Q&A WITH THE WALLY GUDGELL GROUP:
TOP 3 HOME-SELLER QUESTIONS ANSWERED
1. HOW SHOULD I START MY JOURNEY TO SOLD?
The journey to sold begins before you even pick up the phone, and in some cases, years before you sign a listing agreement or a FOR-SALE sign hung. Our recommendation to anyone considering a real estate move at any point is to begin by outlining your motivations and goals, both long and short-term. Just as you pen retirement plans and goals, start your homeownership and or real estate investment journey by outlining your unique motivations and goals for owning a home or real estate holdings. Outlining your goals can help as you move forward through the selling process.
We have found clients have unique and very personal reasons when considering real estate moves. If you find yourself stuck at your outline, reach out to a knowledgeable local broker who can assist in drafting scenarios and possible outcomes on your outline. Building a relationship with a local and loyal broker can save you time and money along your real estate journey by keeping you informed of the market and trends, opportunities, and regulations that could impact your success in reaching your goals in real estate.
Suppose you’ve not started your outline yet; no worries, get started now. Outlining your motivation and goals at any time in your real estate journey will yield results. The ongoing seller’s markets Nationally in Western Washington and in the San Juan Islands, continue to make now an optimal time to maximize your return on investment (ROI). Real estate market conditions continue to be prime for reinvesting equity into alternate real estate investment properties or assets, or to parlay gained equity into a home that meets the goals in your outline. For a detailed look at the market through July 2021 and an early indication of home price trends, Read CoreLogic’s Home Price Insights Report.2. HOW MUCH IS MY PROPERTY WORTH?
Home value, precisely market value, is a critical variable in solving the SOLD formula, and it is best answered by professionals, specifically a Realtor®. Short of hiring an expensive home appraisal on your own, a local licensed Realtor can be your best source of accurate and current market values. Local Realtors have much of, if not all, the knowledge and tools a licensed home appraiser has, but by adding a Realtor®, you also gain invaluable market expertise and experience not offered by an appraiser.
The savvy knowledge and know-how a Realtor® brings to the table can take your real estate toolbox steps beyond home value. Local Realtors potentially have a pool of well-qualified buyers looking for a property just like yours. In addition, local brokers have a solid understanding of the sales process, permits, (Covenants, Conditions & Restrictions (CC&Rs), how they apply, and if they can be used or altered if needed, as well as proven marketing tools and skilled tactics for a successful negotiation.
3. WHEN IS THE BEST TIME TO SELL REAL ESTATE HOLDINGS IN THE SAN JUANS?
According to Zillow, a behemoth in collecting real estate statistics and data, “Nationally, the best time to sell a house is March if you’re trying to sell quickly, while the best time to maximize profit is July.”1 We’ve seen a similar pattern over the past ten years in San Juan County for all property types and all price ranges, though our uptick in closings starts earlier in the year. In our pre and post-pandemic past, we’ve experienced a clearly defined selling season with the highest volume of closings beginning in February with spring weather and seasonal visitors just off our bow. And a decrease in closing volume starting in October as summer visitors head back to the mainland. The below Northwest Multiple Listing Service (NWMLS) graph illustrates seasonal changes in closing volume over the last ten years in San Juan County.
It’s worth noting for those looking to sell in the slower season, buyers choosing San Juan County over the winter months tend to be more serious and ready buyers. Buyers who have perhaps waited for fall price reductions or year-end planning to make their move.
Since March 2020, sellers in San Juan County have gained tremendously due to growing demand for homes, vacant land, and commercial properties combined with exceedingly low inventory. Continued demand for rural-community life and large numbers discovering remote is not only possible but preferred; our fantastic island lifestyle makes selling real estate in the San Juans is a good choice year-round.
Your unique situation, motivation, goals, and type of property determine the best time of the year to list. Contact your local real estate expert; they can help determine when to take advantage of market trends for the highest ROI.
Whether you’re looking to buy a new home, sell your current one, or invest, there is more to reaching real estate goals than buying and selling while wishing for the highest ROI. Achieving your real estate goals begins by identifying and setting your individual goals and outlining your motivations correctly. Then, by answering the questions – Where Do I Start, How Much Is My Property Worth, and When Is the Best Time to Sell, you can achieve what you want from your real estate journey.
Having a top-producing local broker on your team to help answer some of these questions can help you build a smart action plan focused on success. If you’re ready for answers to additional questions asked by sellers and no-obligation consultation, please get in touch with us, and let’s get you achieving your goals.