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Market Insights | April 2020
Our local real estate market is unique and we know that we can’t depend on Seattle real estate news to have a thorough understanding of what’s going on and what to expect here. That’s why Marla Heagle, owner and REALTOR®, prepares a hyperlocal report every month. This in-depth look at the Stanwood and Camano Island market includes key statistics, like listings sold by price point or the number of days on the market, and empowers our agents and our clients with the most up-to-date and relevant information.
Subscribe to Market Insights here!
April 2020 Market Insights
As we continue to adapt to our new normal, I wanted to take this opportunity to share some of the trends we’re seeing in Stanwood and Camano Island real estate.
Let’s start with April’s stats! The local market took a hit but wasn’t knocked out – the number of new listings, pending sales, and closed sales decreased but prices increased an average of 17 percent. We also had higher rates of engagement on our virtual home tours, which shows that buyers, sellers, and Realtors® are adopting new tools to keep moving forward through COVID-19.
Looking ahead, some of the lasting effects of COVID-19 might include:
- More businesses that choose to operate remotely, which could mean more people living in suburban areas like Stanwood and Camano Island rather than large cities
- Streamlined real estate processes with the help of digital tools for contracts, notaries, and even home tours
- A shift in what buyers are looking for, like more spacious homes or more outdoor living spaces
As always, we are here to help you navigate these changes and trends! Take a look at the full report for Stanwood and Camano Island and, if you have any questions about the report or about buying or selling your home, contact us! We look forward to continuing to serve you!
Maintaining Our Sense of Community
Over the last few weeks, the COVID-19 pandemic has radically changed the way that businesses operate. In compliance with the Governor’s stay-at-home orders, our team has adapted some remote operations – like sending and signing contracts electronically, video walkthroughs of our listings and virtual client meetings. We have also implemented best practices to keep people safe and reduce the spread of the virus while we continue to help our clients move their lives forward.
While we practice social distancing, we’re also finding creative ways to stay connected to our team! At Windermere, we’re proud to support our agents not only by equipping them with the tools to be successful but also by nurturing a positive team culture.
Typically in the office, owners Randy and Marla Heagle would prepare a homemade breakfast for the agents to enjoy during the weekly sales meetings as they celebrate the teams’ victories and discuss business. Now with the stay-at-home orders, the weekly sales meetings have gone virtual so Randy and Marla started offering “Drive-Thru Dinners” to maintain a strong sense of community while social distancing!
Home sales brisk before COVID-19 slowdown
By Evan Caldwell | April 15, 2020
The local real estate market remained hot in March despite the slowdown related to the COVID-19 pandemic, but that is expected to change in April and May.
The median price of houses sold in the Stanwood area hit a record high last month, and Camano Island prices were near a record as home-buying remained steady, according to March data from the Northwest Multiple Listing Service.
“We expect that all numbers will decline in April and May as a direct result of the governor’s “Stay Home” order that became effective on March 26,” stated Mike Grady, president and COO at Coldwell Banker Bain. He also said he expects April and May will be “bridge months” before the market returns to a “more normal” activity level, “assuming we all abide by Governor Jay Inslee’s directives.”
Despite limitations, Northwest MLS brokers added 10,291 new listings during March, outgaining February by 2,505 listings and nearly matching the 10,516 new listings a year ago.
However, Snohomish County continues to have one of the lowest supplies of homes for sale. Only 135 homes were for sale in March in the Stanwood-Camano area, down from 153 the same time a year ago, according to the Northwest Multiple Listing Service.
“Inventory here is still low,” said Marla Heagle, an owner of Windermere Stanwood Camano. “And most people are sitting still, freezing right now, and not thinking of putting their home on the market.”
On Camano Island, where the 30 home sales in March was the same as a year ago, the median price was $488,000, about $120,000 more than the same time last year.
The pace was brisker in the Stanwood ZIP code with 74 homes sold in March, up from 60 a year ago. The median price of the Stanwood homes sold last month reached an all-time high of $519,000, about $48,000 more than March 2019.
Most sales that closed in March were initiated before the slowdown from the pandemic.
