Lucky duck or sitting duck?
Updated: Apr 1
Have you just purchased a home for over asking price, waived your inspection contingency, paid cash, and agreed to a two-week closing date? Are you feeling like you don’t understand what’s going on in the housing market? You may be a sitting duck.
Perhaps you’ve just written an offer for a home which didn’t happen to sell in the first two days it came on the market, you’ve had a chance to conduct a full home inspection with the inspector of YOUR choice and were able to secure a low interest mortgage. Best of all, you’ve purchased a home you sincerely wanted and didn’t settle for a home based upon the fear there wouldn’t be another home available. You’re a lucky duck.
Lucky for you this St. Patrick’s Day if you’ve purchased a home you LOVE. Those who’ve purchased under duress wonder, “What did I do?” This ever-changing market is plain crazy, and vastly different from past; it’s the state of the union right now. Here are some drivers of this crazy housing market:
Home offices are becoming a way of life
Having a bit of breathing room is a must
A yard for gardening, children, and pets
A quiet space to get away is at a premium
If you’re renting, rents are going up; you’re not building equity and it feels like you won’t ever get into the market if you wait another day!
When you look at the number of buyers in this market hoping to purchase a piece of the American Dream—and I don’t use “dream” lightly—I think it’s becoming a “dream on” situation! And for the number of sellers hoping to cash in on their nest egg, the duck analogy is quite appropriate.
Sellers are hoping to cash in on what appears an unprecedented chance to sell high. With rental rates off the charts, would-be renters are hoping to purchase and build equity; it makes sense to get out of the rental market and buy. Owners of larger homes are using this robust housing market to do some serious downsizing, cashing in on square footage they no longer need.
When will it even out? There’s a dearth of inventory driving this current Bainbridge market; if you want to stay here and downsize, you may be trading dollars. If you choose to leave, you may recognize a great opportunity to cash in and live-in a less expensive locale. If you like your home and it works for you, keep it! Options to refi, fix-up, and genuinely enjoy your home are all worthy options. Whatever your choice, we’ve been through several cycles of housing dilemmas in the past 20 years. Eventually, the market sorts itself out and you’ll look back upon this and think, “I’m a lucky duck!”
Moral of this post…get your ducks in a row!
Happy St. Patrick's Day,
Bainbridge Island Real Estate in the past 30 days
11 active residential listings High $1,685,000, Median $1,011,615 Low $689,000, Average days on market 11
32 pending residential listings High $1,899,000, Median $967,708 Low $274,500, Average days on market 16
28 sold residential listings High $3,400,000, Median $798,000 Low $190,000, Average days on market 18
7 sold unlisted properties High $3,675,000, Median $879,000 Low $309,000, Average days on market 0
1 active vacant land listings High $350,000, Median $350,000 Low $350,000, Average days on market 1
2 pending vacant land High $3,400,000, Median $1,824,950 Low $249,000, Average days on market 256
3 sold vacant land High $510,000, Median $429,000 Low $225,000, Average days on market 28
2 sold unlisted vacant land High $392,500, Median $363,750 Low $3355,000, Average days on market 0