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Paul Pival

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A Bainbridge Island seller meets the market

02-21-09
Paul Pival

Here's an example of a reasonably well-priced home. This one sold February 17.

A Manitou Beach (Bainbridge Island, WA) three-bedroom 2-bath 1800 square foot home on only .2 acres with a partial view of Puget Sound was listed 4 months ago for $595,000.

After 3 months the price was lowered to $575,000. It sold a month later for $535,000.

The home sold for 93% of the reduced price (90% of the original listing price).

Would the home have sold more quickly if the price had been $575,000 originally? It's hard to tell, but this is an example of buyer and seller coming to a relatively quick agreement.

The tax assessment was $300,000.

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Chasing the Market #2

02-19-09
Paul Pival

Here's the second market chaser. A 1960 3 bedroom 1.75 bath large (3388 square feet) home on a half acre on rise Drive in Bainbridge Island. High bank waterfront with a view and a bulkhead.

Time on market: 18 1/2 months, a long, long time, even in a slow market. Originally listed at $1,100,000.

  • 2 months later, price drops to $999,000.
  • 2 1/2 months later: $947,000.
  • 4 months later: $899,000.
  • 5 1/2 months later: $649,000.
  • 4 months later: $550,000.
  • 5 weeks later: sold at $425,000.

Selling price 77% of last price drop. 38% of original listing price.

The tax assessment: $757,040.

Had the owner been carrying a large mortgage, the wait would have been very, very expensive. As it stood, the owner owed less than the selling price.

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Chasing the market

02-17-09
Paul Pival

When a home is overpriced (usually at the insistence of the seller) and nobody makes an offer, the seller has three choices: leave the price as is, lower the price quickly, or take the home off the market.

If the seller waits too long to lower the price, he is "chasing the market," as if the home grew legs and began to lumber after the retreating buyers, calling "Pick me, pick me!"

The idea is to attract the market, not chase it. If the home is priced correctly, the buyers will come. Sometimes it's the price, sometimes it's a combination (including seller financing, for instance).

The last two homes sold in Bainbridge Island (February 11) chased the market.

The first, a 3-bedroom 2-bath home, built in 1988, offered 1965 square feet of living space on a shy half-acre in Manitou Beach. When it first went on the market over 9 months ago, the home
was offered at $599,000. No offers.

The price was dropped to $575,000 in a month, then to $549,000 the next month. But by now it was too late. After another 6 weeks, the price was dropped to $525,000, and 6 weeks later to $499,000.

At that point, the seller apparently decided that his home was not attracting buyers because his agent was not working hard enough (not true: I know the agent, and he's one of the best on the island). The home was taken off the market.

Another agent was offered the listing. The home was put back on a week later at $475,000 (notice the drop in price!). Just over 2 months later, an offer was accepted. The home sold for $455,000.

The selling price was only 76% of the original price. 7 months of chasing the market.

Tomorrow I'll tell you about the other market chaser. This one brought only 38% of the listing price, and it had to run a lot longer!

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Feb 1-7, 2009 closings: Silverdale, Poulsbo, Kingston, Bainbridge Island (Kitsap County, WA)

02-09-09
Paul Pival

For the first time in a year, home sales outpaced last year in Bainbridge Island. All sold for less than the asking price..



5 closings for single family homes
Silverdale 1 home on market for 7.5 months
Bainbridge Island 4 homes (2 new) homes, average market time 13.5 months (!)
The same period last year closed 6 homes and 1 condo
Silverdale, 4 homes, average market time 7 months
Poulsbo 1 home (presale)
Kingston 1 home sold in 26 days
Bainbridge 1 condo on market for 2 weeks

Curious about the selling price of any of these homes? E-mail me for details.

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Closings January 15-21: Bainbridge Island, Silverdale, Poulsbo, Kingston

01-22-09
Paul Pival

This week's pace, if it can be called a pace, is just slightly behind last year's activity during this time. Whatever else may be said, it is certain that the homes and condo that closed last week are no longer available to you.

12 closings for single family homes, 1 condo closing
Silverdale 2 homes, average market time 4.8 months
Poulsbo 3 homes (1 presale)average market 9.3 months
Kingston 3 homes, average market time 10 months
Bainbridge Island 4 homes, average market time 5.6 months; 1 condo, market time 5.8 months
The same period last year closed 13 homes and 1 condo
Silverdale, 1 home on market for 3.3 months
Poulsbo 6 homes (2 presale), average market time 6 weeks (hot!)
Kingston 2 homes, average market time 6 months
Bainbridge 4 homes, average market time just over 8 weeks. 1 condo on market for 3 months
Curious about the selling price of any of these homes? E-mail me for details.

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