agent Networking
Your agent’s ability to access and analyze information will be a huge help in determining when to hit the market, but their relationships are equally important in getting your home sold to the right buyer. Real estate agents have strong connections to all the important people in the home selling process. Their network will help to facilitate the sale of your home once you’ve decided it’s the right time to sell. It takes a village to cross the finish line, and your real estate agent will help you connect with all the role players it will take to get there.
To learn more about selling your home, connect with a local Windermere Real Estate agent:
Written by Sandy Dodge
10 Important People in the Home Selling Process
Good news! Selling a home is not a solo endeavor. Your goal in selling your home is to get the best price in a timeframe that meets your needs. To do that, you’ll enlist a team of professionals. So, who are the parties involved in a real estate transaction? Let’s review ten important people in the home selling process so you can be prepared once you’re ready to sell your home. And to understand the process from the buyer’s side, check out 10 Important People in the Home Buying Process.
10 Important People in the Home Selling Process
1. Real Estate Agent
We’re starting this list with your real estate agent for a reason. The agent representing you is known as a listing agent, and they will be your personal MVP of the selling process. Not only will they conduct a Comparative Market Analysis (CMA) to set a competitive price for your home, but they also know how to market it effectively, they’ll negotiate on your behalf, and they’ll guide you through the process of finalizing the transaction. When searching for an agent, find someone whose professionalism you respect, someone who knows the local market, and most importantly, someone who cares about your goals.
2. Remodeling Contractors
Having your home in tip-top shape when you sell will help you boost its value and get the best price. If you’re thinking about selling, it’s a great time to complete remodeling projects that will help your home stand out amongst the competition. Yes, you have a significant pay day coming when you sell your home, but you want to focus your attention on high ROI remodeling projects that will get you the most bang for your buck. Talk to your agent about which home renovations are drawing buyer interest and strategize accordingly.
3. Home Inspector
Another important aspect of preparing your home for sale is being aware of what repairs it needs, which is why some sellers conduct a pre-listing inspection. Getting the information in this report before you hit the market will help you schedule repairs quickly and shows buyers a level of transparency that informs their buying process. Even if you don’t get a pre-listing inspection, a home inspector will enter the fold eventually. But hiring your own professional early on will give you a better understanding of your property’s condition.
4. Home Staging & Real Estate Photographer
We’re combining a couple professionals in real estate marketing here, but both are critical to successfully selling your home. Home staging can boost home value and helps buyers more easily imagine themselves living somewhere new. And in today’s world, it’s more important than ever to represent your home well online. High quality real estate photos maximize your home’s appeal and differentiate it from other listings. Both a professional home stager and real estate photographer will help you attract buyer interest. And for the do-it-yourself crowd, consider our 7 Tips for Staging Your Home Yourself.
5. The Right Buyer
We’d be remiss if we didn’t mention the party on the other side of the transaction—the buyer! To find the right offer, it’s important that you communicate with your agent regarding your goals. There are multiple layers to a buyer’s offer beyond the price, so the better your agent understands what meets your needs, the quicker they can identify it and the better they can negotiate on your behalf. For more, read How to Negotiate as a Seller.
Image Source: Getty Images – Image Credit: Drazen Zigic
6. Mortgage Broker and Mortgage Lender
Whereas a buyer’s agent helps them find and make an offer on your home, their mortgage broker assists them in securing substantial financing to actually purchase it. Once the buyer gets approved for a loan, their mortgage lender takes over the home financing process. Buyers may choose to work directly with a mortgage lender.
7. Home Appraiser
During the process of selling your home, the buyer’s lender will hire a professional appraiser to evaluate your home’s location, size, and condition along with recent sales of comparable listings to determine its appraised value. This is to ensure that the buyer isn’t overpaying for the property and that you’re not underselling it. Knowing the difference between appraised value and market value will help you understand how a home’s eventual sales price comes to be.
8. Title Company
A home sale isn’t official until ownership has been transferred from the seller to the buyer. To do this, you’ll meet with a title officer during the closing process to sign paperwork and transfer the deed. The title company will conduct a search of the property’s records to make sure it’s in good legal standing and is fit to sell.
9. Escrow Company
So, how does the buyer’s money actually make its way to you? That’s where escrow comes in. Escrow in real estate is a third-party company responsible for holding the funds while the deal is in motion and disbursing them once it goes through. Though you may not meet the person responsible for routing the money for your home sale, they’re a key part of the closing process.
10. Moving Company
Congratulations, you’ve sold your home! Whether it’s arranging utility service or updating your banking information, there are a thousand little things to do during this exciting time. Keep track of your moving timeline with our comprehensive Moving Checklist.
Thinking about selling your home? Start by finding the right agent, one of the most important people in the home selling process. Connect with a local Windermere agent to get answers to all your questions from list to closing.
Written by Sandy Dodge
June 2023 Market Insights
June 2023: the Stanwood and Camano Island area markets have seen our highest volume of closed sales last month (61 homes) in over nine months when we saw 81 homes sold in August 2022. The result, our current active listings are down 17% for the same time period as last year, with 127 homes available in our markets (72 on Camano Island and 55 in Stanwood). Despite the one-year decline, this is the highest inventory that we have seen this year. We are over 20% higher than the 105 active listings we saw at the end of May.
In comparison, the number of homes for sale in the Stanwood and Camano Island area combined in June is down over 30% from the same month in 2019 (pre-pandemic). According to Matthew Gardner, Windermere’s Chief Economist, “I believe much of the reason for this is that almost 33% of in-state homeowners have mortgage rates at or below 3%, and 87% of owners have rates below 5%. There is little incentive to list your home for sale if you do not have to:
New Listings: We saw 98 new listings added to our inventory last month, 53 on Camano Island and 45 in Stanwood. Down a little less than 25% compared to the 130 added at the same time last year. In 2023, this is the highest number of new listings added in a month.