“Spring was off to a great start,” Heagle said. “Hopefully, this will be a V-shaped recession where we climb out fast. … When we come out of this, there’s nothing indicating the housing market won’t just jump right back.”
Meanwhile, real estate agents are adapting to a new way of conducting business. According to Inslee’s order, brokers are able to take new listings and send contracts electronically, and arrange for appraisals and inspections to be conducted as needed. They may also show listings with strictly limited group sizes at a safe distance.
“We’re still seeing people looking for homes,” Heagle said. “There are still people who need to move, but mostly, people know this is temporary.”
Contact reporter Evan Caldwell at ecaldwell@scnews.com and follow him on Twitter @Evan_SCN for updates throughout the week and on Instagram @evancaldwell.scn for more photos.
Market Insights | March 2020
Our local real estate market is unique and we know that we can’t depend on Seattle real estate news to have a thorough understanding of what’s going on and what to expect here. That’s why Marla Heagle, owner and REALTOR®, prepares a hyperlocal report every month. This in-depth look at the Stanwood and Camano Island market includes key statistics, like listings sold by price point or the number of days on the market, and empowers our agents and our clients with the most up-to-date and relevant information.
Subscribe to Market Insights here!
March 2020 Market Insights
The COVID-19 pandemic continues to shape our lives and our economy, but we will continue to work tirelessly to help our clients move their lives forward during these uncertain times. Our homes are more important than ever before – providing tangible value while the stock market fluctuates, and acting now as our shelters, schools, offices, gyms, and more as we all take steps to curb the spread of COVID-19.
A quick look at the numbers shows that market conditions still seemed to favor sellers in March, which is common this time of year with limited supply and high demand. Pending sales decreased as expected but average sales prices are up over last year in both Stanwood and Camano Island. We’re also adapting our business practices to keep our clients and our team members safe at this time. According to the Governor’s order, real estate brokers are able to take new listings and send contracts electronically, and arrange for appraisals and inspections to be conducted as needed. Realtors® are also allowed to show listings with strictly limited group sizes, and we’ll continue to implement best practices to keep all parties safe.
Take a look at the full report for Stanwood and Camano Island and, if you have any questions about the report or about buying or selling your home, please contact us! We look forward to continuing to serve you!
Vacation Home or Income-Producing Investment
This post originally appeared on Windermere.com
Whether you’re a skier who loves the mountain slopes of Colorado, a lover of the beaches of Southern California, or a potential retiree seeking to escape the snow-laden Northeast for the wide-open, sunny lands of Arizona, there are homes available to meet a wide range of budgets. The biggest decision a potential second homeowner must make is whether they are going to solely own their vacation home or turn it into a vacation rental. Here are the advantages and disadvantages to both options:
Investing in vacation rentals
- Pros:
- A good vacation rental property generally provides a healthy rental revenue which could potentially cover mortgage payments while also generating healthy additional profit.
- Using an online short-term rental service like Airbnb makes it convenient to manage your rental property. Their website interface makes pricing, marketing, and communication with potential guests quite straightforward and easy. Airbnb will also oversee the billing process for you.
- You may qualify for federal tax breaks and deductions related to your investment property. Everything from professional fees or commissions – including property management services- to cleaning and maintenance are potential tax write-offs.
- Cons:
- Vacation rentals can be costly to manage, both in terms of time and money. These properties may require seasonal upkeep and special maintenance considerations. You may even incur costs to maintain or monitor the property even when it’s not actively being utilized.
- Vacation rental properties are particularly sensitive to seasonal fluctuations and economic downturns, which could leave you financially exposed if you suffer a lack of booking revenue.
- Many states and cities are cracking down on short-term rental services. In California, for example, the fight has been primarily local, reaching a fever pitch in the San Francisco Bay Area. Increasingly state and local municipalities are seeking to reign in short-term vacation rentals, which could put a damper on potential revenue from these properties.
- You may experience higher renovation and repair costs on a short-term rental. Most travelers expect the latest appliances and furnishings, so you will have to update every few years. Unfortunately, short-term renters are less likely to report any necessary repairs and guests are far less likely to treat the property with respect since there’s no sense of ownership or obligation.
