Catch and release!
Updated: Aug 28, 2021
Happy end-of-the month and welcome to the gentle closing down on our long, warm summer days! My August was personally jammed full of work and a teeny-weeny bit of play. I wanted to take the time to share with you a bit of my takeaway while working and playing, combining the issues of real estate, time for oneself, and the state of this incredibly robust real estate market.
I recently traveled to Montana to spend time with several awesome women (eight in total) on a lovely ranch in the most breathtaking of settings. This trip to “get-a-way” could not have come at a worse and better time: I was swamped with 5 homes in escrow and about to put another home on the market. I worked diligently to manage all the pieces before I left. I would only be gone 5 days—two of which were mostly devoted to traveling—however, it might as well have been 5 weeks for the amount of energy and time I spent getting organized to leave.
Was it worth it? ABSOLUTELY! Did it give me more perspective about work/play balance? WITHOUT A DOUBT!
I went catch-and-release fishing for trout. For those of you who haven't tried this, I highly recommend it. You have the pleasure of catching a fish, and then the peace of mind knowing you released it to happily swim away.
Here's what came together for me as I enjoyed myself fishing in beautiful Montana:
The current real estate market is like fishing; you wait and wait to catch just the right home (trout), you start out very patiently and keep your eye on the real estate market (watching your line). You find a home that might work (a tug on the line) you decide this is the one and make an offer (set the hook), hoping to bring the homeownership to fruition (land that trout). Well, well you weren't the only one looking online (fishing that day) and guess what? Just as there are as many buyers (fishermen/fisherwomen) for homes, there’re also as many anglers ready to catch the big, fat trout or reel in the perfect home by offering cash (a more attractive lure) and at waaaay over the asking price (a really shiny lure)….Have I made my point?
Enough with the analogies. Being patient and learning to understand “the one that got away” is not all that bad. There’s always another day of searching/fishing, a change in strategy, and a chance to catch the fish you should have caught, the one worth that photo op!
All kidding aside, we're seeing an unprecedented number of cash offers for over asking price, not by one or two hundred thousand dollars, sometimes 3,4,5…$800,000.00 over asking—WOW! I’ll include a few stats. I can tell you right now any fish worth its release won’t demand you go broke catching him. Turn off your “must win at all costs” button.
If this real estate market has become too stressful, take a break. If you’re concerned you might miss a chance to sell, you just might…remember, however, that you still need to live somewhere. If you sell, you still need to buy; have you checked the cost of renting lately? One option is to move somewhere less expensive. Do your due diligence and see if moving somewhere less expensive can meet your needs. After all, this is a bit of CASH and release.
Remember to take time to enjoy the small things; they’re usually free.
Bainbridge Island real estate over the past 30 Days
23 active residential listings High $9,800,000 Median $898,000, Low $297,000, Average days on market 12
41 pending residential listings High $3,996,000 Median $1,298,000, Low $298,000, Average days on market 18
50 sold residential listings High $4,320,00 Median $1,217,000, Low $470,000, Average days on market 11
5 sold unlisted properties High $1,350,000 Median $585,000 Low $189,000, Average days on market 0
1 active vacant land listing $369,000, Days on market 19
2 pending vacant land listings High $459,000 Median $404,000, Low $350,000, Average days on market 25
3 sold vacant land High $620,000 Median $400,000, Low $250,000, Average days on market 83