Pending Sales: Year-over-year Pending sales for June are slightly up, from 61 last June 2022 to 67 last month. This is the highest pending volume that our markets have seen since July of 2022 when we had 83 properties under contract.
Properties Sold: We had 61 sales close in our market last month, compared to 94 last year at the same time. During 2023 we have seen that number consistently increasing month over month.
Sale Price: Average sales prices of properties sold in Stanwood and Camano Island have increased month over month in 2023. In Stanwood, the average sales price is $659,222 and the average sales price on Camano is $725,412.
We are still seeing a lot of buyer activity, with active open houses and showings. If a home is priced appropriately and presented in the best condition, we are still experiencing multiple offers and short market times.
With over 125 homes available in our combined zip codes, now is a great time to look for your perfect home. Be ready because market times are shortening for new listings that are priced right. Be sure to align yourself with a good lender and a local agent. If your home comes on the market, be ready to make a strong and competitive offer
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
May 2023 Market Insights
May 2023 in Stanwood and Camano Island, the current combined inventory is higher than it was at the same time last year, with a total of 105 active residential listings at the end of May 2023 as compared to 88 last May (a 19% year over year increase). Even with this, our markets still have tight inventory remaining firmly in a Sellers’ market with about 1.9 months’ supply of inventory. At the same time, we have seen decreases in new listings added to our markets, with 87 added in May 2023. That is 38% less than added last year at this time.
Buyers are still being selective in their purchases, with changes in lifestyle needs motivating the majority of moves. Our market prices peaked in April/May of 2022. And we saw a steady decline in average prices in the latter part of last year. In 2023, we are seeing a slow but steady recovery growth in sales prices, pending and closed sales.
New Listings: We saw 87 new listings added to our inventory last month, 45 on Camano Island and 42 in Stanwood. This is significantly less than the 120 added at the same time last year.
Pending Sales: Year-over-year Pending sales for May have dropped by 37%, from 89 last May 2022 to 65 last month. But, month to month, we are up over a 20% increase from last month when we saw only 54 listings go pending.
Properties Sold: We had 49 sales closed in our market last month, compared to 74 last year at the same time. We have seen that number consistently increasing month over month during 2023.
Sale Price: Average sales prices of properties sold in Stanwood and Camano Island have increased in the month of May. They are $637,492 in Stanwood and $724, 336 on Camano Island, up over 14% since the beginning of the year.
As inventory increases month to month, so does the competition for your home sale. Take advantage of pent-up buyer demand and a sellers’ market by getting your home on the market now. Remember that all we can control when selling a home is price and condition. It is still important to price your home appropriately and get it market ready so it will shine against its competition.
Based on our month to month increases, buyers waiting for prices to come down will be disappointed based on current trends. The time to buy is now before prices rise further. We have a higher inventory available for buyers to choose from than we have had in over two years. With over 100 homes available in our two combined zip codes, you are more likely to find the perfect home for you.
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
The 16th Annual Windermere Stanwood Camano Island Soap Box Derby, one of the area’s biggest local events, is scheduled for 9 a.m. Saturday, June 17. The event — “the largest Soap Box Derby Race west of the Mississippi!” — will be held at Arrowhead Ranch on Camano Island. Drivers ages 7-19 will be racing, with winners becoming eligible to go on and race at the All-American Soap Box Derby World Championship in Akron, Ohio.
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A waterfront home offers surroundings unlike any other. Their prime locale and stunning views virtually guarantee a lifetime of relaxation, waterfront get-togethers, and summer nights under the stars. Waterfront homes have great potential as investment properties as well. But for all the perks waterfront homeownership offers, it comes with its own set of responsibilities, too.
Should I buy a waterfront home?
Beyond the lifestyle benefits, owning a waterfront home also has a significant financial upside. Because waterfront properties are more scarce than landlocked homes and their location is highly desirable, the buyer demand is generally high. As a homeowner of these special properties, you can rest assured that a well-maintained waterfront home will generate significant buyer interest when you’re ready to sell. A property with any combination of water views, boat slips, docks, and water access is a recipe for appreciation over time.
A waterfront property is a popular choice for homeowners who are in the market for a second home, or even as a primary residence for those looking to eventually move into their vacation home when the time is right. They’re also primed for converting into a short-term rental. Due to their location, they have a competitive advantage over many other short-term rentals. Depending on the local laws and any relevant Homeowners Association rules, waterfront homes can be rented out year-round or seasonally. For example, if you decide to rent out your home during the summer, you’re able to capitalize on seasonal demand.
Image Source: Getty Images – Image Credit: bradwieland
Owning a waterfront property also comes with extra risks you’ll need to keep in mind. Weather conditions can be extra harsh on these homes, given the fact that they’re situated face to face with nature in a way most homes aren’t. Make sure you have proper coverage through your homeowners insurance policy and inquire about the need to purchase additional wind, flood, or hazard coverage. Local climate dictates what a comprehensive coverage plan will look like for your home, but what’s important is that you’re fully covered.
Something else to keep in mind is that beyond the typical tasks associated with owning a home, waterfront structures like retaining walls, boat lifts, and docks require a certain amount of ongoing maintenance. As the seasons change, so will your responsibilities as a homeowner. Properly winterizing a waterfront property requires a few additional steps beyond the typical routine, depending on how low temperatures dip during winter in your area.
For more advice on home maintenance, repairs, remodeling and more, visit the Living section of our blog:
Written By Sandy Dodge