Owning a vacation home
- Pros:
- Long-term profits: While assets fluctuate in value in the short term, vacation properties are more likely to retain their value and appreciate because they are located in popular areas with a geographically limited supply.
- Familiarity: Returning to the same place time and after time can be comforting as you become familiar and comfortable with the location. It allows you the freedom to be yourself and the opportunity to expand long-term friendships with residents.
- Convenience: The ability to conveniently store items that are used exclusively at the second home simplifies travel and packing.
- Retirement head starts: Though we may love where we work and live, every place has its drawbacks. A common goal of retirement is to have a place to retreat for the times of the year we dislike the most at our main residence. Locating and buying a second home prior to retirement enables you to experience the benefits of a refuge before actual retirement, a time to correct and amend your plans if the reality is different than the dream.
- Cons:
- Initial purchase costs: Most people have higher expectations for a property that they intend to own, rather than to rent. These expectations can translate into high prices.
- Home maintenance: As the homeowner, you are responsible for all home maintenance work.
- Travel time: A second home will be located hours from your primary residence, requiring either long auto trips or airline flights.
- Inflexibility: If you are paying a significant amount of money each month for a second home, you may feel that you need to constantly visit the property to justify your investment.
Kick-Starting a Kitchen Remodel
Image Source: Canva
Ask a homeowner which room they would most like to improve, and most will point to the kitchen – the starting point for every meal and the heart of the home.
Ask those same people why they don’t move forward with a kitchen remodel, and many will say the project seems so overwhelming they don’t know where to start. If your kitchen needs an upgrade, here are some step-by-step suggestions to get you started.
Gather your thoughts
The steps that follow will all progress much easier if you take time beforehand to form a strong opinion about the desired look and layout of your new kitchen.
Start by reviewing kitchen magazines and photo-heavy kitchen remodeling guides and/or websites. Compiling clippings and printouts in a notebook helps you refine your vision. Clip or print the photos that capture your imagination, add notes, and draw circles and arrows around the things you like most.
Once you have a clearer vision of what you want, search online for better examples and new solutions, if necessary. If you live with a significant other, share your ideas with them and don’t allow yourself to become too committed before getting buy-in from them. Contractors and sales associates will expect a unified front.
Focus on the flow
Another major factor you’ll want to consider is how your new kitchen will be used, and by whom:
- Do you want to cook with others?
- Do you want family and guests to gather in the space while you cook?
- Do you want to serve meals in the kitchen?
- Do you want to display your dishware?
- Where would you like things stored for maximum efficiency?
Imagine yourself happily cooking and entertaining in your new kitchen, then note the key elements necessary to make those dreams a reality. Having a list of your desired kitchen features and storage needs will help ensure your plan meets your vision.
Determine your budget
According to the annual Remodeling Magazine survey of costs, a “midrange,” “minor” kitchen remodel will cost homeowners living on the West Coast about $23,000. Those same folks can expect to pay about $70,000 for a midrange “major” kitchen remodel. Determine what you can afford before you start work to ensure that your vision is within reach, or to help prioritize what’s most critical.
What to do with the cabinets
Replacing the cabinets is one of the most expensive improvements you can make in a kitchen remodel (typically consuming 20 to 40 percent of the overall budget, according to Architectural Digest).
Consider refacing instead. This can include one of the following: 1) Installing completely new cabinet doors and drawer fronts or 2) installing new wood or laminate veneer over the existing cabinet and drawer fronts or 3) simply refinishing the existing cabinet and drawer fronts.
Shopping for contractors
The contractor you choose will determine much of the cost, the pace of your project, the amount of disruption, the final results, and your level of satisfaction. So be thorough in your search:
- Ask friends and family for referrals and advice.
- Interview at least three of the leading prospects in-person.
- Ask to see samples of past work.
- Look for someone who complements your operating style (similar personality and communication style).
- Once you’ve narrowed your choice to one or two, ask to speak with a few past clients.
You’ll be tempted to latch onto the first contractor who gets rave reviews from a friend or family member. But remember: You and your project are unique, and it’s worth the time and effort to be rigorous in your search.
