Tuesday, June 12, 2018

Q: You’ve been recommended by several of our friends, but before we commit to working with you, we want to be sure that you will work exclusively with us in our price range and requirements.


Is it possible to have such a contract?

A:  Unfortunately not.  Any active Realtor will usually be working with at least a few clients in each price range and category of home.  I can understand how that might be frustrating but to have only a single client in each price point or category of home would certainly not lend itself to making a living.

For each category, like waterfront, acreage, view or inland near town, for instance, I usually have three to four parties looking seriously to buy.  When a new listing comes on the market I send that listing to each of those clients.  I occasionally show a home to more than one set of clients, but it is extremely rare that two clients will be ready to jump on a new listing and make an offer right away. If that were the case I would refer one of them to another Realtor since I can’t represent two buyers for the same property.

The race goes to the swiftest when it comes to buying in the Puget Sound region.  We have an inventory of only around 200 homes each year to sell on Vashon.  That’s in all price ranges from $300,000 up to over two million.  For folks who limit themselves to specific areas of the Island or very narrow parameters there may be only two or three properties a year that can come close to satisfying their requirements.  If they’re not ready to jump and make an offer quickly, it’s likely that they will never be able to buy here.

In 29 years of selling real estate on Vashon I have only had one instance where I had two buyers both ready to make an offer on the same property.  I referred the second couple to another Realtor and they made their offer with her.  Good luck.

Wednesday, May 30, 2018

Q: I was excited to see that there are a couple of condos on the market.


They are so rare to find on Vashon, so I was happy to take a look at them.  One thing really bothers me though, and that’s the dues.  I’ve never lived anywhere that required me to pay dues and that amount, added to the mortgage and taxes, seems too high.  Maybe I should try to buy a house instead, although I really would rather have a condo that doesn’t require so much care so that I can travel.

A:  Many people do not understand the issue of dues required for a condo.  What you should understand is that you would be paying out these fees every month anyway if you owned a house.  The dues typically cover sewer, water, garbage pick up, parking lot maintenance and landscaping.  It also covers the insurance on the buildings.  The insurance you buy with a condo is relatively cheap because it only must cover the inside of your unit. Generally, that means your personal belongings. There is also usually a reserve set aside, like a savings account, to cover potential repairs.

These expenses will also be required if you own a single-family home. Your insurance, utilities, and maintenance on a home can easily run as high or higher than those collected on a condo.  You must add those fees into your budget, but the condo fee is the same every month so it’s easier to track. As an owner, you will be involved in any changes in that fee structure.

Most of the people I’ve sold condos to wanted to simplify their life.  Now they can travel anytime without worrying about having someone taking care of their home, and the landscaping will continue to be kept up even if they’re not here. Many of these condo associations also watch out for each other so people feel more secure. Before rejecting the idea of a condo, you should do the math. You would probably be putting that much money out every month in a single-family home anyway.

Wednesday, May 16, 2018

Q: We really enjoy your monthly newsletter and have appreciated viewing your website for current listings.


But we haven’t had the time to get out to Vashon to view any houses for some time now because they seem to sell so fast.  Years ago, when we started looking, things moved slower.  We might be out this summer for a week at a vacation rental and would love to stop in for a chat. 

A:  I’m always happy to chat with folks and answer their questions about the island, our community and the current inventory of homes and land for sale.  I should add, however, that with such a fast sellers’ market, it’s critical that you are able to move quickly.  Like many of the fine folks I call clients, you have been “window shopping” Vashon for more than a couple of years now.  It’s always good to be cautious, but until you’re fully committed to buying here and are ready to make an offer quickly, you will just stay window shoppers forever.

In looking back over the last few years, I’ve noticed a pattern with most buyers.  Those that come to me fully preapproved for their loan, have their down payment in the bank and are realistic in their search for a home usually buy within a few months or even weeks of starting their search.  Many others are looking for years.  They occasionally come by to see what’s available on the market, and often email or call regularly, but just can’t make a commitment.

In this kind of market folks like that can get left behind.  As they spend so much time trying to decide, our prices continue to climb, and our inventory continues to shrink.  I’d never recommend rushing into a purchase or getting caught up in the bidding frenzy unless you’re sure that the property and the island are right for you.  But if you really want to live here it’s time to make a real commitment of time to see what’s for sale and be prepared to make an offer quickly.

Monday, May 07, 2018

Q: We are getting ready to sell our home and things are looking pretty good.


The one thing that is slowing us down is the road to our house.  We are on a dirt and gravel road with six houses on it.  There is a road maintenance agreement, but no one wants to spend any money fixing up the road so it’s in really bad shape.  Our listing broker wants us to at least get the holes filled so that prospective buyers can drive to our place easily.  She also says that it doesn’t reflect well on our neighborhood that the road is such a mess.  Any ideas to make everyone chip in to fix the road?

