By Bernie O’Malley
This year has been a good opportunity to buy and sell houses on Vashon-Maury Islands. And there’s at least 3 more months of “selling season” left to dive in as a seller than a buyer. And I’m told there are about 45 trained Island real estate agents standing by to help with both decisions.
Some will tell you it’s “Easy-peasy” to step out with the old, step into the new. Today I’ll offer some free advice based on our lessons learned with a few housing trades we’ve made during the COVID-crazy world these last seven years.
First let’s start with a review of those seven years of Island real estate. I won’t dwell on the worldwide events we all experienced as citizens. Living with COVID, mortgage interest rates from 3-7%, and two federal elections kept us all very busy emotionally sometimes. But the need to live someplace under a roof with utilities didn’t change for 98% of us Islanders. And every year, a few hundred of us take the plunge.
Let’s focus on the Island market’s history of buying and selling. For starters, 2019 was an ordinary sales year, not much for sale over a million bucks, lotsa choices, mostly affordable mortgage rates. Fondly remembered as totally ordinary!
Then came 2020-2022 as a “sellers” market, when prices kept increasing, buying low and selling higher was crazy easy and 4% interest rates helped, too. What a hurricane. Then came 2023-2024, which marked a change in both buyers’ and sellers’ attitudes, when caution about prices dominated, price reductions became almost the rule to get a sale.
Caution got worser in 2025: a very slow-paced and difficult market marked by more price confusion and DOM – “days on market.” Even crazier was the proportion – 50% – of houses priced over one million dollars.
Then comes 2026 as a boom year, beginning in late January. Almost everything sold for asking, often in a few short weeks, despite the chaos of Trumpian adventures, actual wars, $6 gasoline, and near 7% interest rates. Few sellers or sellers could follow this situation. Real estate agencies reigned with confidence, even when perhaps no one really knew the answers to “tomorrow.’”
All that said, here comes the free advice. The path we followed outlines what we actually did in the last 5 years post-COVID buying/selling our own residences. If it looks like boring and tedious work, this list describes the myriad challenges we call W’s.
We didn’t invent this process. It’s used by many buyers and sellers. We found it emotionally calming when faced with all the small and large decisions buyers and sellers are asked to make.
There’s probably a few more, but these seven questions fill the concept well. Buying and selling a home is a life changing experience for all:
To which of the 45 Island agents do we give the listing? What’s our criteria: newer or older on the job; the agents response to what’s asked for: estimated DOM, how many Open Houses or none, duration of listing contract, naturally charming, or somewhat all-business aloof?
Who picks the price, you or the agent? How does that price match today’s market advantages. Island prices still are a few barely under $1 million – lotsa choices over $1 million?
Will our sale provide enough cash after paying selling real estate fees of about 10%, any remaining mortgage(s), and moving expenses of $3,000 to $12,000?
Where are we going to move to; are there houses there we like better and for sale, here, there, anywhere we like?
What can we afford on a new living space? A new mortgage at 7% and what’s the actual payment going to be? What’s the priorities on something new: more or less living space, commutes, garden space, kids’ schools? What about “fixers,” and who does the fixins’?
When are we confident our sale will close successfully, allowing us to pick and buy a new house? Mortgage lenders can be demanding for documentation of your potential buyers’ assertions. Weeks are required for that process to be completed, whether successful or failed.
Why do we need a back-up plan? Sometimes the new house we want sells before we are ready with our buyer’s cash. Something called “bridge loans” are available in some cases to provide the your cash, typically just short-terms; they require good credit and lenders’ review of your buyer’s application for likely being able to meet closing requirements. Another option is rentals, though always in short supply and often as expensive as a mortgage.
Just a reminder: I used the word “we” because most sellers are partners of some description, children often need to offer acceptance of the priorities, “house” since the Vashon Maury market is mostly what’s on sale, and yes, prices are way too high for most singles to manage.
Well, that’s all we got today, folks. Hopefully not too boring an exercise, maybe even useful to your adventures. Best wishes for success and happiness with your choices.