Selecting appliances
If you’re planning to replace appliances, here are three factors you’ll want to consider:
Finish – Stainless steel is still the most popular option, but beware: smudges, fingerprints, water spots, and streaks will be obvious. Black stainless steel has a warmer feel and is better at hiding spots.
Extended warranty – According to Consumer Reports, extended warranties are hardly ever worth it because today’s appliances are so reliable. And if something does fail, it’s often less expensive to just pay for the repair.
Unbiased testing and reviews – Before making an appliance purchase, use the information resources available through Consumer Reports.
A final note
Moving walls and extending your home’s foundation are both very expensive options. If your kitchen plans call for these architectural renovations, perhaps you’ve outgrown your home and need something larger (with an already-improved kitchen).
This post originally appeared on Windermere.com
Market Insights | February 2020
Our local real estate market is unique and we know that we can’t depend on Seattle real estate news to have a thorough understanding of what’s going on and what to expect here. That’s why Marla Heagle, owner and REALTOR®, prepares a hyperlocal report every month. This in-depth look at the Stanwood and Camano Island market includes key statistics, like listings sold by price point or the number of days on the market, and empowers our agents and our clients with the most up-to-date and relevant information.
Subscribe to Market Insights here!
February 2020 Market Insights
Incorporate Pantone’s Color of 2020 into Your Home
Image Source: Pantone
Classic Blue has officially been anointed Pantone’s 2020 “Color of the Year”. Pantone says it picked this color because of its ability to instill calm, confidence, and connection as we cross the threshold into a new decade. A dependable color, Classic Blue is timeless, and enduring, making it a great addition to just about any room in your home.
Here are some ways to add this stunning shade of blue to your home:
Furniture
Image Source: Stacy Zarin Goldberg
Add a splash of color to any room with Classic Blue furniture, such as these dining room chairs, which express a sense of tradition and elegance, as well as unexpected boldness.
Tile Work
Image Source: Stacy Zarin Goldberg
Geometric patterns are all the rage this year, so why not liven up your kitchen backsplash with tiles that incorporate the color of the year? Here’s an example that achieves this through bold, colorful design that doubles as a piece of art.
Cabinets
Image Source: Davonport Kitchen Designers and Remodelers.
If geometric tile isn’t your thing, the are other ways to bring your kitchen to life with this stunning shade of blue. If you’re not in a position to purchase all new cabinets, simply paint your current cabinets for a more affordable update.
Walls
Image Source: Stacy Zarin Goldberg
Whether it’s built-ins, panels, or an accent wall, Classic Blue can make your furniture and décor pop. Consider this color when you paint your living room or bedroom as a way to encourage calm and confidence in your favorite spaces.
This post originally appeared on Windermere.com
Is it time to downsize?
Image Source: Shutterstock
Choosing less space often has to do with a desire to live a life that’s simpler. Whether you’re retiring, want an eco-friendly, low-maintenance lifestyle or your children have moved away, downsizing might be the best option for you. Here are the advantages and disadvantages to consider before making the move and questions to begin asking yourself now.
Advantages
- Increased cash flow.
- Spend less on your mortgage payment and you are likely to have more money leftover for other needs or desires.
- More time.
- Cut down on time spent on household chores such as cleaning and vacuuming which will leave you with more hours in the day to do something more enjoyable.
- Lower utility bills.
- Costs less to heat and air condition a small home.
- Less square footage decreases the amount of energy expended.
- Reducing energy is better for the environment and it helps keep your home green.
- Reduced consumption.
- You would likely buy less since you won’t necessarily have the room for it.
- Minimized stress.
- Homeowners who have successfully downsized often feel happier because they are no longer overwhelmed by the demands of a larger home.
- Less responsibility, less housework to do, increased cash flow and flexibility equals reduced stress.
Disadvantages
- Fewer belongings.
- Moving into a smaller space would mean you would need to give away or donate furniture, books, kitchen supplies, etc.
- No room for guests.
- Hosting holiday dinners might be out of the question for a smaller home.
- Space restrictions.
- Less space means you could feel cramped.
- Lifestyle changes.
