Impact of COVID-19 on the Bainbridge Island Real Estate Market
What impact has covid-19 had on the bainbridge island real estate market?
Friday, April 24, 2020
First and foremost, we at Windermere are here for you remotely, with a commitment to get through this together. Governor Inslee's STAY HOME, STAY HEALTHY proclamation means real estate activities LIMITED; see below.
The good news this week is how serious everyone is taking the Stay Home Stay Healthy order, and how the curve appears to be flattening in WA. With just six new cases of COVID-19 reported in Kitsap County this week, we're still flattening the curve, but not out of the woods just yet. Learn more about our community health re: coronavirus at the county's website.
- In the last 7 days:
- Eleven new listings (up from seven last week)
- Nine listings reach agreement with buyer and go pending (up from six last week)
- Nine homes SOLD, most were close to their asking prices (up from eight last week)
- Sellers are still preparing for a market sale, despite the restrictions of not having non-essential contractors on site, such as roof cleaners, window washers, painters, etc. Stagers and photographers are now considered essential enough to be back at work, so preparation for listing a home has those services back in play.
- Over the last week, five of the nine homes that went into contract were priced between $1-2M, showing that even the high end homes have buyers confident enough in this market to make purchases.
We will get through this, together.
Life goes on; babies will be born, relocations will happen, and life’s circumstances will still require some folks to move over the next few months. The real estate market on Bainbridge is going to move forward.
If life's circumstances are such that you need to buy or sell property, know that I’m here with my silver-lining mindset, empathic approach and fact-based drive to help you ease the pain points you may be facing. I’m quick to respond and am just a phone call or a video chat away to help you achieve your goals.
restrictions on real estate activities
The protocols that must be followed for the permitted in-person activities include:
- In-person activities must be by appointment only;
- No more than two people, including the broker, may be at the property at any one time; and
- Those two persons must strictly follow social distancing guidelines established by the Centers for Disease Control and Prevention (“CDC”) by remaining at least six feet apart at all times.
The revisions to the Order are limited to allow the following in-person activities, provided the above protocols are followed:
- Previews and showings of listings by appointment only;
- Listing presentations, photography, and creating virtual tours for new listings [Note: professional photographers are not considered “essential,” thus all photos must be taken by the broker or seller];
- Inspections for pending transactions;
- Appraisals for pending transactions;
- Buyer “walk-throughs” for pending transactions prior to closing; and
- Providing keys to buyers at closing.
How have best practices changed given the health crisis?
Guidelines and Forms
In the last two weeks, people-focused Windermere Real Estate has created materials for clients, and the legal teams at Windermere, NWMLS and WA Realtors have all worked to create FAQ sheets as well as new forms that can be used as part of a contract in a transaction during this unprecedented time.
Click here to access these materials, and please don't hesitate to reach out to me to ask questions.
My goal is to serve your needs; I will move mountains to ensure you meet your objectives, listen carefully so I can focus on your motivations, and provide you with the insight you need to make strategic decisions. I'm here to get your job done, so please let me know what I can do for you or those you know.