A: I often say that road maintenance agreements are only as good as your willingness to sue your neighbors.  Driving all around the island I see private roads that are beautiful and easy to drive on and some that could cause major damage to most cars.  Some are hardly driveable. The sad truth is that you will probably have to pay for whatever is done to the road.  Your neighbors probably think that since you want to sell and leave the neighborhood the repairs should be paid for by you.  Your listing broker is right that this could lower the value of your home and discourage potential buyers, so it’s important that the work gets done. 

It’s far cheaper to maintain all our miles of private roadway on a regular basis than to pay for a major overhaul every five to ten years.  I’m always shocked at the condition of some of these roads and wonder how the folks who live there keep their cars in good shape. I recall one hole so large we got to calling it “the hole that ate Cleveland,” as a joke.  I helped pull another Realtor out of it when she thought it was just a puddle in the road and went in up to the top of her window. So, I’m afraid you will just have to spend the money on getting this work done. 

Tuesday, April 17, 2018

Q: I am just stumped by the way things are selling now.

I’ve been working with you to buy a home for almost a year.  I’ve done everything you’ve told me to do to be ready.  But this whole “seller will review offers by such and such a date” and then they take an offer sooner and before I even get to see it, is frustrating!  Why bother setting a date at all? 

A: Up until recently, a seller would simply put the home on the market and wait for the best offer.  They could take one quickly if it suited them or wait for a better offer.  Then our market got busy with many buyers bidding on each property and things changed.  The idea came along to set a date a week or two out so that every potential buyer had time to see it and make an offer. That often resulted in the home selling for more than asking price.

But quickly this turned into sellers setting a date to look at offers but reserving the right to accept an offer before that date.  In my view that puts us right back where we started with sellers accepting an offer any time.  I think it’s a little crazy to even use that language.  It makes it hard to know when the best time might be to bring an offer.  Do we get it in quickly hoping it’s good enough to have it accepted, or wait until the “seller accepting offer” date?

I try to ask the listing broker for some guidance if they’re willing to share that.  They often tell me that the seller really wants to wait until that published date to look at offers, or that they’re out of town until then and want to meet with each broker who has an offer, or that they’re anxious to look at offers anytime.  It doesn’t always work, and some brokers don’t feel that they should share that information, but I try. It’s frustrating enough for buyers knowing that they have little time to make a decision.

Thursday, April 12, 2018

Q: We are so totally discouraged trying to buy a home here we don’t know what to do.

We’ve made offers on a couple of places but there are always several offers, some for way over asking price, and we just can’t compete.  We’re fully approved for our loan but have a low down payment.  I think we’re just as qualified as any other buyer, but it seems cash buyers are out bidding us and sellers want big down payments if the home is going to be financed.  What else can we do?

A:  If it’s any comfort, you are one of thousands of buyers in our region who are facing rising prices, small inventory and competing offers.  You have done all you can to get yourselves prepared and are responding quickly when I send you new listings to consider.  At this point there are only a few things that could put you in a better situation.  I know it can feel uncomfortable to ask for help from family, but I see many younger buyers, and even some older ones, asking for financial help from family.  If it’s possible for your parents to gift you money, which is a tax free gift, it could boost your buying power.

Sometimes it’s also helpful to simply lower your expectations on what you will be able to buy.  A home located in an area of Vashon that’s not your first choice, or one that needs a little fixing could get you a home.  Holding out for a list of things you “must” have could keep you out of the market. 

Another option is to consider Kitsap County.  The town of Port Orchard is close by and the home prices are half what they are here.  You can commute to Vashon on a 10-minute ferry ride from Southworth, or to Seattle on the new high-speed passenger boat from Bremerton.  I’m not promoting real estate on Kitsap, only pointing out that the prices are lower, and you can still be close to Vashon for work and to keep up with your friends. Just a thought.

Wednesday, March 07, 2018

Q: My husband and I are so anxious to move to Vashon Island.

The traffic in Seattle is unbearable and the noise from airplanes and construction all around us is awful.  We just don’t seem to be able to get out to the island fast enough when something comes on the market.  I know we’re being picky by wanting to be in town, but we want peace and quiet but not isolation.  Any ideas?

A:  The best thing you can do is move into a rental out here and get away from the city racket.  Once you’re here, you will not only benefit from living in a calm and quiet place, but you’ll be here to quickly look at anything new that comes on the market.  You can also get to know the community better and will come to realize, I’m sure, that moving a few miles away from town won’t mean you’re isolated.

I know you’ll say that you don’t want to move twice.  I hear that from many people.  But your mental health should count for something and getting away from the city will certainly improve that.  If it were me, I’d put my stuff in storage, rent a small place out here and spend every day driving and walking around the island.  I have had dozens of clients, especially retirees, do that very thing.

For many people being here is far more important than the short-term inconvenience of renting for a while.  If you couple that with selling your Seattle home first you will also become cash buyers which can give you an advantage if there are other buyers bidding on a home you want.  I can point to several clients that have done that in the last year or so and all of them are now happily in their own homes here on Vashon. Most only rented for six months or less before they found a home that met their needs.   It’s not easy to make such a major change in your life, but you’ll be happier and healthier if you just go for it.