- For long-term homeowners, downsizing means changing a lifestyle.
What to consider before downsizing
These questions are important to ask yourself because for some people, downsizing may not be the best option for them.
- Does size matter to me?
- Think about how much your identity is wrapped in your house.
- Is it important for you to have a guest room or a second bathroom?
- Will I miss some important things about a more spacious home?
- Will moving into a smaller home feel like a step backward?
- How will other life events affect my living in a smaller home?
- Consider possible scenarios you may not expect such as adult children moving back home or if you plan to add a child.
The Cost to You
- How much will it cost to replace the furniture?
- When you move into a smaller home this means you might have to downsize your furniture to make room.
- How much will it cost to get rid of the stuff I don’t need or won’t fit?
- It’s important to have a plan for how you’re going to sell or give away the things you don’t need.
- Consider things like family heirlooms. What are you going to do with all your antiques or treasures that your smaller home may not be able to accommodate?
- How much will I get when I sell my current home, and will it help cover the cost of buying my new home?
If you know downsizing is the right option for you, you’re probably asking yourself, “Should I sell first and then buy or buy first and then sell?”. When you’re ready to discuss your options, talk to an experienced Real Estate Agent.
This post originally appeared on Windermere.com
A Guide to a few of the Puget Sound’s Unique Island Communities
Seattle is the beating heart of the Puget Sound area. An explosive regional economy backed by some of the world’s largest tech companies has brought an array of big-city benefits to the once sleepy city. World-class culture, cuisine and sporting events are at the fingertips of those in the city. However, like many large cities, there comes the impacts to traffic and congestion, increased cost of living, and long gone is that once sleepy little fishing town.
While many locals and transplants thrive on the new Seattle, whether for retirement, remote work, family life, or to simply get out of the metropolitan areas, more and more people are looking to move out of the urban core. Unique to the Puget Sound area, many of the so-called suburbs of Seattle are in fact surrounded by water, physical and metaphorical islands, each offering a unique set of characteristics that aligns with those seeking change from city life.
Here we will explore the variety of island communities in and around the Seattle area, hearing firsthand from local island experts who weigh-in on each island’s character, community, and vibe.
Three islands stand out as offering something distinct and compelling. For some, the attraction will be an island that affords them the chance to stay connected to a more urban area – a true island suburb. Others will gravitate towards a more rural island, away from the commuter corridors, and still, others may seek a blend.
First, we start just a 15-minute drive off of Interstate-5, an hour north of Seattle with a serene, outdoorsy, family-friendly island that is Camano Island.
Camano Island: Real-life island experience – without the hype.
Simply put, Camano Island blends all the benefits of island living with easy access to the urban cores of Puget Sound. Get away…way away — but remain close. While it sounds contradictory, Camano offers a real-life island experience — without the hype or big tourist traps. There are a few restaurants, a handful of country-style grocery stores, bed and breakfast facilities, and to serve the elite few who have discovered Camano Island. Boasting stunning sandy beaches, abundant wildlife, and relaxed small-town charm, Camano Island is a haven for crabbers, water-skiers, and beach-lovers.
Rich in history and culture, Camano Island is home to a vibrant arts community as well as an array of surprisingly charming restaurants, country-style grocery stores, intriguing fine art galleries, and annual festivals. The enduring appeal of Camano Island is that it offers an idyllic, island experience that feels away from it all — without actually being away from it all.
Without the need for a ferry thanks to an always-open bridge from neighboring Stanwood, you can find yourself ensconced in a diverse community of families, retirees, artists, and locals who value culture and the finer things in life – which now includes easy access to travel. The recent opening of commercial flights at nearby Paine Field means locals and visitors can hop on a quick flight to or from the island, opening the world to Camano.
Real estate and housing options are as diverse as the flora and fauna who call Camano home. Desirable family neighborhoods walkable to the beach, small cabins in the woods, or majestic beachfront homes dot the island. If building that dream home from the ground up is in the cards, Camano holds a large amount of undeveloped land, again at a full range of options to meet your desired lifestyle.
Come to Camano for a weekend to explore and you may just end up staying!
