5 Steps to Buying a Home on Whidbey Island
Are you ready to buy a home on Whidbey Island? If you’re not quite sure where to start, I’ve put together this simple 5-step guide to help you navigate the home buying process!
1. Connect With a Whidbey Island Realtor
Before you even start your home search, it is essential to find a realtor to work with. But how do you find the right real estate agent for you and your unique situation?
I recommend looking into at least 2 local realtors. First and foremost, your realtor should truly be local; by this I mean that they need to be based on Whidbey Island. Many people find their realtor through recommendations from friends, but it’s also a great idea to do your own research. Read online reviews about the realtor, check out their website and social media accounts, and of course, have a conversation with them to see if it’s a good fit.
Once you choose a realtor and agree to work together, they will be your navigator throughout the entire home buying process—so feeling comfortable and confident with your choice is key!
The Highland West Neighborhood on Whidbey Island / Photo by Snowberry Lane Photography
2. Choose a Local Whidbey Island Lender to Work With
Once you begin working with a realtor, they can provide you with recommendations on the best lender to use. It is essential that you use a local lender, and by “local,” I mean a lender here on Whidbey Island.
In the market we’re in now (where you could be in competition with other buyers for the same home), using a local lender will add trust to your offer. Listing agents on Whidbey Island know how different lenders on the island do business, and having the right lender behind your financing can be the difference between winning a home or losing out. (I really can’t stress this enough. Even if your lender is your best friend in Seattle… follow your Whidbey Island realtor’s advice and go local!)
Here are a few more tips for choosing the best lender for you:
Different lenders have access to all of the same loan programs (VA, FHA, Conventional, etc.), but each lender may have different requirements (for credit score, down payment etc), or a special loan program specific to their company—so getting this information is important! Talk to a couple of lenders (ideally ones that your realtor recommends!) to make sure you’re getting the best interest rate, a knowledgeable resource, AND quality customer service.
Do not worry about choosing a lender that also provides your car and home insurance; while convenient, it is MORE important that you are getting the lowest interest rate, the least amount of “extra” fees, and the best customer experience.
Admirals Cove Neighborhood on Whidbey Island / Photo by Snowberry Lane Photography
3. Determine How You Will Finance Your Home
Your lender is going to be the key component in figuring out your financing. Your realtor will also be able to help give you a broad overview of your financing options. There are many, many ways to finance a home, and in the market we’re currently in here on Whidbey Island, you do not have to have a huge downpayment to buy a home. There are a lot of different loan packages out there—ranging from 0% to 20% down payment.
Part of determining how you will buy a home includes taking a look at your credit. Your credit score is important, and it can affect the interest rate you’re able to get on your mortgage loan. Talking to more than one lender is a great idea, and when they “pull” your credit score, it is a different type of “pull” that will not have the same impact on your credit as opening credit cards or buying a car. So feel free to talk to multiple lenders, and see which one is the best fit for YOUR needs!
The Fairway Neighborhood on Whidbey Island / Photo by Snowberry Lane Photography
4. Decide Which Whidbey Island City and Neighborhood to Search for a Home In
If you know you’re going to be buying a home on Whidbey Island, how do you decide which city or neighborhood to live in? When I’m getting to know my buyer clients, there are several things we discuss before we start their home search. Here are a few top considerations:
Work requirements: Will your job impact where you need to live? For example, I recently worked with someone who had to live in Coupeville; they’re in the fire department, and they need to live in a very specific radius due to their job.
Type of property: Do you want tons of outdoor space without any close neighbors? Or would you prefer a low-maintenance lifestyle in a condo? Decide on the type of residence you need.
Jet noise: With Naval Air Station Whidbey Island being here on the island, jet noise is a component to our daily life—and some areas are louder than others. Many people don’t care about the noise, but some people prefer it to be much quieter and don’t want to live close to the runway. This is something that a Whidbey Island realtor with local expertise will be able to advise you on.
Visit the home or neighborhood at different times of the day: If you can, I strongly recommend checking out the area you’ve got your sights set on at different times of the day and/or week. Sometimes an area is quiet on a Sunday, but Friday after school could be a completely different story.
Local amenities: Is it important for you to live close to schools? How close do you want to be to a grocery store? Think about your lifestyle and if you need certain conveniences close by.
Whidbey Green Neighborhood on Whidbey Island / Photo by Snowberry Lane Photography
5. Learn About Whidbey Island’s Real Estate Market
[ September 2022 ] Whidbey Island’s real estate market is still very strong, but it is shifting.
This means that there are more homes on the market, and they are staying on the market longer. If you’re a seller, talk to your favorite realtor to see how this shift effects you and your specific home. The market is very dynamic, and having a current snapshot of where our market is will lead to setting realistic expectations prior to entering the market.
As a result of interest rates being higher now, buyers are slowing down and taking longer to think about home purchases. Before this shift, listed homes were typically spending less than a week on the market. Now, we’re seeing homes stay on the market for more like 3-5 weeks.
Values are still holding, and homes are still selling, but we are seeing a little bit of a correction. This translates to buyers having more time, and having more power to ask for closing costs and negotiate after inspections, for example. There is less competition, and buyers generally no longer have to fight tooth and nail to get a house here on Whidbey Island.
