A few local banks such as Horizon Bank and Business Bank of Burlington have made substantial loans to area builders and are now under a "NPL" (Non-performing Loans) pressure on their balance sheets. Business Bank was offerings some great above market CD deals recently which should make any depositer think twice about their financial condition. I expect local builders to slash prices on their vacant lots to get things moving before the banks come after them hard.
And, for those Anacortes realtors browsing arround Trulia, do not expect the same level of out of staters to move up here. The median "price gap' between a home in the SF Bay Area or Southern Cal and Anacortes has dramatically narrowed the past year, making a move up here not as a good deal as it once was. I had a good chuckle to read on J.L Scott's website about the return of California buyers to Anacortes. Well, there may be some moving up here as mortgage rates at 4.5-5.0% should perk things up post-April 15th, but not enough to counter the short-term over-supply. The slow real estate market elsewhere makes it harder to be mobile and move out of state. And, remember, many retirees who would move here have taken a big hit in their retirement accounts. The word "deretired" is now becoming common as retires who thought there were retired are no longer feeling that they can retire.
As they say, supply and demand is everything in real estate. If your living in Seattle metro area, price depreciation this year should not be too bad. However, in Anacortes I am not so sure. I will wait till after April 15th and see if things pickup before passing judgement. I think the real estate/business community (who, by the way are members of the city council and planning commission who approved all those currently empty developments) are way too bullish about real estate here in Anacortes. Many people here got a little greedy and thought if they build all these homes, retirees from WA and out of state will come and buy them up! Well, that was true for a little while, but timing is everything in this world and that certsainly applies to real estate.
I was an agent in Anacortes, and learned they do business differently than CA. In some ways better than CA and in some ways clueless. This is the same in all professions.
Since were are in a good position, we will continue to rent out our home there and ride out the market.
I think selling in Aug. would have been clever. Anac. has experienced few sales and rental signs are very obvious...meanwhile rents are low and heading further down. Respectfully surprising that an agent (market trend expert?) gets in this position and it is a case of being behind the ball. Anac. has realtor property managers, but from our experience, they are incompetent. Best of luck - but I woulda sold as local residential and commercial is crashing and you are looking at longterm absentee landlording with questionable-talent local property management...professionalism is low in Anac. r.e....know that much when making decisions or listening to commissioned manipulation.
I know you understand this, but, The price point, location and condition (shiniest penny) of the property will dictate how long your house will be on the market for sale. I have seen the numbers increase for pendings and more sold postings for homes over the $300k point are popping up, even over the 1 mill. mark. As the quality of lower priced homes are selling, this is allowing many buyers to Buy Up into the mid priced point properties. it is still a great time to sell if you are in a position to let go of yesteryears values. We do have an in-house rental division here at JLS that can help you lease or rent your property until its time to sell if you desire.
Also Thank you for the Advice you offered, have not bought the book yet, but will do so very soon......TL
I'm a realtor in CA.