There is so much change going on around us that it's mind boggling! We are seeing just as many changes in our local real estate market. We are located in the very northwest corner of Washington State, so close to Canada that if I'm on the west side of the island my cell phone picks up on Canadian cell towers!

A few observations that tell a story...

Appreciation levels...Looking at our local statistics compared to 2007 is making clear that things have changed. Although we are still a sought after desitination for vacationers, retirees, and second home owners, we are certainly feeling the burden of our national situation.  Our dollar volume for the first quarter of 2008 compared to 2007 was off 47% in the first quarter! Staggering! Interestingly enough there was only a 12% decrease for the number of transactions comparing the same time periods, indicating a lower average sales price.  For the first time in years we experienced a leveling of home values over a 12 month period, very few experienced the typical appreciation rates in the value of their homes and property.

Where the buyers are from...We typically see buyers from the greater Seattle area as our largest percentage of buyers then other areas of Washington and California.  The first quarter of 2008 showed that 70% of our buyers were local! Followed by California then the Seattle area. The local population is seeing the value of the current prices and are confident in our market turning around, appartently more so than others. Wisely, they are investing locally.

As I'm sure is the case everywhere, things are different now than they were just 12 months ago. We all must adjust.

On the positive side...we have over 400 available properties locally! What selection! We have 59 waterfront home available ranging from $549,000 (lake front) up to $7,500,000; there are 20 pieces of waterfront vacant land ranging from $339,000 to $485,000 for lake front, and $539,000 to $1,750,000 for ocean front.  Interest rates are good and there are choices galore. My point? It's a great time to be a buyer in our market!

One of the many challenges of being a real estate professional is finding a balance between professional life and personal life. I see many agents struggle with this balance and I think we are seeing a trend that serves that and other purpose: teams.  For me,  it is important to provide good service to my clients and community as a realtor, but as members of  a family I don't want life to pass me by while I am  working! I have recently teamed up with another real estate professional in my area and I think it's the answer!  Not only do we have knowledgeable coverage when one or the other goes on vacation, has a sick child, is sick ourselves, or simply needs a day away from cell phones and email, but our clients are reaping the benefits as well. There is twice the sphere of influence working for them for the price of one! We come up with more creative and innovative ways to market because we spend time brainstorming. We have a better market share which draws attention, and who can measure what else, with it. What more can they ask for?! 

If you are struggling to find that balance, consider a teammate. I know it's made a difference in my situation!  What do you think?

Real Estate Is Local (edit/delete)

I find it odd when I get a call from an agent from out of the area asking for showing instructions for a house or property in my area, on San Juan Island--even worse if it's a house or land on a non-ferry serviced island! A string of questions automatically jump to mind:  Have they ever shown acreage? Do they know how to discuss the well situation? Septic possibilities? Find the corners? Real Estate is Local!

I strongly believe that one of the most important aspects of my job and my title as a REALTOR, is to give my client the best representation possible. I do not belive this can be accomplished by representig them in an area in which I am not familiar. Why do so many agents shy away from referring a client to a more qualified agent? Yes, I get it, it's money. But I don't agree with it.

I think referring is a great way to take care of a client. I am always looking for good agents to help my clients in other markets. Any thoughts?