Mercer Island: A breath of fresh air in an urban center
Connected via the I-90 bridge on both sides, Mercer Island is situated right in between Seattle and Bellevue – less than 20 minutes from either city. The island itself is only 13 square miles, but it has everything you need to feel at home: a close-knit community with beautiful waterfront, easy commuting, excellent schools, unique local businesses, and hundreds of acres of parks and trails.
The petite island has more than 20,000 residents – all of whom share a strong sense of community. Residents are active and connected, giving Mercer Island a small-town feel at the core of a major urban settlement. Education is highly regarded, with an emphasis on innovative learning, technology, and attainable challenges. The island’s schools are consistently ranked among the best in the state.
Despite being in such a central location, the island has a suburban feel with lots of neighborhoods. Each Mercer Island neighborhood has a distinct personality – from the amazing views of First Hill and the serenity of El Dorado on the north end, to the highly social community of The Lakes on the south end. Options for housing range from apartments and charming craftsman homes to luxurious waterfront estates. You may even find a rare opportunity for new construction if you’re interested in building something custom to suit your wishlist.
With 475 acres of parks and trails, you’ll have plenty to do on Mercer Island. Take advantage of the children’s play area and sporting fields at Lid Park, or enjoy Pioneer Park’s 113 acres of trails – there’s even a designated area for horseback riding. If you’re looking for more, Luther Burbank Park features 4,000 feet of shoreline, a boat dock and fishing pier, the island’s largest playground, a dog park, an amphitheater, tennis courts, three miles of trails, and plenty of green space to relax and enjoy the view on Lake Washington. And of course, Mercer Island also has a rich culture with local theaters, unique restaurants and bars, charming local boutiques to shop, and plenty of community celebrations throughout the year.
Make yourself at home on Mercer Island. It’s a place where neighbors feel genuinely connected and there’s always something wonderful to do.
Orcas Island: Explore your passion and find your community
About an hour from Anacortes by ferry, Orcas Island is a popular second home market but there is more than enough to keep you engaged. Orcas Island is known for its high quality of life, numerous farm-to-fork restaurants, expansive arts community, variety of clubs and nonprofits, beautiful wildlife and scenery, and local businesses that offer everything you need to live comfortably on the island.
The 57-square-mile island’s diverse population swells from 5,000 year-round residents to about 14,000 residents in the summer who come to soak up the island’s enchanting scenery and charm. Kayak along the shores of the horseshoe-shaped island, hop on a whale watching tour, hike along one of the island’s trails, or just relax on the beach. It’s a spectacular place to just take it all in, and you may be lucky enough to see bald eagles and hundreds of other bird species, rabbits, or the island’s namesake orca whales.
With a relatively small year-round population, Orcas Island is known for a strong sense of community thanks to a large number of nonprofits and clubs geared toward niche interests. If you’re more interested in the arts than the outdoors, consider one of the island’s acting or dance clubs, visit a gallery, shop with local artisans, or explore during one of the summer’s art walks. There are numerous events on the island throughout the year geared toward the unique interests of visitors and residents, like Hops on the Rock beer festival, the Orcas Island Film Festival, or the Shakespeare Festival.
In addition to being termed the Gem of the San Juan Islands, Orcas Island is also known as the “foodie” of the island chain. It’s home to a large population of local organic farms and livestock, which have inspired the menus at several amazing farm-to-fork restaurants on the island. If you’re looking for something to sip on, Orcas Island also has a number of boutique distilleries and a few wineries.
There is room to grow on Orcas Island. Consider building a custom home on the island, or choose a home in an established hamlet. The island’s strong public and private schools and home school community have made it increasingly popular with families in recent years, but anyone who appreciates the relaxed island lifestyle is sure to love living on Orcas Island.
Choose the quality of life you can only find on Orcas Island.
- Marla Hagle lives on Camano Island and is a Broker/Owner of Windermere Real Estate Camano Island.
- Julie Barrows lives on Mercer Island and is a Broker/Owner of Windermere Real Estate Mercer Island.
- Mariah Dunning lives on Orcas Island and is a Broker/Owner of Windermere Real Estate Orcas Island.
